reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1801 - Short title

The short title of this part 18 is the "Fair Access to Insurance Requirements Act" or "FAIR Act".
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1802 - Legislative declaration

(1)
The general assembly finds that:
(a)
The impacts of climate change have resulted in an increasing frequency of natural disasters in Colorado;
(b)
Colorado experienced three of the largest wildfires in its history in the last five years, and the 2021 Marshall fire resulted in the loss of over one thousand homes and commercial properties;
(c)
The growing threats posed by wildfires and other natural disasters in Colorado have put new pressure on the residential and commercial insurance markets; and
(d)
If homeowners and commercial property owners are unable to secure insurance coverage for the homes and properties in their communities, the lack of coverage will frustrate and erode those communities' housing and commercial property markets.
(2)
The general assembly declares that it is imperative to establish and make available to Colorado homeowners and commercial property owners an insurance plan that:
(a)
Ensures stability in the property insurance market for property located in Colorado and provides opportunity for the private insurance market to adapt to changing conditions;
(b)
Ensures the availability of property insurance for residents of Colorado; and
(c)
Complements the private market by requiring consumers to purchase coverage through the private market when possible.
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1803 - Definitions

As used in this part 18, unless the context otherwise requires:
(1)
"Board" means the board of directors of the FAIR plan association created in section
10-4-1805
.
(2)
"Commercial property insurance" means insurance against direct loss to commercial property, including buildings and building contents, resulting from the perils of fire, perils covered under extended coverage, vandalism, or malicious mischief. "Commercial property insurance" does not include commercial automobile insurance or farm risks.
(3)
"FAIR plan" or "plan" means the fair access to insurance requirements plan established by the board pursuant to section
10-4-1806
.
(4)
"FAIR plan association" or "association" means the fair access to insurance requirements plan association created in section
10-4-1804
.
(5)
"Member insurer" means any admitted company that offers or sells any property insurance, including commercial property insurance.
(6)
"Property insurance" means insurance against direct loss to residential property, including buildings and building contents, resulting from the perils of fire, perils covered under extended coverage, vandalism, or malicious mischief. "Property insurance" does not include automobile insurance or farm risks.
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1804 - Fair access to insurance requirements plan association - creation - participation required

(1)
There is created the fair access to insurance requirements plan association, or FAIR plan association, which is a nonprofit, unincorporated public entity. All member insurers are and remain members of the association as a condition of each member insurer's authority to transact insurance business in this state. The association shall perform its functions under a plan of operation established and approved under section
10-4-1807
and shall exercise its powers through a board of directors established under section
10-4-1805
.
(2)
The FAIR plan association is established to provide property insurance coverage, including commercial property insurance, when such coverage is not available from admitted companies.
(3)
The FAIR plan association shall:
(a)
Establish, offer, and maintain a property insurance and a commercial property insurance policy that satisfy the requirements of the FAIR plan specified in section
10-4-1806
; and
(b)
Assess and share among member insurers, on a fair and equitable basis, all expenses, income, and losses based on each member insurer's written premium for property and commercial property insurance consistent with this part 18.
(4)
The FAIR plan association may issue property insurance policies, including commercial property insurance policies, and reinsure in whole or in part any such policies, cede any such reinsurance, or transfer risk to other capital markets.
(5)
The association shall establish a public website that includes information about the FAIR plan. The website must include a toll-free telephone number that a person may use to obtain information about the plan.
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1806 - FAIR plan - plan requirements - insurer requirements

(1)
The board shall establish the FAIR plan. The FAIR plan must satisfy the requirements of this part 18 and any rules promulgated by the commissioner pursuant to this part 18.
(2)
Rates for the FAIR plan must:
(a)
Not be excessive, inadequate, or unfairly discriminatory;
(b)
Be actuarially sound so that revenue generated from premiums is adequate to pay for expected losses, expenses, and taxes;
(c)
Reflect the investment income of the plan; and
(d)
Reflect the cost of reinsurance or other capital risk transfer markets.
(3)
The FAIR plan is subject to the rate filing and review requirements in this article 4.
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1808 - FAIR plans - requirements for licensed producers

The FAIR plan association shall not sell a policy subject to this part 18 directly to any person or entity. A FAIR plan policy may be issued only though a licensed producer who shall, on behalf of a person or entity, include evidence of at least three declinations of coverage for the property as part of the submittal of an application for a policy with the FAIR plan association.
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1809 - Assessment of fees

