Colorado has enacted 3 CCR 702-5, Regulation 5-1-29 regarding homeowners and property insurance filing requirements for wildfire risk models and mitigation discounts.
Among other provisions, admitted Colorado homeowners insurers, property insurers, and the FAIR Plan using wildfire risk model(s), catastrophe model(s), risk scoring methods, or a combination of models in rating or premium determinations in rate filings must provide supporting information and appropriate actuarial justification. The rule outlines the specific materials that should be provided within each filing.
Additionally, rate filings including premium based or experience-based mitigation must include certain supporting information that is outlined within the rule. Furthermore, the rule provides third-party vendor, external data, policy renewal, and initial and subsequent filing requirements.
For more information, please see 3 CCR 702-5, Regulation 5-1-29.