reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 4 - LICENSING AND APPOINTMENT OF INSURANCE PRODUCERS (§§ 10-2-401 — 10-2-418) › Section 10-2-413 - Fees

(1)
The commissioner shall, by rule, set reasonable fees and penalties for the following:
(a)
Insurance producer license; and
(b)
Continuation of license.
(2)
All fees payable to the commissioner pursuant to this section shall be nonrefundable. Fees shall be set at the levels necessary to ensure that revenues from such fees, together with revenues from all other fees and taxes collected by the division of insurance in any fiscal year, do not exceed the division's actual direct and indirect costs of operation for that year.
L. 93: Entire article R&RE, p. 1363, § 1, effective 1/1/1995. L. 95: (1)(t) and (1)(u) added, p. 90, § 4, effective March 30. L. 99: (1)(o), (1)(p), and (1)(r) repealed, p. 663, § 1, effective 1/1/2000. L. 2001: (1) amended, p. 1202, § 20, effective 1/1/2002.
This section is similar to former §§ 10-2-110 and 10-2-207 as they existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 4 - LICENSING AND APPOINTMENT OF INSURANCE PRODUCERS (§§ 10-2-401 — 10-2-418) › Section 10-2-414 - Additional lines of authority - application for license

An insurance producer licensee requesting licensure for any additional line or lines of authority shall comply with the requirements of section
10-2-404
. Upon receipt of the application filing, any supporting documents as required by section
10-2-404
, and the applicable fee, the commissioner may issue a replacement license to include the additional lines.
L. 93: Entire article R&RE, p. 1364, § 1, effective 1/1/1995. L. 2001: Entire section amended, p. 1203, § 21, effective 1/1/2002.
This section is similar to former § 10-2-208 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 4 - LICENSING AND APPOINTMENT OF INSURANCE PRODUCERS (§§ 10-2-401 — 10-2-418) › Section 10-2-415 - [Repealed]

L. 93: Entire article R&RE, p. 1364, § 1, effective 1/1/1995. L. 99: Entire section repealed, p. 663, § 2, effective 1/1/2000.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 4 - LICENSING AND APPOINTMENT OF INSURANCE PRODUCERS (§§ 10-2-401 — 10-2-418) › Section 10-2-415.6 - [Repealed]

L. 2012: Entire section added, (HB 12-1266), ch. 280, p. 1496, § 11, effective July 1.
Subsection (4) provided for the repeal of this section, effective July 1, 2015. (See L. 2012, p. 1496.)
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 4 - LICENSING AND APPOINTMENT OF INSURANCE PRODUCERS (§§ 10-2-401 — 10-2-418) › Section 10-2-415.7 - Termination of insurance producer bail bonding agent - notice - penalty

(1)
Upon the termination of the appointment of an insurance producer bail bonding agent, the insurer shall, within fifteen days, notify the commissioner and the appointee of such termination by certified mail.
(2)
If the termination of an agent's appointment is for any of the causes listed in section
10-1-128
or
10-2-801
, the insurer shall notify the commissioner of the reason and, if the commissioner so requests, the insurer shall provide any information, records, statements, or other data pertaining to the termination that may be used by the division in any action taken under section
10-2-801
.
(3)
Any information, documents, records, or statements provided pursuant to this section shall be privileged, and there shall be no liability on the part of, nor shall a cause of action of any nature arise against, the division, the insurance company, or any authorized representative for requesting or providing such information, documents, records, or statements; except that such information may be used by the division to pursue administrative or criminal prosecutions.
(4)
In addition to any other penalty or liability authorized by law, the failure or refusal of any insurer to comply with the requirements of subsection (1) or (2) of this section shall be cause for the assessment against the insurer of a civil penalty of up to one thousand dollars for each such failure or refusal if, after notice to the insurer and after a hearing in accordance with section
24-4-105
, C.R.S., the commissioner finds that the insurer has violated this section.
L. 2004: Entire section added, p. 1749, § 1, effective July 1. L. 2012: (2) amended, (HB 12-1266), ch. 280, p. 1497, § 12, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 4 - LICENSING AND APPOINTMENT OF INSURANCE PRODUCERS (§§ 10-2-401 — 10-2-418) › Section 10-2-416.5 - Required availability to commissioner of list of producer appointees for enforcement purposes

