C.R.S. 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)

Intentionally left blank —Ed.

(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.

Source: Section 10-2-1002 — Definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-10.­pdf (accessed Oct. 20, 2023).

10‑2‑101
Short title
10‑2‑102
Scope - applicability
10‑2‑103
Definitions
10‑2‑104
Authority of commissioner - rules
10‑2‑105
Insurance producer - exemptions from definition
10‑2‑201
Prelicensure education - when required
10‑2‑202
Exemption from prelicensure education requirements
10‑2‑203
Course certification, registration, and review by commissioner
10‑2‑301
Continuing education requirement - rules
10‑2‑401
License required
10‑2‑402
License examination requirement
10‑2‑403
Exemption from license examination
10‑2‑404
Application for license
10‑2‑405
Residency - individuals - agencies
10‑2‑406
Licensing of agencies
10‑2‑407
License - definitions of lines of insurance - authority
10‑2‑408
License - contents - continuation due date
10‑2‑409
License - amendment - reissuance
10‑2‑410
Temporary licensing
10‑2‑411
Duplicate license
10‑2‑412
Change of address - notification
10‑2‑413
Fees
10‑2‑414
Additional lines of authority - application for license
10‑2‑414.5
Travel insurance - limited lines license - travel insurance producers - definitions
10‑2‑415.5
Appointment of insurance producer - continuation - renewal - exceptions
10‑2‑415.7
Termination of insurance producer bail bonding agent - notice - penalty
10‑2‑416
Notification to the commissioner of termination
10‑2‑416.5
Required availability to commissioner of list of producer appointees for enforcement purposes
10‑2‑417
Public insurance adjusters - license required - financial responsibility - standards of conduct - rules
10‑2‑418
Bail bonding authority
10‑2‑501
Reciprocity
10‑2‑502
Nonresident licensing - qualification
10‑2‑503
Commissioner as agent for service of process
10‑2‑601
Financial institutions may sell insurance - where - regulation
10‑2‑602
Sale of annuities and insurance by financial institutions - certain tying arrangements prohibited
10‑2‑603
Bank sale of annuities - disclosure requirements
10‑2‑604
Disclosures
10‑2‑605
Misleading advertising
10‑2‑606
Discrimination against affiliated agents
10‑2‑607
Location of sales
10‑2‑701
Assumed names - registration - rules
10‑2‑702
Commissions
10‑2‑704
Fiduciary responsibilities
10‑2‑705
Bail bond documents - requirements - rules
10‑2‑706
Insurance producer designee - responsibility
10‑2‑707
Business practices - price limits - collateral
10‑2‑801
Licenses - denial, suspension, revocation, termination - reporting of actions - definitions
10‑2‑802
Surrender of license
10‑2‑803
Notice of penalty, suspension, termination, revocation, or denial
10‑2‑804
Investigation by commissioner
10‑2‑901
Short title
10‑2‑902
Definitions
10‑2‑903
Licensure
10‑2‑904
Required contract provisions - reinsurance intermediary-producers
10‑2‑905
Books and records - reinsurance intermediary-producers
10‑2‑906
Duties of insurers utilizing the services of a reinsurance intermediary-producer
10‑2‑907
Required contract provisions - reinsurance intermediary-managers
10‑2‑908
Prohibited acts
10‑2‑909
Duties of reinsurers utilizing the services of a reinsurance intermediary-manager
10‑2‑910
Examination authority
10‑2‑911
Penalties and liabilities
10‑2‑912
Rules and regulations
10‑2‑1001
Short title
10‑2‑1002
Definitions
10‑2‑1003
Licensure
10‑2‑1004
Required contract provisions
10‑2‑1005
Duties of insurers
10‑2‑1006
Examination authority
10‑2‑1007
Penalties and liabilities
10‑2‑1008
Rules and regulations
10‑2‑1101
Effective date - applicability
Green check means up to date. Up to date

Current through Fall 2024

§ 10-2-1002’s source at colorado​.gov