Denver -- Majority Leader Mark Scheffel (R-Parker) and Senator Rollie Heath (D-Boulder) scored a win for Colorado consumers Monday with unanimous passage of Senate Bill SB16-029, a bipartisan effort to improve insurance industry oversight.
"It is a pleasure as always to work with my cosponsor, Senator Heath, to offer a reform that brings state law into full compliance with a new way that benefits both consumers and the insurance industry in Colorado," said Scheffel.
SB16-029 updates a 2014 bill, SB14-152, which brought Colorado into compliance with model law adopted by the National Association of Insurance Commissioners, chief regulator of the federal insurance industry.
The 2014 law failed to give the insurance commissioner powers necessary to ensure greater compliance and risk management from insurers. SB16-029 addresses that by giving the insurance commissioner authority to obtain additional information about noncompliant insurers.
SB16-029 unanimously passed out of the Senate Business, Labor and Technology Committee. It now heads to the full Senate for a vote.
Please contact Sean Paige at 719-337-0355 with media inquiries.