SB 24-073 CO

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Became Law

For the purpose of providing health insurance coverage, current law defines a "small employer" as any individual, firm, corporation, partnership, or association that employs between one and 100 employees during a calendar year. Effective January 1, 2026, the act amends the definition to define a "small employer" as any person that employs an average of at least one but not more than 50 employees during a calendar year. An employer that has a small group health benefit plan before January 1, 2026, and would no longer qualify as a "small employer" under the changes made by this act may elect to keep their small group health benefit plan for 5 years after the date of issuance. Such employer may also switch between small group health benefit plans offered by the carrier during those 5 years, but may only switch to plans that are one metal level above or below their existing plan. Once an employer elects to enter the large group health benefit market, the employer may not return to the small group health benefit market within the 5-year period. The act requires the commissioner of insurance to conduct an actuarial review of rate filings submitted by insurance carriers that offer small group health benefit plans to determine whether the change to the definition of "small employer" made by the act would increase premiums for the majority of individuals covered by small group health benefit plans by more than 3%. If the premiums would increase by more than 3%, then the change to the "small employer" definition made by the act is repealed. APPROVED by Governor May 1, 2024 PORTIONS EFFECTIVE May 1, 2024 PORTIONS EFFECTIVE January 1, 2026(Note: This summary applies to this bill as enacted.)

• Jim Smallwood · primary
• Robert Rodriguez Democratic · primary
• Elizabeth Velasco Democratic · primary
• Brianna Titone Democratic · primary

1. May 1, 2024 Governor Signed · executive
2. Apr 22, 2024 Sent to the Governor · executive
3. Apr 22, 2024 Signed by the Speaker of the House · lower
4. Apr 19, 2024 Signed by the President of the Senate · upper
5. Apr 8, 2024 Senate Considered House Amendments - Result was to Concur - Repass · upper
6. Apr 4, 2024 House Third Reading Passed - No Amendments · lower
7. Apr 3, 2024 House Second Reading Special Order - Passed with Amendments - Committee, Floor · lower
8. Mar 22, 2024 House Second Reading Laid Over Daily - No Amendments · lower
9. Mar 19, 2024 House Committee on Health & Human Services Refer Amended to House Committee of the Whole · lower
10. Feb 27, 2024 Introduced In House - Assigned to Health & Human Services · lower
11. Feb 26, 2024 Senate Third Reading Passed - No Amendments · upper
12. Feb 23, 2024 Senate Second Reading Passed - No Amendments · upper
13. Feb 21, 2024 Senate Committee on Health & Human Services Refer Unamended to Senate Committee of the Whole · upper
14. Jan 22, 2024 Introduced In Senate - Assigned to Health & Human Services · upper