Each insurer shall maintain a current list of producers contractually authorized to accept applications on behalf of the insurer. Each insurer shall make such list available to the commissioner upon reasonable request for purposes of conducting investigations and enforcing the provisions of this title.
L. 99: Entire section added, p. 663, § 3, effective 1/1/2000.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 4 - LICENSING AND APPOINTMENT OF INSURANCE PRODUCERS (§§ 10-2-401 — 10-2-418) › Section 10-2-418 - Bail bonding authority

(1)
The division shall advise state court administrators that a person may furnish a bail bond if the person is a licensed insurance producer with a power of attorney from an insurance company, appears on the division's website as an active insurance producer with casualty authority, and is appointed by that insurance company.
(2)
The division shall issue credentials to each insurance producer who is appointed by a bail insurance company that clearly identifies the person as holding authority to act as a bail bond agent.
L. 2012: Entire section added, (HB 12-1266), ch. 280, p. 1497, § 13, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 5 - NONRESIDENT LICENSES (§§ 10-2-501 — 10-2-503) › Section 10-2-501 - Reciprocity

(1)
The commissioner shall waive any requirements for a nonresident license applicant with a valid license from the applicant's home state, except those requirements imposed by section
10-2-502
, if the applicant's home state awards nonresident licenses to residents of this state on the same basis.
(2)
A nonresident producer's satisfaction of a nonproducer's home state's continuing education requirements for licensed insurance producers shall constitute satisfaction of this state's continuing education requirements if the nonresident producer's home state recognizes the satisfaction of its continuing education requirements imposed upon producers from this state on the same basis.
L. 93: Entire article R&RE, p. 1366, § 1, effective 1/1/1995. L. 2001: Entire section R&RE, p. 1206, § 23, effective 1/1/2002.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 5 - NONRESIDENT LICENSES (§§ 10-2-501 — 10-2-503) › Section 10-2-503 - Commissioner as agent for service of process

(1)
By the filing of the application and issuance of a nonresident insurance producer license, a nonresident insurance producer licensee shall be deemed to have appointed the commissioner and successors in office as said nonresident's agent upon whom all lawful process in any legal proceeding against the nonresident may be served and to have agreed that any such lawful process has the same legal force and validity as personal service of process upon such nonresident.
(2)
The commissioner shall, within ten working days after receiving three copies of the process served, forward a copy of such process by registered or certified mail to the person for whom the commissioner has received such process at the nonresident individual's address of record, or, if the nonresident is an insurance agency, at the agency's principal place of business. The commissioner shall keep a record of all process so served.
(3)
Service of process upon any such licensee in any action or proceeding instituted by the commissioner under this section shall be made by the commissioner by mailing such process by registered mail to an individual licensee at the licensee's last known address of record or to an insurance agency licensee at its principal place of business.
L. 93: Entire article R&RE, p. 1367, § 1, effective 1/1/1995. L. 98: (2) amended, p. 1325, § 25, effective June 1. L. 2001: (2) amended, p. 1208, § 25, effective 1/1/2002.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 6 - BANKS AND BANK HOLDING COMPANIES (§§ 10-2-601 — 10-2-607) › Section 10-2-602 - Sale of annuities and insurance by financial institutions - certain tying arrangements prohibited

(1)
In addition to the requirements of section
10-3-1105
, no financial institution, or subsidiary or employee of a financial institution, shall extend credit, lease or sell property of any kind, furnish any service, or fix or vary the consideration for any such extension of credit, lease, sale, or service on the condition or requirement that the customer shall obtain an insurance contract or an annuity from such financial institution or any subsidiary or employee.
(2)
No financial institution may offer a financial product or service, or fix or vary the conditions of such product or service, conditioned on a requirement that the customer obtain insurance from such financial institution or any specific person.
(3)
No person shall require or imply that the purchase of an insurance product, or of an annuity from a financial institution, is a condition of the lending of money or extension of credit, maintenance of a trust account, establishment or maintenance of a checking, savings, deposit, or share account, or the provision of products or services related to such activities.
L. 94: Entire section added, p. 1353, § 3, effective 1/1/1995. L. 97: Entire section amended, p. 429, § 2, effective April 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 6 - BANKS AND BANK HOLDING COMPANIES (§§ 10-2-601 — 10-2-607) › Section 10-2-603 - Bank sale of annuities - disclosure requirements

