The bill authorizes the Colorado Health Insurance Affordability Enterprise (enterprise) to impose a one-time supplemental fee of $40M, allocated equally among health insurance companies that meet specified criteria; authorizes a $100M loan from the unclaimed property trust fund (trust fund) to the enterprise’s cash fund; and allows tax credits for contributions to the enterprise cash fund. CUT opposes this bill because it expands powers and funding of an unelected enterprise, all outside of TABOR (Colorado’s Taxpayers Bill of Rights). This $40M one-time fee will drive up costs for all private insurance ratepayers and establishes a dangerous precedent for “one time” fees and income from the unclaimed property trust fund outside of TABOR restrictions. The Safety Clause prevents voters from their right to repeal this egregious bill.