(1)
(a)
The FAIR plan association may collect fees from member insurers to generate sufficient revenue to start up the association.
(b)
A member insurer that pays a fee based on subsection (1)(a) of this section may recoup the amount directly from the member insurers' policyholders.
(c)
A member insurer shall not increase premiums based on a fee assessed pursuant to subsection (1)(a) of this section.
(d)
The fee described in subsection (1)(a) of this section is not a premium for any purpose, including the computation of the gross premium tax described in section
10-3-209
, or a licensed producer's commission.
(2)
(a)
The FAIR plan association may collect fees from member insurers as needed for the association to meet its financial obligations, subject to approval by the commissioner.
(b)
A member insurer assessed a fee pursuant to subsection (2)(a) of this section may recoup the fee directly from the member insurer's policyholders as a surcharge on the policyholders. The surcharge may be recouped over a reasonable amount of time.
(c)
A member insurer shall not increase premiums based on a fee assessed pursuant to subsection (2)(a) of this section.
(d)
The fee described in subsection (2)(a) of this section is not a premium for any purpose, including the computation of the gross premium tax described in section
10-3-209
, or a licensed producer's commission.
(3)
If the commissioner determines at any time that the FAIR plan association is or may become unable to meet its financial obligations, the commissioner shall direct the board to collect fees in accordance with subsection (2) of this section.
(4)
The FAIR plan association may abate or defer, in whole or in part, a fee assessed to a member insurer if, in the opinion of the board, payment of the fee would endanger the solvency of the member insurer. In the event a fee assessed against a member insurer is abated or deferred, in whole or in part, the amount by which such fee is abated or deferred may be assessed against the other member insurers.
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1810 - Enforcement - suspension or revocation of certificate of authority - fines

(1)
After notice and hearing, the commissioner may suspend or revoke the certificate of authority to transact insurance business in this state of any member insurer that fails to timely pay a fee or to comply with the plan of operation.
(2)
As an alternative to suspension or revocation of a certificate of authority, as described in subsection (1) of this section, the commissioner may impose a fine on any member insurer that fails to timely pay a fee or to comply with the plan of operation. The fine must be the greater of:
(a)
The amount of the fee plus interest and the commissioner's cost of enforcement; or
(b)
Five thousand dollars.
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1811 - Appeals - judicial review

Any final action or order of the commissioner issued pursuant to this part 18 is subject to judicial review by the court of appeals pursuant to section
24-4-106 (11)
.
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 18 - FAIR ACCESS TO INSURANCE REQUIREMENTS (§§ 10-4-1801 — 10-4-1812) › Section 10-4-1812 - Rules

The commissioner may promulgate rules for the implementation of this part 18.
Added by 2023 Ch. 170,§ 1, eff. 8/7/2023.
2023 Ch. 170, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 19 - [Effective 8/7/2024] TRAVEL INSURANCE MODEL ACT (§§ 10-4-1901 — 10-4-1909) › Section 10-4-1901 - [Effective 8/7/2024] Short title

The short title of this part 19 is the "Travel Insurance Model Act".
Added by 2024 Ch. 128,§ 2, eff. 8/7/2024.
2024 Ch. 128, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 19 - [Effective 8/7/2024] TRAVEL INSURANCE MODEL ACT (§§ 10-4-1901 — 10-4-1909) › Section 10-4-1902 - [Effective 8/7/2024] Scope and purpose

(1)
The purpose of this part 19 is to promote the public welfare by creating a comprehensive legal framework within which travel insurance may be sold in this state.
(2)
(a)
The requirements of this part 19 apply to travel insurance that satisfies all of the following criteria:
(I)
The travel insurance covers a resident of this state;
(II)
The travel insurance is sold, solicited, negotiated, or offered in this state; and
(III)
The policies and certificates are delivered or issued for delivery in this state.
(b)
The requirements of this part 19 do not apply to cancellation fee waivers or travel assistance services, except as expressly provided in this part 19.
(3)
All other applicable provisions of Colorado's insurance laws continue to apply to travel insurance; except that the specific provisions of this part 19 supersede any general provisions of law that would otherwise be applicable to travel insurance.
Added by 2024 Ch. 128,§ 2, eff. 8/7/2024.
2024 Ch. 128, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 19 - [Effective 8/7/2024] TRAVEL INSURANCE MODEL ACT (§§ 10-4-1901 — 10-4-1909) › Section 10-4-1904 - [Effective 8/7/2024] Premium tax

