(1) On and after January 1, 2014, among other funding sources derived through the operation of the exchange, funding for the exchange may be from the following sources:
Special fees assessed against insurers as provided in subsection (2) of this section;and
Any moneys accepted through gifts, grants, or donations received by the board foroperation, reserves, and sustainability of the exchange, including contributions received pursuant to the premium tax credit allocation in section 10-22-110.
Repealed.
(a) On and after January 1, 2014, through December 31, 2016, the board shall assess special fees against insurers in an amount necessary to provide funding for the exchange. The board shall determine the amount of the special fees based on the board-approved financial plan and anticipated budgetary needs for the upcoming year to comply with this article and associated federal requirements. The special fees must not exceed one dollar and eighty cents per number of lives insured per month; except that the special fees assessed for lives insured under dental plans must not exceed eighteen cents per number of lives insured per month. The board shall use special fees assessed pursuant to this section for the operating expenses of the exchange, the reserves of the exchange, and related agreements.
The board shall use any money received pursuant to section 10-8-536 (2), as enactedin House Bill 13-1115, enacted in 2013, from the reserves of CoverColorado, as created by part 5 of article 8 of this title, and any moneys received from the unclaimed property trust fund to offset the amount of the fees assessed against insurers pursuant to this subsection (2); except that the money received must not be used to offset the special fees paid by dental plans.
Amounts assessed against insurers to be paid to the exchange pursuant to this subsection (2) are not considered premiums for any purpose, including the computation of gross premium tax or agents' commission.
If an insurer fails to pay the special assessment fee, the commissioner may, afterproper notice and hearing, suspend or revoke the insurer's certificate of authority to transact insurance business in this state.
The commissioner shall promulgate rules to implement this section that include:
The reasonable time periods for the billing and collection of the special fees; and
The process for determining the allocation of the assessment among insurers, including the process for obtaining accurate information about the number of policies issued and lives insured by an insurer within the six months prior to the assessment.
Source: L. 2013: Entire section added, (HB 13-1245), ch. 258, p. 1361, § 5, effective May 23. L. 2017: (1)(c) repealed, (SB 17-294), ch. 264, p. 1385, § 10, effective May 25.