Colorado § 10-16-1410 - Use of savings - report - rules.
Full text of Colorado Colorado Revised Statutes § 10-16-1410 — Use of savings - report - rules., with citation guidance and answers to common questions.
§ 10-16-1410. Use of savings - report - rules.
(1) Any savings generated for a health benefit plan that are attributable to the establishment of an upper payment limit established by the board pursuant to section 10-16-1407 must be used by the carrier that issues the health benefit plan to reduce costs to consumers, prioritizing the reduction of out-of-pocket costs for prescription drugs.
(2) On or before March 15, 2023, and on or before March 15 each year thereafter, each state entity and each carrier that issues a health benefit plan or optional participating plan shall submit to the board a report describing the savings achieved during the preceding plan year for each prescription drug for which the board established an upper payment limit during the preceding year and how those savings were used to satisfy the requirement described in subsection (1) of this section.
(3) On or before November 1, 2022, the board shall promulgate rules establishing a formula for calculating savings for the purpose of complying with subsection (1) of this section.
Source: L. 2021: Entire part added, (SB 21-175), ch. 240, p. 1273, § 2, effective June 16.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 10-16-1410
What does Colorado Revised Statutes § 10-16-1410 cover?
Section 10-16-1410 ("Use of savings - report - rules.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 10-16-1410?
A common citation format is "Colorado Revised Statutes § 10-16-1410" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 10-16-1410 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.