(1)
An insurer shall pay premium tax, as provided in section 10-3-209, on travel insurance premiums paid by any of the following:
(a)
A primary policyholder who is a resident of this state;
(b)
A primary certificate holder who is a resident of this state and who elects coverage under a group travel insurance policy; or
(c)
Subject to any apportionment rules that apply to the insurer across multiple taxing jurisdictions or that permit the insurer to allocate premium on an apportioned basis in a reasonable and equitable manner in those jurisdictions, a policyholder of blanket travel insurance:
(I)
Who is a resident of this state;
(II)
Whose principal place of business is in this state; or
(III)
Whose affiliate or subsidiary has a principal place of business in this state, if the affiliate or subsidiary has purchased blanket travel insurance in this state for members of an eligible group.
(2)
A travel insurer shall:
(a)
Document the state of residence or principal place of business of a policyholder or certificate holder, for purposes of paying premium tax as required in subsection (1) of this section; and
(b)
Report as premium only the amount allocable to travel insurance and not any amounts received for travel assistance services or cancellation fee waivers.
Added by 2024 Ch. 128,§ 2, eff. 8/7/2024.
2024 Ch. 128, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 19 - [Effective 8/7/2024] TRAVEL INSURANCE MODEL ACT (§§ 10-4-1901 — 10-4-1909) › Section 10-4-1905 - [Effective 8/7/2024] Travel protection plans

(1)
A travel protection plan may be offered for one price for the combined features that the travel protection plan offers in this state if:
(a)
The travel protection plan clearly discloses to the consumer, at or prior to the time of purchase, that it includes travel insurance, Travel assistance services, or cancellation fee waivers, as applicable, and provides information and an opportunity, at or prior to the time of purchase, for the consumer to obtain additional information regarding the features and pricing of each; and
(b)
The fulfillment materials:
(I)
Describe and delineate the travel insurance, travel assistance services, and cancellation fee waivers in the travel protection plan; and
(II)
Include the travel insurance disclosures and the contact information for persons providing travel assistance services or cancellation fee waivers, as applicable.
Added by 2024 Ch. 128,§ 2, eff. 8/7/2024.
2024 Ch. 128, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 19 - [Effective 8/7/2024] TRAVEL INSURANCE MODEL ACT (§§ 10-4-1901 — 10-4-1909) › Section 10-4-1907 - [Effective 8/7/2024] Travel administrators

(1)
Notwithstanding any other provision of this title 10, a person shall not act as or represent that the person is a travel administrator for travel insurance in Colorado unless the person is a licensed insurance producer for property and casualty insurance in Colorado for activities permitted under that license.
(2)
An insurer is responsible for the acts of a travel administrator administering travel insurance underwritten by the insurer and is responsible for ensuring that the travel administrator maintains all books and records relevant to the insurer to be made available by the travel administrator to the commissioner upon request.
Added by 2024 Ch. 128,§ 2, eff. 8/7/2024.
2024 Ch. 128, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 19 - [Effective 8/7/2024] TRAVEL INSURANCE MODEL ACT (§§ 10-4-1901 — 10-4-1909) › Section 10-4-1908 - [Effective 8/7/2024] Policy

Notwithstanding any other provision of this title 10, travel insurance is classified and filed for purposes of rate and forms under an inland marine line of insurance; except that travel insurance that provides coverage for sickness, accident, disability, or death occurring during travel, either exclusively, or in conjunction with related coverages of emergency evacuation or repatriation of remains, or incidental limited property and casualty benefits, such as travel or trip cancellation, may be filed under either an accident and health line of insurance or an inland marine line of insurance. An insurer offering or selling travel insurance that provides coverage for sickness, accident, disability, or death occurring during travel, emergency evacuation, or repatriation of remains shall hold both property and casualty and accident and health lines of authority.
Added by 2024 Ch. 128,§ 2, eff. 8/7/2024.
2024 Ch. 128, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 19 - [Effective 8/7/2024] TRAVEL INSURANCE MODEL ACT (§§ 10-4-1901 — 10-4-1909) › Section 10-4-1909 - [Effective 8/7/2024] Rules

