Colorado Gov. Bill Ownes has signed a bill changing insurer rate filings for workers’ comp, medical malpractice written by the joint underwriting association, and credit insurance from prior approval to file and use. It also eliminates prior approval for a variety of forms, including private passenger auto forms.
In January, the state’s Department of Insurance and the insurance industry agreed to changes that promised to speed up Colorado’s rate approval process. The new law represents the second part of this joint effort to improve the regulatory environment for property/casualty insurance.
Under amended Regulation 5-1-10, all insurer rate filings that fall under the state’s file and use system that are not returned by the divisions in 15 days will be considered complete. Any substantive deficiencies in rate filings must be communicated to insurers within 30 days, after which time insurers can put their rates in the field. Finally, the correction of any deficiencies identified by the Division of Insurance after 30 days will be required on a prospective basis only.
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