(1)
Any financial institution, or any subsidiary or employee thereof, which sells a fixed or variable annuity contract shall receive written acknowledgment from the purchaser that the annuity which is being purchased may involve investment risk and is not insured by the federal deposit insurance corporation or the national credit union share insurance fund. Such written notice shall be clear and conspicuous and shall be given before or contemporaneously with the purchase of the annuity. This subsection (1) shall apply to an affiliate or subsidiary of a financial institution if such an affiliate or subsidiary sells insurance on the premises of a financial institution.
(2)
A clear and conspicuous notice substantially in the following form complies with this section:
Acknowledgment
___________________________________
(Complete name of investment)
I understand that the investment product I am purchasing is not a bank deposit and is not an obligation of, nor is it guaranteed by, any bank. This product is not insured or guaranteed by the federal deposit insurance corporation. In addition, I understand that the investment product purchased may be subject to investment risk, including possible loss of principal, and that any investment product's past performance should not be considered an indication of future results.
_________________________
_________________________
(Date)(Signed)
L. 94: Entire section added, p. 1354, § 7, effective 7/1/1995. L. 97: (1) amended, p. 429, § 3, effective April 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 6 - BANKS AND BANK HOLDING COMPANIES (§§ 10-2-601 — 10-2-607) › Section 10-2-604 - Disclosures

(1)
A financial institution, and any person selling insurance with a cash value or a cash accumulation component on behalf of a financial institution, shall disclose to the financial institution's customers or members, and on any advertisements or promotional material, that insurance offered, recommended, sponsored, or sold by the financial institution, or on the premises of the financial institution:
(a)
Is not a deposit;
(b)
Is not insured by the federal deposit insurance corporation, the national credit union share insurance fund, or any agency of the state of Colorado or the federal government;
(c)
Is not guaranteed by the financial institution or any affiliated insured depository institution;
(d)
May involve investment risk, including loss of principal; and
(e)
May be purchased from a producer of the customer's choice and that the customer's choice of another insurance provider will not affect the customer's relationship with the financial institution.
L. 97: Entire section added, p. 429, § 4, effective April 24. L. 2001: (1)(e) amended, p. 1208, § 27, effective 1/1/2002.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 6 - BANKS AND BANK HOLDING COMPANIES (§§ 10-2-601 — 10-2-607) › Section 10-2-605 - Misleading advertising

(1)
No financial institution, or any subsidiary, affiliate, or employee of a financial institution, may issue advertising that would lead a reasonable person to believe that the state of Colorado or the federal government:
(a)
Is responsible for insurance sales activities of the financial institution or any subsidiary, affiliate, or employee thereof;
(b)
Guarantees any return on insurance products or is a source of payment of any insurance obligations sold by the financial institution or any subsidiary, affiliate, or employee thereof.
L. 97: Entire section added, p. 430, § 4, effective April 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 6 - BANKS AND BANK HOLDING COMPANIES (§§ 10-2-601 — 10-2-607) › Section 10-2-606 - Discrimination against affiliated agents

(1)
No financial institution shall:
(a)
Require, as a condition of providing or renewing a contract for providing a product or service to any customer, that the customer purchase, finance, or negotiate any policy or contract of insurance through any particular person;
(b)
In connection with a loan or extension of credit that requires a borrower to obtain insurance, reject an insurance policy solely because such policy has been issued or underwritten by any person who is not associated with such institution;
(c)
Impose any requirement on any insurance producer who is not associated with the financial institution that is not imposed on any insurance producer who is associated with such institution; or
(d)
Unless otherwise authorized by applicable federal or state law, require any debtor, insurer, or producer to pay a separate charge in connection with the handling of insurance that is required under a contract.
L. 97: Entire section added, p. 430, § 4, effective April 24. L. 2001: (1)(c) and (1)(d) amended, p. 1209, § 28, effective 1/1/2002.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 6 - BANKS AND BANK HOLDING COMPANIES (§§ 10-2-601 — 10-2-607) › Section 10-2-607 - Location of sales

To the extent practicable, a financial institution's sale of insurance shall be in a location distinct from a teller window or common teller area. Unlicensed employees of financial institutions shall not sell insurance or annuities. Such employees may direct customers to licensed persons.
L. 97: Entire section added, p. 431, § 4, effective April 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 7 - BUSINESS CONDUCT OF LICENSEES (§§ 10-2-701 — 10-2-707) › Section 10-2-701 - Assumed names - registration - rules

