C.R.S. Section 10-2-414.5
Travel insurance

  • limited lines license
  • travel insurance producers
  • definitions

(1)

As used in this section:

(a)

“Limited lines travel insurance producer” means a licensed insurance producer, including a limited lines producer, who is designated by an insurer as the travel insurance supervising entity.

(b)

“Offer and disseminate” means to provide general information about travel insurance, including a description of the coverage and price, as well as processing the application, collecting premiums, and performing other nonlicensable activities permitted by the state.

(c)

“Travel insurance” means insurance coverage for personal risks incident to planned travel, including: Interruption or cancellation of a trip or event; loss of baggage or personal effects; damages to accommodations or rental vehicles; or sickness, accident, disability, or death occurring during travel. “Travel insurance” does not include major medical plans that provide comprehensive medical protection for travelers with trips lasting six months or longer, including those working overseas as an expatriate or military personnel being deployed.

(d)

“Travel retailer” means a business entity that makes, arranges, or offers travel services and may offer and disseminate travel insurance as a service to its customers on behalf of and under the direction of a limited lines travel insurance producer. For the purposes of this definition, the term “business entity” may include any individual working for or acting on behalf of the travel retailer.

(2)

Intentionally left blank —Ed.

(a)

The commissioner may issue a limited lines travel insurance producer license to an individual or business entity that authorizes the limited lines travel insurance producer to sell, solicit, or negotiate travel insurance through a licensed insurer in a form and manner prescribed by the commissioner.

(b)

A travel retailer may offer and disseminate travel insurance as a service to its customers, on behalf of and under the direction of a business entity that holds a limited lines travel insurance producer license. In doing so, the travel retailer must provide to prospective purchasers of travel insurance:

(I)

A description of the material terms or the actual material terms of the insurance coverage;

(II)

A description of the process for filing a claim;

(III)

A description of the review or cancellation process for the travel insurance policy; and

(IV)

The identity and contact information of the insurer and limited lines producer.

(c)

At the time of licensure, the limited lines travel insurance producer shall establish and maintain a register of each travel retailer that offers travel insurance on the limited lines producer’s behalf on a form prescribed by the commissioner. The limited lines travel insurance producer must maintain and update the register annually and include: The name, address, and contact information of each travel retailer; the name, address, and contact information of an officer or person who directs or controls the travel retailer’s operations; and the travel retailer’s federal tax identification number. The limited lines travel insurance producer must submit the register to the commissioner upon request. The limited lines travel insurance producer must also certify that the travel retailer registered is not in violation of 18 U.S.C. sec. 1033.

(d)

The limited lines travel insurance producer must designate one of its employees who is a licensed individual producer as the person responsible for the limited lines travel insurance producer’s compliance with the travel insurance laws and rules of the state.

(e)

The limited lines travel insurance producer shall require each employee and authorized representative of the travel retailer whose duties include offering and disseminating travel insurance to receive a program of instruction or training, which may be subject to review by the commissioner. The training material must include, at minimum, instructions on the types of insurance offered, ethical sales practices, and required disclosures to prospective customers.

(3)

A limited lines travel insurance producer and those registered under its license are exempt from the prelicensure educational requirements in section 10-2-201, continuing education requirements in section 10-2-301, and examination and continuing education requirements in section 10-2-403.

(4)

Any travel retailer offering or disseminating travel insurance shall make brochures or other written materials available to prospective purchasers that:

(a)

Provide the identity and contact information of the insurer and the limited lines travel insurance producer;

(b)

Explain that the purchase of travel insurance is not required in order to purchase any other product or service from the travel retailer; and

(c)

Explain that an unlicensed travel retailer is permitted to provide general information about the insurance offered by the travel retailer, including a description of the coverage and price, but is not qualified or authorized to answer technical questions about the terms and conditions of the insurance offered by the travel retailer or to evaluate the adequacy of the customer’s existing insurance coverage.

(5)

A travel retailer’s employee or authorized representative who is not licensed as an insurance producer may not:

(a)

Evaluate or interpret the technical terms, benefits, or conditions of the offered travel insurance coverage;

(b)

Evaluate or provide advice concerning a prospective purchaser’s existing insurance coverage; or

(c)

Hold himself or herself out as a licensed insurer, licensed producer, or insurance expert.

(6)

A travel retailer whose insurance-related activities, and those of its employees and authorized representatives, are limited to offering and disseminating travel insurance on behalf of and under the direction of a limited lines travel insurance producer meeting the conditions stated in this section is authorized to receive related compensation for the services upon registration by the limited lines travel insurance producer.

(7)

Travel insurance may be provided under an individual policy or under a group or master policy.

(8)

The limited lines travel insurance producer is responsible for the acts of the travel retailer and shall use reasonable means to ensure that the travel retailer complies with this section.

(9)

The commissioner may take disciplinary action against a limited lines travel insurance producer pursuant to section 10-2-801.

Source: Section 10-2-414.5 — Travel insurance - limited lines license - travel insurance producers - 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

§ 10-2-414.5’s source at colorado​.gov