The commissioner may promulgate any rules necessary to implement this part 19.
Added by 2024 Ch. 128,§ 2, eff. 8/7/2024.
2024 Ch. 128, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-101 - Short title

This article shall be known and may be cited as the "Nonadmitted Insurance Act".
L. 49: p. 474, § 22. CSA: C. 87, § 334. CRS 53: § 72-14-17. C.R.S. 1963: § 72-13-17. L. 95: Entire section amended, p. 491, § 6, effective May 16.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-101.1 - Legislative declaration

(1)
The general assembly finds and declares that disability, property, and casualty insurance transactions with nonadmitted insurers are so affected with a public interest as to require regulation, taxation, supervision, and control of such transactions and matters relating thereto, as provided in this article 5, in order to:
(a)
Protect the insureds and claimants of this state in transactions involving the purchase of insurance from insurers not authorized to transact business in this state;
(b)
Provide for the public, except for transactions related to the diligent effort requirements of this article for exempt commercial policyholders, as defined pursuant to section
10-4-1402
and rules adopted by the commissioner pursuant to that section, to the extent that insurance is not procurable from admitted insurers, orderly, reasonable, and regulated access to such insurance from eligible nonadmitted insurers through qualified, licensed, and supervised surplus line agents and brokers;
(c)
Protect the revenues of this state;
(d)
Protect regulated, admitted insurers from unregulated and unfair competition by nonadmitted insurers;
(e)
Regulate and supervise the effectuation of surplus lines insurance in accordance with the laws of this state and federal law, including the federal "McCarran-Ferguson Act"; and
(f)
Maintain reliable insurance markets.
Amended by 2017 Ch. 334, § 1, eff. 8/9/2017.
L. 81: Entire section added, p. 537, § 1, effective 1/1/1982. L. 95: IP(1), (1)(b), and (1)(e) amended, p. 491, § 7, effective May 16. L. 99: (1)(b) amended, p. 388, § 9, effective 1/15/2000. L. 2012: (1)(b) amended, (HB 12-1215), ch. 104, p. 355, § 9, effective August 8. L. 2017: IP(1) amended, (SB 17-274), ch. 334, p. 1788, § 1, effective August 9.
For the McCarran-Ferguson Act, see 59 Stat. 33, 15 U.S.C. §§1011 to 1015 .
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-101.5 - Exemptions

(1)
The provisions of this article controlling the placing of insurance with nonadmitted insurers shall not apply to reinsurance or, except as to subsection (2) of this section, to the following types of insurance when placed by licensed agents or brokers of this state:
(a)
Insurance on vessels or crafts or their hulls or cargoes or on marine builders' risks or marine protection and indemnity or other risks, including strikes and war risks commonly insured under ocean or wet marine forms of policy;
(b)
Insurance on subjects located, resident, or to be performed wholly outside of this state or on vehicles or aircraft owned and principally garaged outside this state;
(c)
Insurance on the operations of railroads engaged in transportation in interstate commerce and their property used in such operations;
(d)
Insurance on aircraft owned or operated by manufacturers of aircraft or on aircraft operated in commercial scheduled interstate flight or the cargo of such aircraft or against liability, other than workers' compensation and employers' liability, arising out of the ownership, maintenance, or use of such aircraft;
(e)
Insurance on satellites or other devices intended for launch beyond the earth's atmosphere.
(2)
Brokers placing any insurance referred to in subsection (1) of this section shall keep a full and true record of each such coverage in detail as required of surplus line insurance under this article. The record shall be preserved for not less than three years after the effective date of the insurance; shall be kept in the broker's office and open to the commissioner's examination and on forms designated and furnished by the commissioner; and shall contain a report of all such coverages so placed in a designated calendar year.
L. 81: Entire section added, p. 538, § 1, effective 1/1/1982. L. 2005: Entire section amended, p. 735, § 1, effective 1/1/2006.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-102 - Validity of certain contracts

A contract of insurance effectuated by a nonadmitted insurer in violation of the provisions of this article shall be voidable except at the instance of the insurer.
L. 49: p. 467, § 1. CSA: C. 87, § 318. CRS 53: § 72-14-1. C.R.S. 1963: § 72-13-1. L. 95: Entire section amended, p. 492, § 9, effective May 16.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-103 - Conditions for export

