§ 10-2-1006. Examination Authority
The acts of the MGA are considered to be the acts of the insurer on whose behalf the MGA is acting. An MGA may be examined as if said MGA were the insurer. Source: L. 93: Entire article R&RE, p. 1388, § 1, effective January 1, 1995. Editor’s note: This section is similar to former […]
§ 10-2-1007. Penalties and Liabilities
If the commissioner finds, after a hearing conducted in accordance with article 4 of title 24, C.R.S., that any person has violated any provision of this part 10, the commissioner may order: For each separate violation, a penalty in an amount not to exceed five thousand dollars; Revocation or suspension of the producer’s license; and […]
§ 10-2-1008. Rules and Regulations
The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this part 10. Source: L. 93: Entire article R&RE, p. 1388, § 1, effective January 1, 1995. Editor’s note: This section is similar to former § 10-2-408 as it existed prior to 1993.
§ 10-2-1101. Effective Date – Applicability
This article shall take effect January 1, 1995. Insurance agent and broker licenses issued pursuant to part 2 of this article prior to said date shall expire at such time as the commissioner shall determine by rule promulgated under the authority of this article. The holders of such licenses may obtain comparable licenses under this […]
§ 10-2-1003. Licensure
No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless such person is a licensed producer in this state. No person, firm, association, or corporation shall act in the capacity of an MGA representing an […]
§ 10-2-1004. Required Contract Provisions
No person, firm, association, or corporation acting in the capacity of an MGA shall place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party and where both parties share responsibility for a particular function, which specifies the division of such responsibilities, […]
§ 10-2-1005. Duties of Insurers
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. 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 […]
§ 10-2-902. Definitions
As used in this part 9, unless the context otherwise requires: “Controlling person” means any person, firm, association, or corporation that directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of the reinsurance intermediary. “Insurer” means any person, firm, association, or corporation duly licensed in this […]
§ 10-2-903. Licensure
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: In this state, unless such RP is a licensed producer in this state; […]
§ 10-2-904. Required Contract Provisions – Reinsurance Intermediary-Producers
Transactions between an RP and the insurer such RP represents shall only be entered into pursuant to a written authorization specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that: The insurer may terminate the RP’s authority at any time; The RP shall render accounts to the insurer accurately detailing […]