§ 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.
§ 10-2-1003. 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 […]
§ 10-2-1001. Short Title
This part 10 shall be known and may be cited as the “Managing General Agents Act”. Source: L. 93: Entire article R&RE, p. 1383, § 1, effective January 1, 1995. Editor’s note: This section is similar to former § 10-2-401 as it existed prior to 1993.
§ 10-2-1002. Definitions
As used in this part 10, unless the context otherwise requires: “Insurer” means any person, firm, association, or corporation duly licensed in this state as an insurance company pursuant to the applicable provisions of the insurance laws. “Managing general agent”, referred to in this part 10 as “MGA”, means any person, firm, association, or corporation […]