HB24-1108

Study for Property & Casualty Insurance Policies

Sponsors: Rep. McCluskie, Rep. Amabile, Sen. Roberts

The bill requires the commissioner of insurance (commissioner) to conduct a study concerning the market for property and casualty insurance policies issued by insurers to:

• Unit owners' associations (associations) of common interest communities; and

• Owners of hotels and lodging facilities (owners).

To the extent practicable, the study must include consideration of:

• Current market conditions, including certain data; and

• The implementation of measures and programs to ensure the long-term sustainability and availability of property and casualty insurance policies issued to associations and owners;

• Whether any captive insurance companies have been formed by an association or an owner; and

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