Performance audit of the enterprise - repeal
(1) By December 31, 2027, the state auditor shall complete a performance audit of the enterprise. In conducting the audit, the state auditor shall:
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(1) By December 31, 2027, the state auditor shall complete a performance audit of the enterprise. In conducting the audit, the state auditor shall:
(a) Determine whether the enterprise and the board are in compliance with the purpose and responsibilities of the enterprise and the board as specified in sections 10-16-1202, 10-16-1204, 10-16-1205, and 10-16-1207;
(b) Specify, for each year since the creation of the enterprise:
(I) The annual revenue deposited in the fund from:
(A) The fee collected from carriers pursuant to section 10-16-1205 (1)(a)(I);
(B) The special assessments collected from hospitals pursuant to section 10-16-1205 (1)(a)(II);
(C) Premium tax revenues deposited in the fund pursuant to section 10-3-209 (4)(a)(III) before its repeal on July 1, 2025;
(D) Money allocated to the fund pursuant to section 10-16-1308;
(E) The federal share of the medical assistance payments received pursuant to section 25.5-4-503 (2);
(F) Any revenue collected from revenue bonds pursuant to section 10-16-1204 (1)(b)(II);
(G) Interest and income derived from the deposit and investment of money in the fund; and
(H) Any gifts, grants, or donations received from private or public sources;
(II) The annual expenditures from the fund for the purposes specified in section 10-16-1205 (1)(b), indicating the amounts expended in each year for each of the following purposes and the amount of such expenditures that was paid from revenues described in subsections (1)(b)(I)(D) and (1)(b)(I)(E) of this section:
(A) To provide funding for the reinsurance program;
(B) To provide payments to carriers to increase the affordability of health insurance on the individual market for Coloradans who receive the premium tax credit;
(C) To provide subsidies for state-subsidized individual health coverage plans purchased by qualified individuals;
(D) To pay the enterprise's actual administrative costs to implement and administer this part 12; and
(E) To pay the costs of consumer enrollment, outreach, and education activities regarding health-care coverage; and
(III) The amount of revenues allocated or otherwise designated for a purpose specified in section 10-16-1205 (1)(b) that the enterprise did not encumber or expend;
(c) With regard to the allocation of revenues to the reinsurance program:
(I) Determine, for each year since the enterprise collected or received revenues, whether the enterprise allocated to the reinsurance program cash fund the maximum allowable amount of revenues as specified in section 10-16-1205 (2); and
(II) For any year in which the enterprise did not allocate the maximum allowable amount of revenues to the reinsurance program, analyze:
(A) The enterprise's and the division's rationale for not allocating the maximum allowable amount of revenues to the reinsurance program; and
(B) The impact of that decision on the affordability relief provided to consumers in the individual market and the ability of the enterprise to fund other programs authorized in this part 12;
(d) Determine whether the enterprise's current and projected revenues are sufficient for the enterprise to efficiently and effectively fulfill its duties and responsibilities as specified in this part 12; and
(e) Determine the significance of federal funding on the ability of the enterprise to efficiently and effectively fulfill its duties and responsibilities as specified in this part 12.
(2) Upon completion of the performance audit required by subsection (1) of this section, the state auditor shall submit a written report about the performance audit to the legislative audit committee and to the health and human services committees of the senate and the house of representatives.
(3) This section is repealed, effective December 31, 2028.