C.R.S. Section 10-2-903
Licensure

(1)

No person, firm, association, or corporation shall act as an RP in this state if the RP maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation:

(a)

In this state, unless such RP is a licensed producer in this state; or

(b)

In another state, unless such RP is a licensed producer in this state or another state having a law substantially similar to this part 9, or such RP is licensed in this state as a nonresident reinsurance intermediary.

(2)

No person, firm, association, or corporation shall act as an RM:

(a)

For a reinsurer domiciled in this state, unless such RM is a licensed producer in this state;

(b)

In this state, if the RM maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation in this state, unless such RM is a licensed producer in this state;

(c)

In another state for a nondomestic insurer, unless such RM is a licensed producer in this state or another state having a law substantially similar to this part 9 or such person is licensed in this state as a nonresident reinsurance intermediary.

(3)

The commissioner may require an RM subject to subsection (2) of this section to:

(a)

File a bond in an amount from an insurer acceptable to the commissioner for the protection of the reinsurer; and

(b)

Maintain an errors and omissions policy in an amount acceptable to the commissioner.

(4)

Intentionally left blank —Ed.

(a)

The commissioner may issue a reinsurance intermediary license to any person, firm, association, or corporation that has complied with the requirements of this part 9. Any such license issued to a firm or association will authorize all the members of such firm or association and any designated employees to act as reinsurance intermediaries under the license, and all such persons shall be named in the application and any supplements thereto. Any such license issued to a corporation shall authorize all of the officers, and any designated employees and directors thereof to act as reinsurance intermediaries on behalf of such corporation, and all such persons shall be named in the application and any supplements thereto.

(b)

If the applicant for a reinsurance intermediary license is a nonresident, such applicant, as a condition precedent to receiving or holding a license, shall designate the commissioner as agent for service of process in the manner, and with the same legal effect, provided for by this part 9 for designation of service of process upon unauthorized insurers; and also shall furnish the commissioner with the name and address of a resident of this state upon whom notices or orders of the commissioner or process affecting such nonresident reinsurance intermediary may be served. Such licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and such change shall not become effective until acknowledged by the commissioner.

(5)

The commissioner may refuse to issue a reinsurance intermediary license if, in the commissioner’s judgment, the applicant, any one named on the application, or any member, principal, officer, or director of the applicant, is not trustworthy, or that any controlling person of such applicant is not trustworthy to act as a reinsurance intermediary, or that any individual specified in this subsection (5) has given cause for revocation or suspension of such license, or has failed to comply with any prerequisite for the issuance of such license. Upon written request therefor, the commissioner shall furnish a summary of the basis for refusal to issue a license, which document shall be privileged and not subject to the provisions of part 2 of article 72 of title 24, C.R.S.

(6)

Licensed attorneys at law of this state when acting in their professional capacity as such shall be exempt from this section.

Source: Section 10-2-903 — Licensure, 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

§ 10-2-903’s source at colorado​.gov