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Colorado-Rate Review Law

  • Colorado has prior approval of premium rate increases for all individual market products. § 10-16-107
  • Insurers must file rate increase requests with the Department of Regulatory Agencies, Division of Insurance, and regulators have 60 days to approve or disapprove the revised rates. Rates increases are deemed approved if regulators do not act with the 60-day period.
  • Rates may not be excessive, inadequate, or unfairly discriminatory. These terms are defined in the statute.
  • Colorado law allows regulators to consider insurers’ profits, income investment, surplus, and other factors when deciding whether to approve a rate request. § 10-16-107. If medical loss ratios are at least 65% for individual market products, the Division may “expedite the approval process.” § 10-16-107
  • Colorado has consumer-friendly information about rates and rate review at http://www.dora.state.co.us/insurance/consumer/HealthRateFAQs.htm

Information is based on review of state statutes and regulations and in some case, interviews with state insurance departments.