There is hereby created a nonprofit unincorporated public entity known as the health
benefit exchange. The board of directors shall govern the operation of the exchange. The board shall determine and establish the development, governance, and operation
of the exchange. The exchange is an instrumentality of the state; except that the debts and liabilities
of the exchange do not constitute the debts and liabilities of the state, and neither
the exchange nor the board is an agency of the state. The board does not have the authority to promulgate rules pursuant to the “State Administrative Procedure Act”, article 4 of title 24, C.R.S. The exchange shall not duplicate or replace the duties of the commissioner established
in section 10-1-108, including rate approval, except as directed by the federal act. The exchange shall foster a competitive marketplace for insurance and shall not
solicit bids or engage in the active purchasing of insurance. All carriers authorized to conduct business in this state may be eligible to participate
in the exchange.
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