reglab/housing_qa huggingface dataset:
CO Code § 10-2-901 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 9 - Reinsurance Intermediary Model Act|§ 10-2-901. Short Title

 This part 9 shall be known and may be cited as the “Reinsurance Intermediary Act”.   History. Source: L. 93: Entire article R&RE, p. 1374, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-301 as it existed prior to 1993.
CO Code § 10-2-904 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 9 - Reinsurance Intermediary Model Act|§ 10-2-904. Required Contract Provisions - Reinsurance Intermediary-Producers

  Transactions between an RP and the insurer such RP represents shall only be entered into pursuant to a written authorization specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that:   The insurer may terminate the RP's authority at any time;    The RP shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing to, the RP, and remit all funds due to the insurer within thirty days of receipt;    All funds collected for the insurer's account shall be held by the RP in a fiduciary capacity in a bank which is a qualified United States financial institution;    The RP shall comply with section 10-2-905;    The RP shall comply with the written standards established by the insurer for the cession or retrocession of all risks;    The RP shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.        History. Source: L. 93: Entire article R&RE, p. 1377, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-304 as it existed prior to 1993.
CO Code § 10-2-905 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 9 - Reinsurance Intermediary Model Act|§ 10-2-905. Books and Records - Reinsurance Intermediary-Producers

  For at least ten years after expiration of each contract of reinsurance transacted by the RP, the RP shall keep a complete record for each transaction showing:   The type of contract, limits, underwriting restrictions, classes, or risks and territory;    The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation;    The reporting and settlement requirements of balances;    The rate used to compute the reinsurance premium;    The names and addresses of assuming reinsurers;    The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the RP;    Related correspondence and memoranda;    Proof of placement;    Details regarding retrocessions handled by the RP including the identity of retrocessionaires and the percentage of each contract assumed or ceded;    Financial records, including but not limited to premium and loss accounts; and    When the RP procures a reinsurance contract on behalf of a licensed ceding insurer:   Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or    If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.          The insurer shall have access and the right to copy and audit all accounts and records maintained by the RP related to its business in a form usable by the insurer.     History. Source: L. 93: Entire article R&RE, p. 1377, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-305 as it existed prior to 1993.
CO Code § 10-2-906 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 9 - Reinsurance Intermediary Model Act|§ 10-2-906. Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Producer

  An insurer shall not engage the services of any person, firm, association, or corporation to act as an RP on its behalf unless such person is licensed as required by section 10-2-903 (1).    An insurer may not employ an individual who is employed by an RP with which it transacts business, unless such RP is under common control with the insurer and subject to the provisions of part 8 of article 3 of this title.    The insurer shall annually obtain a copy of statements of the financial condition of each RP with which it transacts business.     History. Source: L. 93: Entire article R&RE, p. 1378, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-306 as it existed prior to 1993.
CO Code § 10-2-908 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 9 - Reinsurance Intermediary Model Act|§ 10-2-908. Prohibited Acts

  The RM shall not:   Bind retrocessions on behalf of the reinsurer; except that the RM may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.    Commit the reinsurer to participate in reinsurance syndicates;    Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed;    Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year;    Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report shall be promptly forwarded to the reinsurer.    Jointly employ an individual who is employed by the reinsurer;    Appoint a sub-RM.        History. Source: L. 93: Entire article R&RE, p. 1381, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-308 as it existed prior to 1993.
CO Code § 10-2-909 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 9 - Reinsurance Intermediary Model Act|§ 10-2-909. Duties of Reinsurers Utilizing the Services of a Reinsurance Intermediary-Manager

  A reinsurer shall not engage the services of any person, firm, association, or corporation to act as an RM on its behalf unless such person is licensed as required by section 10-2-903 (2).    The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which such reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner.    If an RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion shall be in addition to any other required loss reserve certification.    Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM.    Within thirty days of termination of a contract with an RM, the reinsurer shall provide written notification of such termination to the commissioner.    A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder, or subproducer of its RM. This subsection (6) shall not apply to relationships governed by part 8 of article 3 of this title.     History. Source: L. 93: Entire article R&RE, p. 1382, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-309 as it existed prior to 1993.
CO Code § 10-2-910 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 9 - Reinsurance Intermediary Model Act|§ 10-2-910. Examination Authority

  A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner.    An RM may be examined as if it were the reinsurer.     History. Source: L. 93: Entire article R&RE, p. 1382, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-310 as it existed prior to 1993.
CO Code § 10-2-911 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 9 - Reinsurance Intermediary Model Act|§ 10-2-911. Penalties and Liabilities