Any insurance producer using an assumed name, including without limitation a trade or fictitious name, under which the insurance producer conducts business shall register the name with the insurance commissioner prior to using the assumed name. The commissioner shall not accept registration of any name that would tend to be misleading to the public or that is identical or similar to the name of any producer whose license has been revoked or suspended. Every insurance producer licensee shall promptly file with the commissioner a written notice of any change in or discontinuation of the use of any name. The commissioner may promulgate all rules necessary and proper to implement the provisions of this section.
L. 93: Entire article R&RE, p. 1370, § 1, effective 1/1/1995. L. 2001: Entire section amended, p. 1209, § 29, effective 1/1/2002. L. 2008: Entire section amended, p. 210, § 4, effective March 26.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 7 - BUSINESS CONDUCT OF LICENSEES (§§ 10-2-701 — 10-2-707) › Section 10-2-702 - Commissions

(1)
No insurer or insurance producer shall pay, directly or indirectly, any commission, service fee, brokerage, or other valuable consideration to any person selling, soliciting, or negotiating insurance within this state unless, at the time such services were performed, such person was a duly licensed insurance producer under this article for the performance of such services. In addition, no person, other than a person appropriately licensed by this state as an insurance producer at the time such services were performed, shall accept any such consideration; except that any person duly licensed under this article may pay or assign such person's commissions to, or direct that such person's commissions be paid to, a partnership of which the person is a member, employee, or agent or to a corporation of which the person is an officer, employee, or agent. This section shall not prevent payment or receipt of renewal or other deferred commissions to or by any person entitled thereto under this section.
(2)
An insurer or insurance producer may pay or assign commissions, service fees, brokerages, or other valuable consideration to an insurance agency, business entity, or persons who do not sell, solicit, or negotiate insurance in this state, unless the payment would violate section
10-3-1104 (1)(g)
.
L. 93: Entire article R&RE, p. 1370, § 1, effective 1/1/1995. L. 95: Entire section amended, p. 89, § 2, effective March 30. L. 2001: Entire section amended, p. 1209, § 30, effective 1/1/2002. L. 2012: (2) amended, (HB 12-1266), ch. 280, p. 1497, § 15, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 7 - BUSINESS CONDUCT OF LICENSEES (§§ 10-2-701 — 10-2-707) › Section 10-2-703 - [Repealed]

L. 93: Entire article R&RE, p. 1370, § 1, effective 1/1/1995. L. 2001: Entire section repealed, p. 1210, § 31, effective 1/1/2002.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 7 - BUSINESS CONDUCT OF LICENSEES (§§ 10-2-701 — 10-2-707) › Section 10-2-704 - Fiduciary responsibilities

(1)
(a)
All premiums belonging to insurers and all unearned premiums belonging to insureds received by an insurance producer licensee under this article shall be treated by such insurance producer in a fiduciary capacity. The commissioner may promulgate such rules as are necessary and proper relating to the treatment of such premiums.
(b)
All premiums received, less commissions if authorized, shall be remitted to the insurer or its agent entitled thereto on or before the contractual due date or, if there is no contractual due date, within forty-five days after receipt.
(c)
All returned premiums received from insurers or credited by insurers to the account of the licensee shall be remitted to or credited to the account of the person entitled thereto within thirty days after such receipt or credit.
(d)
If any insurance producer has failed to account for any collected premium to the insurer to whom it is owing or to its agent entitled thereto for more than forty-five days after the contractual due date or, if there is no contractual due date, more than ninety days after receipt, the insurer or its agent shall promptly report such failure to the commissioner in writing.
(2)
Every insurer shall remit unearned premiums to the insured or the proper agent, or shall otherwise credit the account of the proper licensee, as soon as is practicable after entitlement thereto has been established, but in no event more than forty-five days after the effective date of any cancellation or termination effected by the insurer or after the date of entitlement thereto as established by notification of cancellation or of termination or as otherwise established. It shall be the responsibility of any insurance producer having knowledge of a failure on the part of any insurer to comply with this subsection (2) to promptly report such failure to the commissioner in writing.
(3)
No insurance producer under this article shall commingle premiums belonging to insurers and returned premiums belonging to insureds with the producer's personal funds or with any other funds except those directly connected with the producer's insurance business.
(4)
Any insurer that delivers, in this state, a policy of insurance to an insurance producer representing the interest of the insured upon the application or request of such producer shall be deemed to have authorized such producer to receive on the insurer's behalf any premium due upon issuance or delivery of the policy; and the insurer shall be deemed to have so authorized the producer.
L. 93: Entire article R&RE, p. 1370, § 1, effective 1/1/1995. L. 2001: (4) amended, p. 1210, § 32, effective 1/1/2002.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 7 - BUSINESS CONDUCT OF LICENSEES (§§ 10-2-701 — 10-2-707) › Section 10-2-706 - Insurance producer designee - responsibility

