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House advances technical fix to Fair Access to Insurance Requirements (FAIR) plan
Summary
Lawmakers approved a technical bill to set governance, tax and statutory compliance details for the Fair Access to Insurance Requirements (FAIR) plan, a residual property insurance market for hard-to-insure properties.
House Bill 12 05, described on the floor as a technical fix to the statutory framework for Colorado’s FAIR (Fair Access to Insurance Requirements) plan, moved forward after members explained committee amendments and discussed liability protections and premium-tax treatment.
Sponsors told colleagues the FAIR plan is intended to provide property insurance options for owners who cannot obtain coverage in the standard market. The bill clarifies that the FAIR plan is not a state department or agency, does not draw on state funds, will be subject to premium taxes, and that board volunteers will receive indemnity protections. A committee amendment clarified premium-tax treatment and identified specific statutory cross-references so the plan follows appropriate sections of insurance law.
Representative Brown, speaking for the sponsors, described the plan as a market-of-last-resort vehicle to issue policies to high‑risk properties. Representative DeGraaf and others pressed questions about regulatory cost drivers — forestry practices, building codes and development pressures — but the sponsor and committee members said the bill is limited to legal and technical statutory fixes necessary for implementation. The committee-reported amendment was adopted and the bill was advanced.