(1)
If certain insurance coverages cannot be procured from admitted insurers, such coverages, designated in this article as "surplus lines", may be procured from nonadmitted insurers, subject to the following conditions:
(a)
The insurance must be procured through a licensed broker.
(b)
The full amount of insurance required shall not be procurable, after diligent effort has been made to do so, from among admitted insurers authorized to transact and actually transacting that kind of insurance in this state; and placing the insurance with a nonadmitted insurer shall not be for the purpose of securing a lower premium rate than that which would be accepted by an admitted insurer unless the premium rate quoted by the admitted insurer is more than ten percent higher than that quoted by the nonadmitted insurer.
(c)
At the time of the procuring of any such insurance, an affidavit setting forth facts referred to in paragraph (b) of this subsection (1) must be executed by the broker. Such affidavit shall be filed with the commissioner within thirty days after the insurance is procured. In lieu thereof, the commissioner may provide for simplified monthly reporting of coverages procured pursuant to this article.
(2)
The diligent effort requirements of this section shall not apply to transactions with exempt commercial policyholders, as defined pursuant to section
10-4-1402
and rules adopted by the commissioner pursuant to that section.
L. 49: p. 467, § 2. CSA: C. 87, § 319. CRS 53: § 72-14-2. C.R.S. 1963: § 72-13-2. L. 81: Entire section R&RE, p. 538, § 2, effective 1/1/1982. L. 95: IP(1) and (1)(b) amended, p. 492, § 10, effective May 16. L. 99: (2) added, p. 388, § 10, effective 1/15/2000.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-103.5 - Producing broker's affidavit

Any broker exporting insurance under this article, at the request of any other licensed agent or broker, may accept an affidavit executed by such other agent or broker, in such form as may be prescribed or accepted by the commissioner, as evidence that such insurance was eligible for export under section
10-5-103
. Except as the commissioner may otherwise provide, the broker shall file or cause to be filed such affidavit with the commissioner within thirty days after the insurance was so procured.
L. 81: Entire section added, p. 539, § 3, effective 1/1/1982.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-104 - Endorsement of contract

Every insurance contract procured and delivered as a surplus line coverage pursuant to this article shall be initialed by or bear the name of the surplus line broker who procured it and shall have stamped upon it the following: "This contract is delivered as a surplus line coverage under the 'Nonadmitted Insurance Act'. The insurer issuing this contract is not licensed in Colorado but is an eligible nonadmitted insurer. There is no protection under the provisions of the 'Colorado Insurance Guaranty Association Act'."
L. 49: p. 468, § 3. CSA: C. 87, § 320. CRS 53: § 72-14-3. C.R.S. 1963: § 72-13-3. L. 95: Entire section amended, p. 492, § 11, effective May 16. L. 2012: Entire section amended, (HB 12-1215), ch. 104, p. 355, § 10, effective August 8.
For the "Colorado Insurance Guaranty Association Act", see part 5 of article 4 of this title 10.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-105 - Surplus line insurance valid

Insurance contracts procured as surplus line coverage from nonadmitted insurers in accordance with this article shall be fully valid and enforceable as to all parties and shall be given recognition in all matters and respects to the same effect as like contracts issued by admitted insurers.
L. 49: p. 468, § 4. CSA: C. 87, § 321. CRS 53: § 72-14-4. C.R.S. 1963: § 72-13-4. L. 95: Entire section amended, p. 492, § 12, effective May 16.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-106 - When export declared eligible

The commissioner may, by rule, declare eligible for export generally, notwithstanding the provisions of section
10-5-103 (1)(b) and (1)(c)
, any class of insurance coverage or risk for which the commissioner finds that there is no reasonable or adequate market among insurers licensed in this state. For the purposes of this section, the diligent effort requirements of this article shall not apply to transactions with exempt commercial policyholders, as defined pursuant to section
10-4-1402
and rules adopted by the commissioner pursuant to that section.
L. 49: p. 468, § 5. CSA: C. 87, § 322. CRS 53: § 72-14-5. C.R.S. 1963: § 72-13-5. L. 77: Entire section repealed, p. 506, § 7, effective 1/1/1978. L. 81: Entire section RC&RE, p. 539, § 4, effective 1/1/1982. L. 92: Entire section amended, p. 1491, § 20, effective July 1. L. 99: Entire section amended, p. 388, § 11, effective 1/15/2000.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-107 - Brokers may accept business from producers

