In Colorado, when must an insurance company notify a policyholder of an increase in premium?

In Colorado, insurance companies are required to notify policyholders of an increase in premium at least 30 days in advance. This regulation is in place to ensure that policyholders have adequate time to review and prepare for changes to their premium amounts, giving them an opportunity to evaluate their policy options. This advance notice promotes transparency in the insurance process and allows consumers to make informed decisions regarding their insurance coverage.

The requirement for a 30-day notice aligns with consumer protection laws that aim to give individuals sufficient time to respond, whether that means adjusting their budgeting, shopping around for different options, or deciding to continue with the policy despite the increase. Understanding this timing is essential for both consumers and insurance professionals, as it underlines the importance of communication in maintaining trust between insurers and their clients.