The Colorado Department of Regulatory Agencies, Division of Insurance, published a notice announcing the adoption of Amended Regulation 5-2-16, which governs summary disclosure requirements for private passenger automobile insurance.
The regulation defines a summary disclosure form as the form that contains an explanation of the major coverages and exclusions of an insurer’s automobile insurance policy. The form must be in boldface letters and inform the policyholder that they should read the entire policy for complete details.
The summary disclosure form is required; insurers must be able to prove they provided a summary disclosure form, or it will be assumed that the form was not provided if there is a dispute. Insurers and producers must use the form attached to the regulation. The form may be modified only to provide additional information.
An explanation of medical payments coverage should be included in the form. The insurer should also give a clear explanation of the products purchased, the amount of coverage purchased, and how who is at fault in an auto accident affects the coverage.
Insureds can elect to receive a Summary Document form in Spanish by submitting the selection form within 60 days of receipt.
The regulation is effective September 14, 2025. A copy of the regulation can be found here.