An insurance producer may use another properly licensed and appointed insurance producer as an agent to comply with the requirements of section
10-2-705
, but the insurance producer who posts the bail bond with the court is responsible for compliance with section
10-2-705
and is subject to discipline for noncompliance with any provision of section
10-2-705
.
Amended by 2013 Ch. 316,§ 12, eff. 8/7/2013.
L. 2012: Entire section added, (HB 12-1266), ch. 280, p. 1500, § 16, effective July 1. L. 2013: Entire section amended, (HB 13-1300), ch. 316, p. 1664, § 12, effective August 7.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 7 - BUSINESS CONDUCT OF LICENSEES (§§ 10-2-701 — 10-2-707) › Section 10-2-707 - Business practices - price limits - collateral

(1)
An insurance producer who writes bail bonds shall not charge a premium or commission of more than the greater of fifty dollars or fifteen percent of the amount of bail furnished. An insurance producer who writes bail bonds shall not assess fees for any bail bond posted by the producer with the court unless the fee is for payment of a bail bond filing charged by a court or law enforcement agency, the fee is for the actual cost of storing collateral in a secure, self-service public storage facility, or the fee is for premium financing.
(2)
If an insurance producer who posts the bail bond with the court has issued a disclosure statement in accordance with section
10-2-705 (2)(b)
, the producer may use collateral received from the defendant or indemnitor to secure the following obligations:
(a)
Compliance with the bond issued on behalf of the principal;
(b)
Any balance due on the premium, commission, or fee for the bail bond; and
(c)
Any actual costs incurred by the insurance producer as a result of issuing the bail bond.
(3)
Subject to section
16-4-110 (1)(c) and (2)
, a bail premium is earned in its entirety by a compensated surety upon the defendant's release from custody.
Amended by 2017 Ch. 284, § 11, eff. 1/1/2018.
L. 2012: Entire section added, (HB 12-1266), ch. 280, p. 1500, § 16, effective July 1. L. 2017: (3) added, (HB 17-1231), ch. 284, p. 1575, § 11, effective 1/1/2018.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 8 - DISCIPLINARY ACTIONS (§§ 10-2-801 — 10-2-804) › Section 10-2-802 - Surrender of license

(1)
An insurance producer license issued under this article, although issued and delivered to the licensee, shall at all times be the property of the state of Colorado and shall be surrendered or returned promptly to the commissioner by personal delivery or by certified or registered mail within fifteen days under any of the following conditions:
(a)
Suspension, revocation, or termination of the license;
(b)
Discontinuation or nonrenewal of the license by the licensee;
(c)
Cessation of residency in this state or, in the case of a nonresident licensee, cessation of residency in the licensee's resident state; or
(d)
Suspension, termination, or revocation of a nonresident licensee's license in the state of residence.
(2)
The commissioner may require surrender of an insurance producer license for any proper reason in addition to the grounds stated in subsection (1) of this section.
(3)
As to any insurance producer license issued pursuant to this article which is lost, stolen, or destroyed while in the possession of the licensee, the commissioner may accept, in lieu of return of the license, the affidavit of the individual licensee or, in the case of an insurance agency or business entity, the person given responsibility for custody of the license, as to the facts concerning such loss, theft, or destruction.
L. 93: Entire article R&RE, p. 1372, § 1, effective 1/1/1995. L. 2001: (3) amended, p. 1212, § 34, effective 1/1/2002.
This section is similar to former §§ 10-2-115, 10-2-116, 10-2-117, 10-2-207, and 10-2-215 as they existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 8 - DISCIPLINARY ACTIONS (§§ 10-2-801 — 10-2-804) › Section 10-2-803 - Notice of penalty, suspension, termination, revocation, or denial

