7 Colo. Code Regs. § 1107-5.14
Current through Register Vol. 47, No. 24, December 25, 2024
Section 7 CCR 1107-5.14 - Voluntary Termination of an Approved Private Plan by an Employer1. Before terminating coverage under an approved private plan as part of a transition to the state plan, an employer must provide at least thirty (30) days advance written notice to its employees and to the Division. Coverage termination as part of a transition from one private plan to another is governed by Section 5.13 of this rule.2. The Division will withdraw approval of an employer's private plan, effective the later of the effective date described in the notification, or thirty (30) days after receiving the notification described in Section 5.14.1.3. An employer must continue the approved private plan's coverage through the effective date of a withdrawal described in Sections 5.14 or 5.16 of these rules. If an employer does not continue the approved private plan's coverage through the withdrawal's effective date, the Division may assess against the employer a fine, per employee per day the employee was not covered through the withdrawal's effective date. The fine amount will be the lesser of (a) the daily total premium amount per employee, calculated by using the total annual premium amount paid by the employer and employee, divided by 365 or (b) $500.00.45 CR 23, December 10, 2022, effective 12/30/202246 CR 23, December 10, 2023, effective 1/1/202447 CR 23, December 10, 2024, effective 1/1/2025