Colorado Revised Statutes Title 10. Insurance § 10-4-122. Market study--property and casualty insurance--associations of common interest communities and lodging facilities owners--definitions--report--repeal

(a) “Admitted insurance” means any property and casualty insurance written by an insurer that holds a certificate of authority to conduct the business of insurance in Colorado.

(b) “Association” means a unit owners' association of a common interest community, as defined in section 38-33.3-103(3).

(c) “Captive insurance company” has the meaning set forth in section 10-6-103(2).

(d) “Common interest community” has the meaning set forth in section 38-33.3-103(8).

(e) “Condominium unit” has the meaning set forth in section 38-33-103(1).

(f) “Nonadmitted insurance” has the meaning set forth in section 10-5-101.2(10).

(g) “Owner of lodging facilities” or “owner” means a person that possesses an ownership interest in:

(a) Current market conditions, including:

(b) Recommendations regarding potential measures and programs to ensure the long-term sustainability and availability of property and casualty insurance policies issued to associations and owners;

(c) Whether any captive insurance companies have been formed by an association or an owner; and

(d) Whether the formation of a captive insurance company by an association or an owner could impact current market conditions.

(3)(a) The commissioner may contract with a third party to conduct the study required in subsection (2) of this section. The commissioner is not required to comply with the “Procurement Code”, articles 101 to 112 of title 24, for purposes of this subsection (3); except that the commissioner shall use a competitive process pursuant to the “Procurement Code” to select a third party to conduct the study.

(b) The commissioner and any third party conducting the study shall engage with and seek input from insurers, consumer groups, and other interested parties.

(a) The number and location of each association and owner in Colorado for which the insurer provides coverage through a property and casualty insurance policy;

(b) The criteria used by the insurer to underwrite property and casualty insurance policies issued to associations and owners;

(c) Combined loss and expense ratios incurred by the insurer from issuing property and casualty insurance policies to associations and owners; and

(d) Any other data the commissioner identifies as relevant to evaluating current market conditions and developing proposed availability and affordability solutions.