C.R.S.
Section 10-2-801
Licenses
- denial, suspension, revocation, termination
- reporting of actions
- definitions
(1)
The commissioner may place an insurance producer on probation; suspend, revoke, or refuse to issue, continue, or renew an insurance producer license; order restitution to be paid from an insurance producer; or assess a civil penalty pursuant to section 10-2-804 or 10-3-1108, if, after notice to the insurance producer licensee and after a hearing held in accordance with sections 24-4-104 and 24-4-105, C.R.S., the commissioner finds that as to the licensee or applicant any one or more of the following conditions exist:(a)
Any incorrect, misleading, incomplete, or materially untrue information in the license application;(b)
Any cause for which issuance of the license could have been refused had it then existed and been known to the commissioner at the time of issuance;(c)
Violation of, or noncompliance with, section 18-13-130, C.R.S., or any insurance law, or violation of any lawful rule, order, or subpoena of the commissioner or of the insurance department of another state;(d)
Obtaining or attempting to obtain any such license through misrepresentation or fraud;(e)
Improperly withholding, misappropriating, or converting to the licensee’s or applicant’s own use any moneys or property belonging to policyholders, insurers, beneficiaries, or others received in the course of the business of insurance;(f)
Misrepresentation of the terms of any actual or proposed insurance contract or application for insurance;(g)
Intentionally left blank —Ed.(I)
Conviction of a felony or misdemeanor involving moral turpitude.(II)
For the purposes of this paragraph (g), “moral turpitude” shall include any sexual offense against a child as defined in section 18-3-411, C.R.S.(h)
Commission of any unfair trade practice or fraud;(i)
The use of fraudulent, coercive, or dishonest practices or demonstrating incompetence, untrustworthiness, or financial irresponsibility in this state or elsewhere;(j)
Suspension, revocation, or denial of an insurance license in any other state, province, district, or territory;(k)
Forgery of another’s name to an application for insurance or to any document related to an insurance transaction;(l)
Cheating on an examination, including, but not limited to, improperly using notes or any other reference material to complete an examination for an insurance license;(m)
Failure to fully meet the licensing requirements;(n)
Knowingly accepting insurance business from a person who is not licensed;(o)
Failing to comply with an administrative or court order imposing a child support obligation;(p)
Failing to pay state income tax or comply with any administrative or court order directing payment of state income tax; or(q)
Profiting either directly or indirectly from the business of a cash-bonding agent or professional cash-bail agent unless the person profiting is registered as a cash-bonding agent or professional cash-bail agent and the profit is derived from their own business.(1.5)
The commissioner shall revoke the license of an insurance producer licensee if, after notice to the insurance producer licensee and after a hearing held in accordance with sections 24-4-104 and 24-4-105, C.R.S., the commissioner finds that the licensee was convicted under section 18-5-211, C.R.S.(2)
In the event that the action by the commissioner is to not renew or continue or to deny an application for a license, the commissioner shall notify the applicant or licensee of the reasons for such action and advise, in writing, the applicant or licensee of the reason for the denial or nonrenewal of the applicant’s or licensee’s license.(3)
Intentionally left blank —Ed.(a)
A producer or business entity shall report to the commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state within thirty days after the final disposition of the matter. This report shall include a copy of the order, consent to order, or other relevant legal document.(b)
A producer shall report within thirty days after the conviction to the commissioner if he or she is convicted under section 18-5-211, C.R.S.(4)
Within thirty days after the initial pretrial hearing date, a producer or business entity shall report to the commissioner any criminal prosecution of the producer in any jurisdiction. The report shall include a copy of the initial complaint, the order resulting from the hearing, and any other relevant legal documents.(5)
If the commissioner revokes the license of an insurance producer pursuant to this section, or if an insurance producer surrenders its license to avoid discipline by the commissioner, the insurance producer shall not be eligible to apply for a new insurance producer license for two years after the date the license is revoked or surrendered and returned to the commissioner pursuant to section 10-2-802 (1).(6)
For the purposes of this section, “restitution” means benefits or moneys owed due to the regulated entity’s violation of this title.
Source:
Section 10-2-801 — Licenses - denial, suspension, revocation, termination - reporting of actions - definitions, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-10.pdf (accessed Oct. 20, 2023).
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