A licensed surplus line broker may accept and place surplus line business for any insurance producer licensed in this state for the kind of insurance involved and may compensate such agent or broker therefor.
L. 49: p. 468, § 6. CSA: C. 87, § 323. CRS 53: § 72-14-6. C.R.S. 1963: § 72-13-6. L. 2001: Entire section amended, p. 1213, § 38, effective 1/1/2002.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-109 - Records of surplus line broker

Each licensed surplus line broker shall keep in the broker's office a full and true record of each surplus line contract procured by the broker, including a copy of the daily report, if any, showing such of the following items as may be applicable: Amount of the insurance; gross premiums charged; return premium paid, if any; rate of premium charged upon the several items of property; effective date of the contract and the terms thereof; name and address of the insurer; name and address of the insured; brief general description of property insured and where located; other information as may be required by the commissioner. The record shall at all times be open to examination by the commissioner.
L. 49: p. 469, § 8. CSA: C. 87, § 325. CRS 53: § 72-14-8. C.R.S. 1963: § 72-13-8. L. 2001: Entire section amended, p. 1213, § 39, effective 1/1/2002.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-110 - Statement - rules

(1)
Each surplus line broker and every person that enters into an independent procurement for nonadmitted insurance shall file with the commissioner a verified statement of all insurance transacted by the broker or other person during the preceding reporting period. The commissioner shall, by rule, determine the reporting period.
(2)
The statement must be on forms as prescribed and furnished by the commissioner, and must show: Gross amount of each kind of insurance transacted, aggregate gross premiums charged, aggregate of returned premiums paid to insureds, aggregate of net premiums, and additional information as required by the commissioner.
L. 49: p. 469, § 9. CSA: C. 87, § 326. CRS 53: § 72-14-9. C.R.S. 1963: § 72-13-9. L. 2012: Entire section amended, (HB 12-1215), ch. 104, p. 353, § 3, effective August 8.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-111 - Tax on premiums - filing system - division to contract with third parties - definition

(1)
Each surplus line broker and every person that enters into an independent procurement for nonadmitted insurance shall remit to the division of insurance a tax on the net premiums, exclusive of sums collected to cover federal and other state taxes and examination fees, on nonadmitted insurance subject to tax under this article during the preceding reporting period as shown by the statement filed with the commissioner. The net premiums must be taxed at the rates described in section
10-5-111.5
.
(2)
If a surplus line policy or independently procured policy covers an insured whose home state is Colorado, and that policy covers risks or exposures located outside of Colorado, the tax payable is computed using the allocation method contained in section
10-5-111.5
.
(3)
(a)
All taxes, penalties, fines, fees, and associated filings required pursuant to this section must be submitted to the division of insurance through a secure web-based application system identified by the division of insurance. The commissioner may enter into a contract with a qualified third party, including the Florida surplus line services office, for a secure web-based application system that would allow taxpayers to file taxes for multiple states on a single web-based application system. The third party may charge the taxpayer a nominal fee for this service that is reasonably related to the overall cost of the service of collecting filings and payments and transmitting those filings and payments to the division of insurance. A fee charged by the third party as part of this subsection (3) is not subject to this section, section 10-3-207, section 10-3-209 (4)(a), or section 10-5-111.5 (1).
(b)
Pursuant to article 4 of title 24, the commissioner may promulgate rules necessary to implement, operate, and enforce this subsection (3).
(c)
In contracting with a qualified third party for a secure web-based application system described in this subsection (3), the commissioner is exempt from the "Procurement Code", articles 101 to 112 of title 24.
(d)
As used in this subsection (3), "taxpayer" means a person subject to tax under this section 10-5-111.
Amended by 2024 Ch. 38,§ 3, eff. 3/22/2024, app. to tax filings submitted on or after 1/1/2025.
L. 49: p. 470, § 10. CSA: C. 87, § 327. CRS 53: § 72-14-10. C.R.S. 1963: § 72-13-10. L. 92: (1) amended, p. 1761, § 2, effective February 28. L. 2012: Entire section amended, (HB 12-1215), ch. 104, p. 353, § 4, effective August 8.
For additional taxes required by this article 5, see § 10-3-209 .
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-111.5 - Allocation of premium tax

