What is the deadline for issuing a final claim decision after receiving all necessary information in Colorado?

In Colorado, the insurer is required to make a final claim decision within 60 days after receiving all necessary information. This regulation is in place to ensure that claimants receive timely responses regarding their insurance claims, promoting efficiency and accountability within the insurance industry. A 60-day timeframe allows insurers sufficient time to thoroughly review the information provided and make a fair decision based on the merits of the claim. This standard helps protect consumers from undue delays in their claims process, thereby supporting timely access to benefits or payments owed under the policy.