§ 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 […]
§ 10-2-1006. 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 […]
§ 10-2-706. Insurance Producer Designee – Responsibility
An insurance producer may use another properly licensed and appointed insurance producer as an agent to comply with the requirements of section 10-2-705, but the insurance producer who posts the bail bond with the court is responsible for compliance with section 10-2-705 and is subject to discipline for noncompliance with any provision of section 10-2-705. […]
§ 10-2-911. Penalties and Liabilities
A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with article 4 of title 24, C.R.S., to be in violation of any provision of this part 9 shall: For each separate violation, pay a penalty in an amount not to exceed five thousand dollars; Be subject to revocation […]
§ 10-2-707. Business Practices – Price Limits – Collateral
An insurance producer who writes bail bonds shall not charge a premium or commission of more than the greater of fifty dollars or fifteen percent of the amount of bail furnished. An insurance producer who writes bail bonds shall not assess fees for any bail bond posted by the producer with the court unless the […]