§ 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 […]
§ 10-2-907. Required Contract Provisions – Reinsurance Intermediary-Managers
Transactions between an RM and the reinsurer such RM represents shall only be entered into pursuant to a written contract specifying the responsibilities of each party, which shall be approved by the reinsurer’s board of directors. At least thirty days before such reinsurer assumes or cedes business through such producer, a true copy of the […]
§ 10-2-908. Prohibited Acts
The RM shall not: Bind retrocessions on behalf of the reinsurer; except that the RM may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for […]
§ 10-2-909. Duties of Reinsurers Utilizing the Services of a Reinsurance Intermediary-Manager
A reinsurer shall not engage the services of any person, firm, association, or corporation to act as an RM on its behalf unless such person is licensed as required by section 10-2-903 (2). The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which such reinsurer has engaged prepared […]