  A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with article 4 of title 24, C.R.S., to be in violation of any provision of this part 9 shall:   For each separate violation, pay a penalty in an amount not to exceed five thousand dollars;    Be subject to revocation or suspension of its license; and    If a violation was committed by the reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.       The decision, determination, or order of the commissioner pursuant to subsection (1) of this section shall be subject to judicial review by the court of appeals pursuant to section 24-4-106 (11), C.R.S.    Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in this title.    Nothing contained in this part 9 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to such persons.     History. Source: L. 93: Entire article R&RE, p. 1382, § 1, effective January 1, 1995.    Editor's note:    This section is similar to former § 10-2-311 as it existed prior to 1993.    In 2006, the provisions within subsection (1) were relettered to return the subsection to its original form as adopted in House Bill 93-1270.
CO Code § 10-2-912 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 9 - Reinsurance Intermediary Model Act|§ 10-2-912. Rules and Regulations

 The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this part 9.   History. Source: L. 93: Entire article R&RE, p. 1382, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-312 as it existed prior to 1993.
CO Code § 10-2-1001 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 10 - Managing General Agents Act|§ 10-2-1001. Short Title

 This part 10 shall be known and may be cited as the “Managing General Agents Act”.   History. Source: L. 93: Entire article R&RE, p. 1383, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-401 as it existed prior to 1993.
CO Code § 10-2-1002 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 10 - Managing General Agents Act|§ 10-2-1002. Definitions

 As used in this part 10, unless the context otherwise requires:    “Insurer” means any person, firm, association, or corporation duly licensed in this state as an insurance company pursuant to the applicable provisions of the insurance laws.      “Managing general agent”, referred to in this part 10 as “MGA”, means any person, firm, association, or corporation who negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or both of the following:   Adjusts or pays claims in excess of an amount determined by the commissioner; or    Negotiates reinsurance on behalf of the insurer.       Notwithstanding the provisions of paragraph (a) of this subsection (2), the following persons shall not be considered an MGA for the purposes of this part 10:   An employee of the insurer;    A United States manager of the United States branch of an alien insurer;    An underwriting manager who, pursuant to contract, manages all the insurance operations of the insurer and who is under common control with the insurer subject to the provisions of part 8 of article 3 of this title and whose compensation is not based on the volume of premiums written;    The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.          “Underwrite” means the authority to accept or reject risk on behalf of the insurer.      History. Source: L. 93: Entire article R&RE, p. 1383, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-402 as it existed prior to 1993.
CO Code § 10-2-1003 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 10 - Managing General Agents Act|§ 10-2-1003. Licensure

  No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless such person is a licensed producer in this state.    No person, firm, association, or corporation shall act in the capacity of an MGA representing an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as a producer in this state (such license may be a nonresident license) pursuant to the provisions of this part 10.    The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer.    The commissioner may require the MGA to maintain an errors and omissions policy.     History. Source: L. 93: Entire article R&RE, p. 1384, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-403 as it existed prior to 1993.
CO Code § 10-2-1005 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 10 - Managing General Agents Act|§ 10-2-1005. Duties of Insurers

  The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business.    If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the MGA. This is in addition to any other required loss reserve certification.    The insurer shall periodically and at least semiannually conduct an on-site review of the underwriting and claims processing operations of the MGA.    Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the MGA.    Within thirty days of entering into or termination of a contract with an MGA, the insurer shall provide written notification of such appointment or termination to the commissioner. Notices of appointment of an MGA shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.    An insurer shall review its books and records each quarter to determine if any producer has become an MGA as defined in section 10-2-1002 (2). If the insurer determines that a producer has become an MGA pursuant to section 10-2-1002 (2), the insurer shall promptly notify the producer and the commissioner of such determination and the insurer and producer shall fully comply with the provisions of this part 10 within thirty days.    An insurer shall not appoint to its board of directors an officer, director, employee, subproducer, or controlling shareholder of its MGA's. This subsection (7) shall not apply to relationships governed by part 8 of article 3 of this title.     History. Source: L. 93: Entire article R&RE, p. 1387, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-405 as it existed prior to 1993.
CO Code § 10-2-1006 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 10 - Managing General Agents Act|§ 10-2-1006. Examination Authority

 The acts of the MGA are considered to be the acts of the insurer on whose behalf the MGA is acting. An MGA may be examined as if said MGA were the insurer.   History. Source: L. 93: Entire article R&RE, p. 1388, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-406 as it existed prior to 1993.
CO Code § 10-2-1007 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 10 - Managing General Agents Act|§ 10-2-1007. Penalties and Liabilities

