Starting October 1, 2022, and by each March 1 thereafter, the bill requires any person that is not authorized to engage in the business of insurance in this state but that offers or intends to offer a plan or arrangement to facilitate payment of or to cover health-care costs or services for Colorado residents to annually submit to the commissioner
of insurance (commissioner) specified information and a certification that the information is accurate and complies with the requirements of the bill. The submission must include information about the operation of the plan or arrangement in the immediately preceding calendar year, including: • The number of participants in the plan or arrangement; • The total amount of fees, dues, or other payments collected from participants and the percentage of fees, dues, or other payments that the person retained; • The total amount of payments made to providers or to reimburse participants for health-care services provided or received; • The estimated number of participants the person anticipates in the next calendar year; • The counties in which the person offers or intends to offer a plan or arrangement and any other states in which the person offers a plan or arrangement; • A list of third parties associated with, or offering or enrolling participants in a plan or arrangement on behalf of, the person and a detailed accounting of commissions or other remuneration paid to a third party for services provided in promoting or administering the plan or arrangement; • The person's reserve balance; and • Contact information for an individual serving as the person's contact person in this state, a list of the person's officers and directors, and the person's organizational chart. Within 45 days after receipt, the commissioner is to determine whether a submission by a person is complete. Each year, the commissioner is to compile a report summarizing the information submitted by persons, post the report on the division of insurance website, and submit the report to specified legislative committees. The commissioner is authorized to adopt rules to implement the bill and to issue an emergency cease-and-desist order against a person that fails to comply with the requirements of the bill.
