C.R.S. Section 10-2-416
Notification to the commissioner of termination


(1)

Termination for cause.
An insurer or authorized representative of the insurer that terminates employment, a contract, or other insurance business relationship with a producer shall notify the commissioner within thirty days following the effective date of the termination, using a format prescribed by the commissioner, if the reason for termination is one of the reasons set forth in this article and article 3 of this title, or the insurer has knowledge the producer was found by a court, government body, or self-regulatory organization authorized by law to have engaged in any of the activities in this article and article 3 of this title. Upon the written request of the commissioner, the insurer shall provide additional information, documents, records, or other data pertaining to the termination or activity of the producer.

(2)

Ongoing notification requirement.
The insurer or the authorized representative of the insurer shall promptly notify the commissioner, in a format prescribed by the commissioner, if, upon further review or investigation, the insurer discovers additional information that would have been reportable to the commissioner pursuant to subsection (1) of this section had the insurer known of its existence.

(3)

Copy of notification to be provided to producer.
A copy of the notification pursuant to this subsection (3) shall be provided to the producer pursuant to the following requirements:

(a)

Within fifteen days after making the notification required by subsections (1) and (2) of this section, the insurer shall mail a copy of the notification to the producer at the producer’s last-known address. If the producer is terminated for cause as listed in section 10-2-801, the insurer shall provide a copy of the notification to the producer at the producer’s last-known address by certified mail, return receipt requested and postage prepaid, or by overnight delivery using a nationally recognized carrier.

(b)

Within thirty days after the producer has received the original or additional notification, the producer may file written comments concerning the substance of the notification with the commissioner. The producer shall, by the same means, simultaneously send a copy of the comments to the reporting insurer, and the comments shall become a part of the commissioner’s file and accompany every copy of a report distributed or disclosed for any reason about the producer as permitted under subsection (5) of this section.

(4)

Immunities.

(a)

In the absence of wilful and wanton behavior, an insurer, the authorized representative of the insurer, a producer, the commissioner, or an organization of which the commissioner is a member and that compiles the information and makes it available to other commissioners or regulatory or law enforcement agencies shall not be subject to civil liability, and a civil cause of action of any nature shall not arise against these entities or their respective agents or employees, as a result of any statement or information required by or provided pursuant to this section or any information relating to any statement that may be requested in writing by the commissioner, from an insurer or producer or a statement by a terminating insurer or producer to an insurer or producer limited solely and exclusively to whether a termination for cause under this paragraph (a) was reported to the commissioner, if the propriety of any termination for cause under subsection (1) of this section is certified in writing by an officer or authorized representative of the insurer or producer terminating the relationship.

(b)

Paragraph (a) of this subsection (4) shall not abrogate or modify any existing statutory or common law privileges or immunities.

(5)

Confidentiality.

(a)

Intentionally left blank —Ed.

(I)

Except as provided in paragraph (e) of this subsection (5), any documents, materials, or other information in the control or possession of the division of insurance that is furnished by an insurer, producer, or employee or agent thereof acting on behalf of the insurer or producer, or obtained by the commissioner in an investigation pursuant to this section, shall not be subject to article 72 of title 24, C.R.S.

(II)

The commissioner is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the commissioner’s duties.

(b)

Neither the commissioner nor any person who received documents, materials, or other information while acting under the authority of the commissioner shall be required to testify in any private civil action concerning any confidential documents, materials, or information subject to paragraph (a) of this subsection (5).

(c)

In order to assist in the performance of the commissioner’s duties under this article, the commissioner, if the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information, and has the authority to do so, may:

(I)

Share documents, materials, or other information, including the documents, materials, or information subject to paragraph (a) of this subsection (5), with any of the following:

(A)

Other state, federal, and international regulatory agencies;

(B)

The national association of insurance commissioners or its affiliates or subsidiaries; and

(C)

State, federal, and international law enforcement authorities.

(II)

Receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the national association of insurance commissioners, its affiliates or subsidiaries, and regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; and

(III)

Enter into agreements governing sharing and use of information consistent with this subsection (5).

(d)

No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure to the commissioner under this section or as a result of sharing as authorized in paragraph (c) of this subsection (5).

(e)

Nothing in this article shall preclude the commissioner or the commissioner’s designee from releasing final disciplinary actions or closed files, including those portions of the record pertaining to for cause terminations that shall be open to public inspection pursuant to article 72 of title 24, C.R.S., and to a database or other clearinghouse service maintained by the national association of insurance commissioners or its affiliates or subsidiaries.

(f)

Nothing in this article shall preclude the commissioner or the commissioner’s designee from disclosing any information obtained pursuant to the provisions of this article to any state, federal, or international law enforcement agency for use in any criminal or civil investigation or prosecution, nor shall any such information be considered privileged and confidential in any criminal or civil matter, investigation, or prosecution by a government agency, except as provided in part 3 of article 72 of title 24, C.R.S.

(g)

Nothing in this article shall preclude the commissioner or the commissioner’s designee from disclosing any information obtained or developed pursuant to the provisions of this article for use in any private civil matter, nor shall any such information be considered privileged or confidential, except as provided in part 3 of article 72 of title 24, C.R.S. Any party in interest may request the commissioner or the commissioner’s designee to find that disclosure of such information in any private civil matter shall cause substantial injury to the public interest. If the commissioner finds that disclosure shall cause substantial injury to the public interest, the commissioner or the commissioner’s designee may apply to the district court for an order permitting restrictions on disclosure as authorized by section 24-72-204 (6), C.R.S.

(6)

Penalties for failing to report.
An insurer, the authorized representative of the insurer, or producer that fails to report as required under the provisions of this section or that is found to have reported with actual malice by a court of competent jurisdiction, may, after notice and hearing, have the producer’s license or insurer’s certificate of authority suspended or revoked and may be fined in accordance with sections 10-2-804 (4) and 10-3-1108.

Source: Section 10-2-416 — Notification to the commissioner of termination, 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

§ 10-2-416’s source at colorado​.gov