(1)
The commissioner shall promptly notify any insurance producer licensee regarding any penalty assessed, suspension, revocation, termination, or denial of the licensee's license by the commissioner.
(2)
Upon assessment of a penalty, suspension, revocation, or termination of the license of a resident licensee, the commissioner shall notify the central office of the national association of insurance commissioners or its affiliate or subsidiary.
L. 93: Entire article R&RE, p. 1373, § 1, effective 1/1/1995. L. 2001: Entire section amended, p. 1212, § 35, effective 1/1/2002.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 8 - DISCIPLINARY ACTIONS (§§ 10-2-801 — 10-2-804) › Section 10-2-804 - Investigation by commissioner

(1)
The commissioner may examine and investigate the business affairs and conduct of every person applying for or holding an insurance producer license under this article to determine whether such person has been or is engaged in any violation of the insurance laws or rules of this state or has engaged in unfair or deceptive acts or practices in any state.
(2)
On receipt of any information regarding the possible violation of the insurance laws or rules of this or any other state, or the possible use of unfair or deceptive practices by a person applying for or holding an insurance producer license under this article, the commissioner may require such person to appear and show cause why the commissioner should not discontinue, revoke, suspend, or refuse to issue or renew the person's license and may, upon the failure of such person to show cause, revoke, suspend, or refuse to issue or renew the license.
(3)
The license of an insurance agency or business entity may be suspended or revoked or the renewal or continuation refused if the commissioner finds, after hearing, that an individual licensee's violation was known or should have been known to one or more of the partners, officers, or managers acting on behalf of the insurance agency or business entity, including any foreign or domestic entity as defined in section
7-90-102
, C.R.S., and that such violation was not reported to the division of insurance nor corrective action taken in relation thereto.
(4)
In addition to or in lieu of any applicable denial, suspension, or revocation of an insurance producer license, any person who violates any provision of this article may, after hearing, be subject to any remedy or civil penalty of not more than three thousand dollars for each such violation.
(5)
The commissioner shall retain the authority to enforce the provisions of and impose any penalty or remedy authorized by this article against any person who is under investigation for or charged with a violation of this article even if the person's license has been surrendered or has lapsed by operation of law.
L. 93: Entire article R&RE, p. 1373, § 1, effective 1/1/1995. L. 2001: (2), (3), and (4) amended and (5) added, p. 1212, § 36, effective 1/1/2002. L. 2008: (4) amended, p. 2171, § 2, effective August 5.
This section is similar to former § 10-2-214 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 9 - REINSURANCE INTERMEDIARY MODEL ACT (§§ 10-2-901 — 10-2-912) › Section 10-2-901 - Short title

This part 9 shall be known and may be cited as the "Reinsurance Intermediary Act".
L. 93: Entire article R&RE, p. 1374, § 1, effective 1/1/1995.
This section is similar to former § 10-2-301 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 9 - REINSURANCE INTERMEDIARY MODEL ACT (§§ 10-2-901 — 10-2-912) › Section 10-2-904 - Required contract provisions - reinsurance intermediary-producers

(1)
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:
(a)
The insurer may terminate the RP's authority at any time;
(b)
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;
(c)
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;
(d)
The RP shall comply with section
10-2-905
;
(e)
The RP shall comply with the written standards established by the insurer for the cession or retrocession of all risks;
(f)
The RP shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
L. 93: Entire article R&RE, p. 1377, § 1, effective 1/1/1995.
This section is similar to former § 10-2-304 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 9 - REINSURANCE INTERMEDIARY MODEL ACT (§§ 10-2-901 — 10-2-912) › Section 10-2-905 - Books and records - reinsurance intermediary-producers

(1)
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:
(a)
The type of contract, limits, underwriting restrictions, classes, or risks and territory;
(b)
The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation;
(c)
The reporting and settlement requirements of balances;
(d)
The rate used to compute the reinsurance premium;
(e)
The names and addresses of assuming reinsurers;
(f)
The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the RP;
(g)
Related correspondence and memoranda;
(h)
Proof of placement;
(i)
Details regarding retrocessions handled by the RP including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
(j)
Financial records, including but not limited to premium and loss accounts; and
(k)
When the RP procures a reinsurance contract on behalf of a licensed ceding insurer:
(I)
Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(II)
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.
(2)
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.
L. 93: Entire article R&RE, p. 1377, § 1, effective 1/1/1995.
This section is similar to former § 10-2-305 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 9 - REINSURANCE INTERMEDIARY MODEL ACT (§§ 10-2-901 — 10-2-912) › Section 10-2-906 - Duties of insurers utilizing the services of a reinsurance intermediary-producer

