Colorado § 10-16-140 Grace periods - premium payments - rules

Colorado Statutes

§ 10-16-140 — Grace periods - premium payments - rules

Colorado·Title 10 Insurance·Art. Health-care Coverage

(1)For individual and small employer health benefit plans issued or renewed for coverage to begin on or after January 1, 2014, for persons receiving a subsidy under the federal act, the commissioner shall establish, by rule that complies with federal law, a requirement that all individual and small employer health benefit plans contain a provision specifying that the policyholder is entitled to a three-month grace period for the payment of any premium due, other than the first premium, during which period the plan continues in force unless the policyholder submits written notice to the carrier, prior to discontinuance of the plan in accordance with the terms of the plan, that the policyholder is discontinuing the coverage. In accordance with federal law, the commissioner's rule

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(1) For individual and
small employer health benefit plans issued or renewed for coverage to begin on or
after January 1, 2014, for persons receiving a subsidy under the federal act, the
commissioner shall establish, by rule that complies with federal law, a requirement
that all individual and small employer health benefit plans contain a provision
specifying that the policyholder is entitled to a three-month grace period for the
payment of any premium due, other than the first premium, during which period the
plan continues in force unless the policyholder submits written notice to the carrier,
prior to discontinuance of the plan in accordance with the terms of the plan, that
the policyholder is discontinuing the coverage. In accordance with federal law, the
commissioner's rule may provide that the policyholder is liable to the carrier for the
payment of a pro rata premium for the time the coverage was in force during the
grace period.

(2) For individual and small employer health benefit plans issued or renewed
for coverage to begin on or after January 1, 2014, for persons who are not receiving
a subsidy under the federal act, the commissioner shall adopt a rule requiring a
thirty-one-day grace period for the payment of any premium due other than the first
premium.

(3) If the covered person fails to pay all or part of the premium, the carrier
shall notify the covered person of the nonpayment of premium within the grace
period established pursuant to this section and in accordance with section 10-16-222, 10-16-325, or 10-16-429, as applicable.

(4) The commissioner may adopt rules as necessary to implement and
administer this section.

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