Stock insurers needed for FAIR Plan Board of Directors

NEWS RELEASE
STATE OF COLORADO
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The State of Colorado is seeking interested stock insurer individuals to apply to serve on the FAIR (Fair Access to Insurance Requirements) Plan Association Board of Directors.

The FAIR Plan is a program designed to provide property insurance coverage for homeowners and businesses when coverage is unavailable through traditional means. HB23-1288, establishing the FAIR Plan, was passed by the legislature and signed into law by the Governor on May 12, 2023. The legislation sets up the FAIR Plan Association to provide property insurance coverage, including commercial property insurance, when such coverage is not otherwise available in Colorado. 

Interested Individuals Must Apply by April 15, 2024

The State is seeking a qualified stock insurer individual to serve on the Board of Directors. The Board will be made up of representatives from insurance companies, consumer advocates, and industry professionals - see additional details below. Interested individuals must complete this application from the Colorado Office of Boards & Commissions. When applying, please indicate which of the seats listed below you are seeking to fill. 

Applicants are encouraged to submit their application no later than April 15, 2024. In accordance with HB23-1288, Board members will be appointed by the Governor by January 1, 2024. This is a replacement for a current Board member.

By law, Board members must represent the following interests:

• Two individuals representing admitted mutual insurers writing property insurance in Colorado
• Two individuals representing admitted stock insurers writing property insurance in Colorado
• One individual representing a Colorado-based insurance trade organization that represents insurers of various property interests; 
• One member representing a Colorado-based insurance trade association that represents independent insurance agents licensed to write property and casualty insurance in Colorado; 
• One insurance producer licensed to write property and casualty insurance in Colorado
• Two individuals representing the interests of consumers and, to the extent practicable, representing consumer advocacy organizations and diverse geographic areas of the state.

Board terms are for three years, except that, to ensure staggered membership, some of the initial appointments will be for one or two year terms.

For questions about this application process, please contact Debra Judy ([email protected]) or Keilani Fleming ([email protected]) in the Division of Insurance. 

Find more information about the FAIR Plan on the Division’s website - Fair Access to Insurance Requirements (FAIR) Plan.

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