Health insurance companies would have to get permission before raising rates on customers under a bill that won initial approval in the Colorado House on Wednesday.
House Bill 1389, sponsored by Rep. Morgan Carroll, D-Aurora, won initial approval on a voice vote.
Carroll said 38 other states require rate approval for either health or auto insurance. She said the bill would provide a wealth of new information to insurance regulators about why insurers raise rates.
“We are going to have unprecedented transparency,” Carroll said. “We will have a level of accountability that has not existed in this state before.”
Critics of the bill said it was an ill-advised attempt to place price controls on insurance.
There was little opposition from Republicans, though.
Carroll, as well as Republicans, said most of the fighting had occurred while the bill was still in a House committee, and the legislation had been softened somewhat.
The House must approve the bill once more before it can go to the Senate.
Tim Hoover: 303-954-1626 or thoover@denverpost.com
