3 Colo. Code Regs. § 702-5-23-E-09-2
The purpose of this emergency regulation is to provide the requirements for property and casualty insurance companies to comply with §§ 10-1-136 and 10-3-1119, C.R.S., as amended by House Bill 23-1004 (HB23-1004).
The Division of Insurance finds, pursuant to § 24-4-103(6)(a), C.R.S., that immediate adoption of this emergency regulation is imperatively necessary to preserve public health, safety, or welfare to allow property and casualty insurance carriers sufficient time to implement and comply with the requirements HB23-1004 prior to its effective date of January 1, 2024. Several stakeholders have requested the Division of Insurance (Division) issue an emergency regulation to provide guidance prior to the effective date of the underlying statute. The Division is in the process of noticing a permanent regulation and is adopting this emergency regulation to ensure compliance and provide industry guidance prior to and on the effective date of HB23-1004. Therefore, in order to ensure compliance with the language requirements for insurance policy documents contained within HB23-1004 and to provide carriers with adequate time to implement the changes therein, compliance with the requirements of § 24-4-103, C.R.S., would be contrary to the public interests.
3 CCR 702-5-23-E-09-2