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Financial Regulation News: Colorado Chamber report examines impact of removing noneconomic damage caps

A new report assessing the impact of removing noneconomic damage caps in Colorado was released this week by the Colorado Chamber of Commerce in partnership with the American Property Casualty Insurance Association (APCIA).

Noneconomic damage caps are the portion of damages awarded in civil cases that attempt to compensate for an injured person’s emotional distress and suffering related to an accident. These are separate from economic damages, which seek to restore an injured person to their original financial condition. Removing noneconomic damage caps has recently been the focus of several ballot initiatives and legislative proposals in Colorado.

Read more here.