CO| The Colorado Amended Regulation 4-2-40 establishes comprehensive rules for the filing, certification, and administration of certain limited benefit health plans, credit life and health insurance, preneed funeral contracts, excess/stop-loss insurance, sickness and accident insurance, paid family and medical leave insurance, and other specified health-related products in the state. The regulation details the entities and products subject to these requirements, the process for submitting new and revised policy forms and annual certifications, and mandates specific consumer notices and disclosures to ensure transparency and compliance with state law. It also sets forth prohibited practices, readability standards, and enforcement mechanisms, with the regulation becoming effective October 1, 2025.
Key Points:
- All new and revised policy forms for covered insurance products must be electronically filed with the Colorado Division of Insurance, accompanied by officer-signed certification forms attesting to compliance with applicable laws and regulations.
- Insurers must provide clear consumer notices distinguishing limited benefit policies from comprehensive health coverage, and annual certifications of all in-force forms are required, with specific deadlines and documentation standards for each product type.
- The regulation prohibits misrepresenting limited benefit products as ACA-compliant or as substitutes for major medical coverage, enforces readability standards, and outlines penalties for noncompliance, including civil sanctions and license actions.
Click here to see the Amended Regulation 4-2-40 including Appendices A-F