C.R.S. § 25-1.5-117

(1) The commissioner of insurance may require a hospital licensed pursuant to section 25-1.5-103 , after a hearing pursuant to section 10-16-1306 (3) concerning the premium rate requirements and network adequacy, to participate in a standardized health benefit plan described in section 10-16-1304 . (2) Intentionally left blank —Ed. (a) If the department receives notice from the commissioner of insurance that a hospital refuses to participate in the standardized plan if required by subsection (1) of this section, the department shall issue a warning to the hospital. If the hospital refuses to participate in the standardized plan after receipt of the warning, the department: (I) Shall fine the hospital up to ten thousand dollars per day for the first thirty days that the hospital refuses to participate and up to forty thousand dollars per day for each day over thirty days that the hospital refuses to participate; and (II) May suspend or impose conditions on the hospital’s license. (b) In determining the appropriate fine or action concerning the hospital’s license pursuant to subsection (2)(a) of this section, the department shall consider any recommendations of the commissioner of insurance, the hospital’s financial circumstances, and other circumstances deemed relevant by the department.