Colorado’s new insurance fee enterprise can lower or stop collecting to stay under Proposition 117
By Jen Schumann | Rocky Mountain Voice
The signed law says the enterprise will collect less than $100 million in five years. The Legislature's fiscal note puts the figure at $99.6 million.
New Colorado enterprises that want to collect more than $100 million in their first five fiscal years have to ask voters first. That's what voters approved in 2020 with Proposition 117.
One created this year is projected to collect $99.6 million.
The fee that funds it gets cut by more than half after the first year. Premiums grow every year in the state's own projection. The rate drops anyway.
Gov. Jared Polis signed SB26-155 into law on June 4. The measure creates the Strengthen Colorado Homes Enterprise within the Division of Insurance and takes effect Aug. 12. Sens. Kyle Mullica...