CO Rev. Stat §10-16-106.5(5)(b)

August 8, 2021 8:29 am Published by

A carrier that fails to pay, deny, or settle a claim in accordance with subsection (4) of this section within ninety days after receiving the claim shall pay to the insured or health care provider, with proper assignment, a penalty in an amount equal to twenty percent of the total amount ultimately allowed on the claim.  Such penalty shall be imposed on the ninety-first day after receipt of the claim by the carrier.

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