How frequently must insurers in Colorado perform studies on market conduct?

Insurers in Colorado are required to perform market conduct studies at least once every five years. This requirement ensures that insurers comply with the state's regulations and maintain fair practice standards in their dealings with policyholders. The frequency of these studies allows regulatory bodies to monitor insurance companies' practices regularly, addressing any issues that may arise and ensuring that consumers are treated fairly. By mandating these studies on a set timeline, the state aims to protect the interests of consumers and maintain a competitive marketplace for insurance products. Performing studies less frequently could limit oversight and the ability to promptly address potentially harmful practices.