Colorado Gov. Jared Polis signed a bill requiring healthcare-sharing ministries to submit annual reports on their operations to the state's insurance commissioner, Colorado Politics reported June 9.
Healthcare-sharing ministries are a form of health coverage where its members, who usually share a religious belief, make monthly payments to cover the expenses of other members. They are not health insurance plans.
Colorado's law requires healthcare-sharing ministries to report how much money members pay versus how much in medical bills the organizations cover.
The first reports are due Oct. 1, with subsequent annual deadlines in March, according to the report.
The law gives the state's division of insurance the power to fine ministries or issue cease and desist orders if they do not comply with the new reporting requirements, according to the report. Fines could go up to $5,000 per day, following a 30-day grace period where the ministry would be informed they are out of compliance.