(1)
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)
.
(2)
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.
(3)
The insurer shall annually obtain a copy of statements of the financial condition of each RP with which it transacts business.
L. 93: Entire article R&RE, p. 1378, § 1, effective 1/1/1995.
This section is similar to former § 10-2-306 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 9 - REINSURANCE INTERMEDIARY MODEL ACT (§§ 10-2-901 — 10-2-912) › Section 10-2-908 - Prohibited acts

(1)
The RM shall not:
(a)
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.
(b)
Commit the reinsurer to participate in reinsurance syndicates;
(c)
Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed;
(d)
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;
(e)
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.
(f)
Jointly employ an individual who is employed by the reinsurer;
(g)
Appoint a sub-RM.
L. 93: Entire article R&RE, p. 1381, § 1, effective 1/1/1995.
This section is similar to former § 10-2-308 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 9 - REINSURANCE INTERMEDIARY MODEL ACT (§§ 10-2-901 — 10-2-912) › Section 10-2-909 - Duties of reinsurers utilizing the services of a reinsurance intermediary-manager

(1)
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)
.
(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.
(3)
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.
(4)
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.
(5)
Within thirty days of termination of a contract with an RM, the reinsurer shall provide written notification of such termination to the commissioner.
(6)
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.
L. 93: Entire article R&RE, p. 1382, § 1, effective 1/1/1995.
This section is similar to former § 10-2-309 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 9 - REINSURANCE INTERMEDIARY MODEL ACT (§§ 10-2-901 — 10-2-912) › Section 10-2-910 - Examination authority

(1)
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.
(2)
An RM may be examined as if it were the reinsurer.
L. 93: Entire article R&RE, p. 1382, § 1, effective 1/1/1995.
This section is similar to former § 10-2-310 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 9 - REINSURANCE INTERMEDIARY MODEL ACT (§§ 10-2-901 — 10-2-912) › Section 10-2-911 - Penalties and liabilities

(1)
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:
(a)
For each separate violation, pay a penalty in an amount not to exceed five thousand dollars;
(b)
Be subject to revocation or suspension of its license; and
(c)
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.
(2)
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.
(3)
Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in this title.
(4)
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.
L. 93: Entire article R&RE, p. 1382, § 1, effective 1/1/1995.
(1) This section is similar to former § 10-2-311 as it existed prior to 1993.
(2) In 2006, the provisions within subsection (1) were relettered to return the subsection to its original form as adopted in House Bill 93-1270.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 9 - REINSURANCE INTERMEDIARY MODEL ACT (§§ 10-2-901 — 10-2-912) › Section 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.
L. 93: Entire article R&RE, p. 1382, § 1, effective 1/1/1995.
This section is similar to former § 10-2-312 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 10 - MANAGING GENERAL AGENTS ACT (§§ 10-2-1001 — 10-2-1008) › Section 10-2-1001 - Short title

This part 10 shall be known and may be cited as the "Managing General Agents Act".
L. 93: Entire article R&RE, p. 1383, § 1, effective 1/1/1995.
This section is similar to former § 10-2-401 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 10 - MANAGING GENERAL AGENTS ACT (§§ 10-2-1001 — 10-2-1008) › Section 10-2-1002 - Definitions

As used in this part 10, unless the context otherwise requires:
(1)
"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.
(2)
(a)
"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:
(I)
Adjusts or pays claims in excess of an amount determined by the commissioner; or
(II)
Negotiates reinsurance on behalf of the insurer.
(b)
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:
(I)
An employee of the insurer;
(II)
A United States manager of the United States branch of an alien insurer;
(III)
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;
(IV)
The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.
(3)
"Underwrite" means the authority to accept or reject risk on behalf of the insurer.
L. 93: Entire article R&RE, p. 1383, § 1, effective 1/1/1995.
This section is similar to former § 10-2-402 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 10 - MANAGING GENERAL AGENTS ACT (§§ 10-2-1001 — 10-2-1008) › Section 10-2-1003 - Licensure

(1)
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.
(2)
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.
(3)
The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer.
(4)
The commissioner may require the MGA to maintain an errors and omissions policy.
L. 93: Entire article R&RE, p. 1384, § 1, effective 1/1/1995.
This section is similar to former § 10-2-403 as it existed prior to 1993.