Smallwood Bill to Increase Consumer Protection Against Fraud Gets Unanimous Approval

 

Denver—Today, on a second reading vote, the Senate approved Senator Jim Smallwood's (R-Parker) bill to help protect victim's of insurance fraud by clarifying procedure for prosecution. 

Under current law, the statute of limitations for prosecuting insurance fraud begins when the crime is committed. 

House Bill 17-1048 clarifies the procedure to ensure that the statute of limitations begins when the crime is discovered, giving victim's adequate time to take action. 

Additionally, the bill expands immunity to cover both primary and secondary agencies and insurers who are authorized to act in good faith and provide evidence or information on acts of insurance fraud.

"Insurance fraud is a nightmare for law-abiding consumers," said Smallwood. "When a few people try to beat the system, we all end up paying higher rates to support them. Lowering the cost of insurance is an ongoing priority, and one way we can bring those prices down is by ensuring that we're not allowing anyone to get a free ride on the backs of hardworking, Coloradans."

House Bill 1048 will be heard once more in the Senate before continuing on to the governor's desk.

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