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Jurisdictional Updates 6-20-2022

Colorado – Legislation Removes Requirement for Insurance Commissioner to Receive Service of Process and Amends Public Benefit Corporation Act

House Bill 1398 signed by the governor May 27 and effective August 9 removes the requirement for the Division of Insurance commissioner to receive service of process for foreign insurance companies registered in Colorado and requires all insurance companies to designate an agent to receive service of process in Colorado. CSC will post additional information and forms when available prior to the effective date.

Senate Bill 22-045 signed by the governor March 17 and effective 90 days following adjournment (projected as May 11) amends the Public Benefit Corporation Act including requirements for conversion to or from a public benefit corporation.