Colorado Governor Polis Signs Travel Insurance Model Act

Rockville, MD (May 29, 2024) — The US Travel Insurance Association (USTIA) is proud to share that Governor Polis of Colorado recently signed the Travel Insurance Model Act, which provides a legal framework for selling travel insurance. Colorado is the 36th state, and first this year, to enact a version of this important travel insurance legislation.

“The enactment of the Travel Insurance Model Act in Colorado represents a pivotal step forward for both the travel and travel insurance industries,” said Robert Gallagher, President of USTIA. “This Act streamlines regulatory processes, making travel insurance more straightforward and accessible while paving the way for both enhanced consumer protection and also operational clarity for insurers. We commend Colorado and the other 32 states that have led by example and urge other states to follow suit, recognizing the immense benefits this Act brings to both consumers and the industry.”

The legislation is based on the Travel Insurance Model Act adopted by the National Council of Insurance Legislators (NCOIL) and National Association of Insurance Commissioners (NAIC) (the “Model Act”).  The Model Act was thoroughly vetted by, and has national support among, legislators, regulators and industry stakeholders, including local and national trade associations and consumer advocates to establish a comprehensive regulatory framework for travel insurance. The Act simplifies compliance, fosters fair practices and protects consumers by ensuring clear, uniform guidelines across states.

The Act will go into effect on August 1, 2024.

This legislation marks a significant stride forward for the travel and travel insurance industries by establishing a clear regulatory framework tailored specifically to travel insurance products. By streamlining processes and distinguishing travel insurance from other insurance, the Travel Insurance Model Act in Colorado sets a precedent for other states to enhance consumer protections and promote innovation within the industry. This pivotal development will bolster confidence in travel insurance offerings and ensure that travelers have access to appropriate coverage tailored to their needs.