C.R.S. Section 10-2-1005
Duties of insurers

(1)

The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business.

(2)

If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the MGA. This is in addition to any other required loss reserve certification.

(3)

The insurer shall periodically and at least semiannually conduct an on-site review of the underwriting and claims processing operations of the MGA.

(4)

Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the MGA.

(5)

Within thirty days of entering into or termination of a contract with an MGA, the insurer shall provide written notification of such appointment or termination to the commissioner. Notices of appointment of an MGA shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.

(6)

An insurer shall review its books and records each quarter to determine if any producer has become an MGA as defined in section 10-2-1002 (2). If the insurer determines that a producer has become an MGA pursuant to section 10-2-1002 (2), the insurer shall promptly notify the producer and the commissioner of such determination and the insurer and producer shall fully comply with the provisions of this part 10 within thirty days.

(7)

An insurer shall not appoint to its board of directors an officer, director, employee, subproducer, or controlling shareholder of its MGA’s. This subsection (7) shall not apply to relationships governed by part 8 of article 3 of this title.

Source: Section 10-2-1005 — Duties of insurers, 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

§ 10-2-1005’s source at colorado​.gov