10-16-111. Annual statements and reports - repeal.
(a) On or before June 1 of each year, a carrier doing business in this state that satisfies qualifications as determined by rule of the commissioner shall submit to the commissioner, where applicable, the following cost information for the previous calendar year:
(I) Medical trend itemized by medical provider price increases, utilization changes, medical cost shifting, and new medical procedures and technology;
(II) Medical trend itemized by pharmaceutical price increases, utilization changes, cost shifting, and the introductions of new brand and generic drugs;
(III) Dividends paid;
(IV) Executive salaries, stock options, or bonuses;
(V) Insurance producer commissions;
(VI) Payments to legal counsel;
(VII) Provision for profit and contingencies;
(VIII) Administrative expenditures with breakdowns for advertising or marketing expenditures, paid lobbying expenditures, and staff salaries;
(IX) Expenditures for disease or case management programs or patient education and other cost containment or quality improvement expenses;
(X) Charitable contributions;
(XI) Losses on investments or investment income;
(XII) Reserves on hand;
(XIII) The amount of surplus and the amount of surplus relative to the carrier's risk-based capital requirement;
(XIV) Taxes itemized by category;
(XV) Administrative ratio;
(XVI) Actual benefits ratio;
(XVII) The number of lives insured under each benefit plan the carrier offers to small employers;
(XVIII) The cost of providing or arranging health care services; and
(XIX) A list of each intermediary with whom the carrier has a contractual relationship.
(b) A carrier licensed in multiple jurisdictions may satisfy the requirements of paragraph (a) of this subsection (4) by filing the Colorado allocated portion of national data if the actual data is not otherwise available.
(c) The commissioner shall aggregate the data submitted pursuant to paragraph (a) of this subsection (4) for all carriers and publish the information on the division's web site. Notwithstanding section 24-1-136 (11)(a)(I), the commissioner shall submit a report annually to the general assembly that analyzes the cost of health care and the factors that drive the cost of health care on an individual and group basis in this state.
(d) Notwithstanding section 24-1-136 (11)(a)(I), the commissioner shall report annually to the general assembly regarding financial information on carriers that includes, but is not limited to, benefits ratios, rate increases, and the reasons or data tracked for cost increases, as applicable for health insurance provided pursuant to this article.
(e) When promulgating rules pursuant to paragraph (a) of this subsection (4), the commissioner shall ensure that at least ninety-two percent of the market share reports cost information.