Health insurance carriers are highly regulated by the Colorado Division of Insurance. The law requires that health insurance carriers:
- CANNOT deny anyone insurance based on their age, health status or gender.
- CANNOT go back and deny coverage for a procedure that has been given prior approval.
- CANNOT turn down people who apply for coverage because they are sick or have a pre-existing condition.
- Are required, by law, to refund money to their members if they spend less than 85% of premiums on health care services (or 80% in the individual market).