(1)
In determining the amount of tax payable to Colorado, the entire amount of tax payable at a rate of three percent on the net premiums is presumed to be owed to Colorado; except that, for those multistate risks involving states that have entered into either a compact or a tax-sharing agreement with Colorado to share the tax, the premium tax rate and the amounts allocated to the other states are subject to determination according to the terms of the compact or agreement.
(2)
The commissioner may participate in tax-sharing agreements to collect and disburse funds in accordance with subsection (1) of this section, if the purposes of the tax-sharing agreement are limited to:
(a)
Facilitating the payment and allocation of premium taxes on nonadmitted insurance for multistate risks among states participating in the agreement;
(b)
Adopting uniform requirements, forms, and procedures that facilitate the reporting, payment, collection, and allocation of premium taxes for nonadmitted insurance for multistate risks;
(c)
Coordinating the reporting of premium taxes and transaction data of multistate risks among the states participating in the agreement; and
(d)
Establishing a mechanism to facilitate the receipt and distribution of premium taxes and transaction data related to nonadmitted insurance of multistate risks.
L. 2012: Entire section added, (HB 12-1215), ch. 104, p. 353, § 5, effective August 8.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-112 - Penalty for failure to comply

If any surplus line broker fails to file the annual statement, or fails to remit the tax provided by section
10-5-111
, prior to the first day of April after the tax is due, the broker shall be liable for a fine of twenty-five dollars for each day of delinquency commencing with the first day of April. The tax may be collected by distraint, or the tax and fine may be recovered by an action instituted by the commissioner in any court of competent jurisdiction.
L. 49: p. 470, § 11. CSA: C. 87, § 328. CRS 53: § 72-14-11. C.R.S. 1963: § 72-13-11. L. 2005: Entire section amended, p. 736, § 2, effective 1/1/2006.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-113 - Revocation of broker's license

(1)
The commissioner may revoke any surplus line broker's license:
(a)
If the broker fails to file the annual statement or to remit the tax as required by this article; or
(b)
If the broker fails to keep the records, or to allow the commissioner to examine the broker's records as required by this article; or
(c)
For any of the causes for which a general broker's license may be revoked.
(2)
The commissioner may suspend or revoke any such license whenever the commissioner deems suspension or revocation to be for the best interest of the people of this state.
(3)
The procedures provided by law for the suspension or revocation of general brokers' licenses shall be applicable to suspension or revocation of a surplus line broker's license.
(4)
No broker whose license has been so revoked or suspended shall again be so licensed within one year thereafter or until any fines or delinquent taxes owing by the broker have been paid.
L. 49: p. 470, § 12. CSA: C. 87, § 329. CRS 53: § 72-14-12. C.R.S. 1963: § 72-13-12. L. 95: IP(1) amended, p. 496, § 14, effective May 16. L. 2001: (1)(b) amended, p. 1213, § 40, effective 1/1/2002. L. 2005: (1)(a), (2), and (4) amended, p. 736, § 3, effective 1/1/2006.
For limitation on revocation of licenses, see article 4 of title 24 ; for the procedure for revocation of broker's license, see part 8 of article 2 of this title 10.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-114 - Actions against insurer - service

(1)
A nonadmitted insurer may be sued, upon any cause of action arising in this state under any contract issued by it as a surplus line contract, pursuant to this article, in the district court of the county in which the cause of action arose.
(2)
Service of legal process against the insurer may be made in any such action by service upon the commissioner. The commissioner shall forthwith mail the documents of process served, or a true copy thereof, to the person designated by the insurer pursuant to rule of the commissioner for the purpose by prepaid certified mail with return receipt requested. The insurer shall have forty days from the date of service upon the commissioner within which to plead, answer, or otherwise defend the action. Upon service of process upon the commissioner in accordance with this provision, the court shall be deemed to have jurisdiction in personam of the insurer.
(3)
A nonadmitted insurer issuing such policy shall be deemed thereby to have authorized service of process against it, in the manner and to the effect as provided in this section, and to have appointed the commissioner as its agent for service of process issuing upon any cause of action arising in this state under any such policy. Any such policy shall contain a provision stating the substance of this section and designating the person to whom the commissioner shall mail process as provided in subsection (2) of this section.
L. 49: p. 471, § 13. CSA: C. 87, § 330. CRS 53: § 72-14-13. C.R.S. 1963: § 72-13-13. L. 73: p. 848, § 4. L. 86: (2) amended, p. 556, § 7, effective July 1. L. 89: (2) amended, p. 438, § 9, effective July 1. L. 95: (1) and (3) amended, p. 496, § 15, effective May 16. L. 98: (2) amended, p. 228, § 2, effective April 10. L. 2001: (2) amended, p. 1213, § 41, effective 1/1/2002.
For service of legal process, see § 10-3-1003 .
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-116 - Records produced on order

