Insurance Assessment & Fees
Initially CATPA received financial donations and grants from several insurance companies, where the majority of the donations allowed the CATPA to commence its statutory duties. These voluntary donations came solely from insurance companies, with State Farm Insurance contributing the lion’s share of the CATPA operating budget. In 2008, recognizing the efficiency and effectiveness of the CATPA program, the Colorado legislature amended the CATPA statute, via Senate Bill 08-60, to require insurance companies to fund CATPA with a one dollar per insured vehicle annual assessment. This funding allowed for no more than 8% of collected fees to be used for administration of the CATPA funds where 92% are allocated to grant recipients to reduce auto theft.
The annual insurance assessment fee statutory authority is founded in Colorado Revised Statutes 42-5-112, 10-4-617 and Senate Bill 08-060. Please refer to C.R.S. 10-4-617 for further clarification.
The Assessment Process
All companies licensed to issue automobile insurance policies in the State of Colorado are required to complete the CATPA assessment.
To complete the assessment with the following timeline:
- July 1: Insurance company identifies the number of issued policies;
- On/Before August 15: Insurance companies complete and submit CATPA Assessments and Payment Form identifying the number of insured vehicles. If there are no vehicles insured, the company MUST report zero on the CATPA Assessments and Payments Form; however, no other reporting is required;
- On/Before January 1: Insurance companies submit biannual payment along with the updated CATPA Assessments and Payments Form; and
- On/Before July 1: Insurance companies submit second biannual payment along with the updated CATPA Assessments and Payments Form.
Step 1: Assessment Reporting
Every year insurance companies licensed to issue motor vehicle policies in Colorado are required to report the number of motor vehicles insured on July 1 to the CATPA Office. All insured vehicles, both private and commercial, with a declared gross weight of 26,000 lbs. or less must be included in calculating the biannual assessment. These figures must be reported to the CATPA office on or before August 15th of every year on the CATPA Insurance Assessment Reporting form. The assessment fee is then calculated based on the number of vehicles reported. The fee is $1.00 for each insured vehicle. The preferred method for receiving this reporting would be to send it to firstname.lastname@example.org. If emailing is unavailable, then mail it to the CATPA address listed on the Form.
Step 2: Payment of the Assessment Fee
The Assessment fee is payable in two biannual payments (first payment is 50% of the assessed amount and the second payment is the other 50% of the assessed amount). The first payment is due on or before January 1, following the August 15th assessment date, with the second payment due on or before the following July 1.
- The Assessment fee can be paid either by an ACH transfer or by check. The assessment fee is preferred to be paid by ACH transfer; however, the ACH transfer MUST include “RBAA CATPA 303-239-4560” in the description.
- Regardless of the form of payment either ACH transfer or check, the Assessment Payment Form must accompany either the check or be emailed to email@example.com with an ACH payment.
- There is no penalty if a company chooses to pay the fee in full on or before January 1. The CATPA Assessment Payment Form must accompany each payment.
On or before February 1st of each year, the CATPA staff is required to report to the Division of Insurance any insurer’s failure to report and/or pay the CATPA fee. In doing so, CATPA receives a list from the Division of Insurance of all insurance companies licensed to issue motor vehicle policies in Colorado and then compares this list with those companies who have submitted their assessment and payment. Companies not reporting to CATPA are then reported to the Division of Insurance.
If you have any questions or concerns regarding the assessment reporting or payment of the assessment fee please email the CATPA office at firstname.lastname@example.org
“Consistent with §10-4-617 C.R.S.,, the 2021 CATPA Assessment Reporting begins with identifying the number of vehicle polices as of July 1, 2021 and then sending in the Assessment Form to the CATPA Office before August 15, 2021. Please refer to the instructions on the Assessment Form for either emailing or mailing the completed form.”