The bill creates the Colorado health benefit exchange (exchange) as a nonprofit unincorporated public entity. The exchange is governed by a board of directors consisting of 9 members appointed by the governor, the president of the senate, the speaker of the house of representatives, and the minority leaders of the senate and the house of representatives, and 3 ex officio nonvoting members. The board is responsible for: 

• Appointing an executive director to administer the exchange;
• Creating operational and financial plans;
• Applying for planning and establishment grants;
• Creating technical and advisory groups;
• Providing a written report to the governor and the general assembly regarding the planning and establishment of the exchange;
• Reviewing internet portals for use by the exchange;
• Considering the structure of the exchange;
• Considering the appropriate size of the small employer market; and
• Investigating requirements, developing options, and determining waivers to ensure that the best interests of Coloradans are protected.

The board may enter into information-sharing agreements with federal and state agencies and other state exchanges.

The bill also establishes the legislative health benefit exchange implementation review committee (committee) to provide oversight of the exchange. The committee may report up to 5 bills or other measures to the legislative council each year. The committee is responsible for reviewing grants applied for by the board and for reviewing the financial and operational plans of the exchange.

Five years after the act becomes law, the legislative service agencies of the general assembly will conduct a post-enactment review of its implementation.