Every person for whom insurance is placed with a nonadmitted insurer pursuant to or in violation of this article, upon the commissioner's order, shall produce for the commissioner's examination all policies and other documents evidencing the insurance and shall disclose to the commissioner the amount of the gross premiums paid or agreed to be paid for the insurance. For each refusal to obey such order, such person shall be liable to a fine of not more than ten thousand dollars.
L. 49: p. 472, § 15. CSA: C. 87, § 332. CRS 53: § 72-14-15. C.R.S. 1963: § 72-13-15. L. 95: Entire section amended, p. 497, § 17, effective May 16. L. 2005: Entire section amended, p. 736, § 4, effective 1/1/2006.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-117 - Rules and regulations

The commissioner may make and publish reasonable rules and regulations consistent with this article in respect to the transactions governed thereby and for the basis for his determination under this article.
L. 49: p. 472, § 16. CSA: C. 87, § 333. CRS 53: § 72-14-16. C.R.S. 1963: § 72-13-16.
For rule-making procedures, see article 4 of title 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-118 - Notice provisions not applicable to surplus lines

The notice provisions in sections
10-4-109.7
,
10-4-110
,
10-4-110.5
, and
10-4-110.7
shall not be applicable to insurance companies authorized pursuant to this article to write surplus lines insurance in Colorado.
L. 87: Entire section added, p. 434, § 9, effective May 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Article 5 - NONADMITTED INSURANCE (§§ 10-5-101 — 10-5-119) › Section 10-5-119 - Disclosures regarding claims-made policies by surplus line brokers or insurers

(1)
In the event that a contract procured or placed by a Colorado surplus line broker is on a claims-made or other nonoccurrence policy form, the broker or the nonadmitted insurer shall stamp on the face of the policy a clear disclosure, as prescribed by the commissioner, which shall be in predominate type.
(2)
The disclosure requirement in subsection (1) of this section shall not apply to transactions with exempt commercial policyholders as defined by section
10-4-1402
and the rules adopted by the commissioner pursuant to such section.
L. 87: Entire section added, p. 434, § 9, effective May 1. L. 92: Entire section amended, p. 1494, § 22, effective July 1. L. 95: Entire section amended, p. 497, § 18, effective May 16. L. 2005: Entire section amended, p. 736, § 5, effective 1/1/2006.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › CAPTIVE INSURANCE COMPANIES (§§ 10-6-101 — 10-6-130) › Article 6 - CAPTIVE INSURANCE COMPANIES (§§ 10-6-101 — 10-6-130) › Section 10-6-101 - Short title

This article shall be known and may be cited as the "Colorado Captive Insurance Company Act".
L. 72: p. 428, § 1. C.R.S. 1963: § 72-36-1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › CAPTIVE INSURANCE COMPANIES (§§ 10-6-101 — 10-6-130) › Article 6 - CAPTIVE INSURANCE COMPANIES (§§ 10-6-101 — 10-6-130) › Section 10-6-102 - Legislative declaration

It is the policy of the general assembly and the intent and purpose of this article to simplify the procedures for organizing and regulating the operations of captive insurance companies within the state of Colorado, to encourage the formation of such companies while retaining the integrity, financial solvency, and stability of insurance operations, and thereby promoting economic development and the general welfare of the people of the state of Colorado.
L. 72: p. 428, § 1. C.R.S. 1963: § 72-36-2. L. 89: Entire section amended, p. 462, § 1, effective April 15. L. 94: Entire section amended, p. 541, § 1, effective April 6.