Although we are only a little over a quarter of the way through this legislative year, the insurance industry has already seen some significant enacted bills that will impact P&C companies' policies and procedures.
The Auto Front
Automobile insurance underwriting in Colorado will be changing soon with the enactment of HB 1289 on Apr. 12, 2012. With a projected effective date of Aug. 9, 2012, this bill substantially changes the procedures for a complaint (currently referred to as the “right of the insured to protest”) to be filed by an individual for specified adverse actions by an insurer. Existing detailed provisions for the right to protest, including requiring the policyholder to sign two copies of the notice and send them to the commissioner within 10 days after receipt of the notice, will be eliminated.
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