  If the commissioner finds, after a hearing conducted in accordance with article 4 of title 24, C.R.S., that any person has violated any provision of this part 10, the commissioner may order:   For each separate violation, a penalty in an amount not to exceed five thousand dollars;    Revocation or suspension of the producer's license; and    The MGA to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this part 10 committed by the MGA.       The decision, determination, or order of the commissioner pursuant to subsection (1) of this section shall be subject to judicial review by the court of appeals pursuant to section 24-4-106 (11), C.R.S.    Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in this title.    Nothing contained in this part 10 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.     History. Source: L. 93: Entire article R&RE, p. 1388, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-407 as it existed prior to 1993.
CO Code § 10-2-1008 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 10 - Managing General Agents Act|§ 10-2-1008. Rules and Regulations

 The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this part 10.   History. Source: L. 93: Entire article R&RE, p. 1388, § 1, effective January 1, 1995.    Editor's note:   This section is similar to former § 10-2-408 as it existed prior to 1993.
CO Code § 10-2-1101 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 2 - Licenses|Part 11 - Effective Date - Applicability|§ 10-2-1101. Effective Date - Applicability

 This article shall take effect January 1, 1995. Insurance agent and broker licenses issued pursuant to part 2 of this article prior to said date shall expire at such time as the commissioner shall determine by rule promulgated under the authority of this article. The holders of such licenses may obtain comparable licenses under this article by complying with the rules promulgated by the commissioner under the authority of this article.   History. Source: L. 93: Entire article R&RE, p. 1389, § 1, effective January 1, 1995.
CO Code § 10-3-103 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 1 - General|§ 10-3-103. Names of Companies

 No domestic insurance company shall adopt the name of any existing company transacting a similar business nor any name so similar as to be calculated to mislead the public, but any domestic mutual or mutual assessment insurance company, upon complying with the terms and conditions of this title (except article 15), and article 14 of title 24, C.R.S., may be reorganized and reincorporated as a joint stock company under the same name by which it was incorporated as a mutual or assessment company, with the omission of the word “mutual”, and it is unlawful for any other company to be incorporated or transact business under or by the name under which any such mutual or mutual assessment company was operating at the time of reincorporation.   History. Source: L. 13: P. 334, § 19. C.L. § 2489. CSA: C. 87, § 17. CRS 53: § 72-1-15. C.R.S. 1963: § 72-1-15. L. 92: Entire section amended, p. 1535, § 23, effective May 20. L. 2004: Entire section amended, p. 898, § 9, effective May 21. L. 2012: Entire section amended,(HB 12-1266), ch. 280, p. 1501, § 19, effective July 1. History. Source: L. 13: P. 334, § 19. C.L. § 2489. CSA: C. 87, § 17. CRS 53: § 72-1-15. C.R.S. 1963: § 72-1-15. L. 92: Entire section amended, p. 1535, § 23, effective May 20. L. 2004: Entire section amended, p. 898, § 9, effective May 21. L. 2012: Entire section amended,(HB 12-1266), ch. 280, p. 1501, § 19, effective July 1.
CO Code § 10-3-104 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 1 - General|§ 10-3-104. Unauthorized Companies - Penalties

 [ ] Except for reinsurance by an authorized insurer or insurance effected pursuant to the provisions of article 5 or article 15 of this title, it is unlawful for any person, company, or corporation in this state to procure, receive, or forward applications for insurance in, or to issue or to deliver policies for, any company not legally authorized to do business in this state, as provided in this title and article 14 of title 24, C.R.S. Any person violating the provisions of this section commits a class 1 misdemeanor and shall be punished as provided in section 18-1.3-501 , C.R.S.  Editor's note: This version of this section is effective until March 1, 2022.  History. Source: L. 13: P. 334, § 20. C.L. § 2490. CSA: C. 87, § 18. L. 49: P. 472, § 17. CRS 53: § 72-1-16. C.R.S. 1963: § 72-1-16. L. 92: Entire section amended, p. 1536, § 24, effective May 20. L. 2003: Entire section amended, p. 849, § 1, effective July 1. L. 2006: Entire section amended, p. 1490, § 9, effective June 1. L. 2012: Entire section amended,(HB 12-1266), ch. 280, p. 1502, § 20, effective July 1. L. 2021: Entire section amended,(SB 21-271), ch. 462, p. 3147, § 110, effective March 1, 2022. History. Source: L. 13: P. 334, § 20. C.L. § 2490. CSA: C. 87, § 18. L. 49: P. 472, § 17. CRS 53: § 72-1-16. C.R.S. 1963: § 72-1-16. L. 92: Entire section amended, p. 1536, § 24, effective May 20. L. 2003: Entire section amended, p. 849, § 1, effective July 1. L. 2006: Entire section amended, p. 1490, § 9, effective June 1. L. 2012: Entire section amended,(HB 12-1266), ch. 280, p. 1502, § 20, effective July 1. L. 2021: Entire section amended,(SB 21-271), ch. 462, p. 3147, § 110, effective March 1, 2022.    Editor's note:   Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.