Colorado Legislative Council Staff
REVISED NO FISCAL IMPACT
(replaces fiscal impact dated February 2, 1999)
February 18, 1999
Will Meyer (303-866-4976)
TITLE: CONCERNING SELF-EVALUATION FOR INSURANCE COMPANIES, AND, IN CONNECTION THEREWITH, CREATING AN INSURANCE SELF-EVALUATION PRIVILEGE AND CREATING A REBUTTABLE PRESUMPTION AGAINST THE IMPOSITION OF ANY ADMINISTRATIVE, CIVIL, OR CRIMINAL PENALTIES FOR VOLUNTARY DISCLOSURES ARISING OUT OF ANY INSURANCE SELF-EVALUATION.
Summary of Assessment
This bill grants insurance companies, regulated by the Division of Insurance, Department of Regulatory Agencies, an evidence admissibility privilege for voluntary internal self-evaluation audit documents prepared for compliance with deceptive trade practices and unfair competition laws. This evidence admissibility privilege granted in the bill, as amended in the Senate Business Affairs and Labor Committee, does not apply to the Division of Insurance, Department of Regulatory Agencies. The bill creates a rebuttable presumption against the imposition of any administrative, civil, or criminal penalties for voluntary disclosures arising out of any insurance self-evaluation.
The bill creates a broad privilege for insurance companies regarding information contained in self-evaluation documents. The bill allows the Division of Insurance to request an insurance compliance self-evaluation document for purposes of conducting a market conduct examination. Granting access to the division of such information eliminates the fiscal impact identified in the original fiscal impact statement. The provisions of this bill will not affect any other state agency or unit of local government. Therefore, this bill is assessed as having no fiscal impact.
Regulatory Agencies Law