The bill would permit insurance companies to continue selling existing policies that fall short of coverage standards laid out in the Affordable Care Act.
The move comes a day after president obama announced that enforcement of the law which scraps non-compliant policies would be suspended.
Senate Democrats are reportedly working on a similar bill.
Health insurance companies and the state insurance commissioner are trying to figure out how this new change will impact people here in Colorado.
The insurance commissioner said that some carriers may choose to allow "early renewal," or keep a current plan through 2014.
Nearly 250,000 Coloradans have received health insurance cancellation notices.
The commissioner said the decision whether to keep existing plans is up to insurance companies.
And that that keeping an existing plan "may be a reasonable choice" for some, but she warned that those extended plans won't comply with new federal insurance mandates