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Public hearing on SB 15 40 focuses on requiring insurers to account for mitigation in risk models
Summary
At a public hearing on SB 15 40, witnesses from Colorado, academic and industry groups, insurers, and state agencies debated requiring insurers to file selected catastrophe models, consider home- and community-level mitigation when pricing, provide disclosures and appeals, and protect model trade secrets. No committee vote was taken.
The Senate Committee on Natural Resources and Wildfire held a public hearing on SB 15 40, a bill that would require insurers to submit select risk-management models to the Department of Consumer Business Services, account for property- and community-level mitigation when pricing or deciding whether to write insurance, disclose risk classifications and mitigation opportunities to policyholders, provide discounts where mitigation reduces risk, and establish an appeals process.
Senator Cleve Simpson, Colorado Senate minority leader and sponsor of Colorado’s similar legislation, described Colorado’s experience passing comparable language overwhelmingly (33–1) and observed that administrative rulemaking and measurement of outcomes will take time. Dave Jones, director…
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