On June 4, 2008, Governor Bill Ritter signed into law HB 08-1407, which increased the penalties that the Colorado Commissioner of Insurance (“Commissioner”) may impose against insurance companies for violations of Colorado insurance laws pursuant to sections 10-1-205(3)(b) and 10-3-1108, C.R.S. HB 08-1407 also created a statutory cause of action for first-party claimant insureds to sue insurance companies for the unreasonable delay or denial of insurance claims pursuant to section 10-3-1116, C.R.S. The provisions of HB 08-1407 became effective August 5, 2008.
