What is the timeframe for insurers to notify applicants about the underwriting decision in Colorado?

In Colorado, insurers are required to inform applicants about their underwriting decisions within a specific timeframe to protect consumers and ensure transparency in the insurance application process. The established period for this notification is 30 days. This regulation helps applicants manage their expectations regarding the status of their insurance applications and facilitates timely decision-making related to their coverage needs. By mandating this 30-day notification period, the law promotes efficiency and accountability in the underwriting practices of insurance companies.