§ 10-5-118. Notice Provisions Not Applicable to Surplus Lines
The notice provisions in sections 10-4-109.7, 10-4-110, 10-4-110.5, and 10-4-110.7 shall not be applicable to insurance companies authorized pursuant to this article to write surplus lines insurance in Colorado. Source: L. 87: Entire section added, p. 434, § 9, effective May 1.
§ 10-5-119. Disclosures Regarding Claims-Made Policies by Surplus Line Brokers or Insurers
In the event that a contract procured or placed by a Colorado surplus line broker is on a claims-made or other nonoccurrence policy form, the broker or the nonadmitted insurer shall stamp on the face of the policy a clear disclosure, as prescribed by the commissioner, which shall be in predominate type. The disclosure requirement […]
§ 10-5-106. When Export Declared Eligible
The commissioner may, by rule, declare eligible for export generally, notwithstanding the provisions of section 10-5-103 (1)(b) and (1)(c), any class of insurance coverage or risk for which the commissioner finds that there is no reasonable or adequate market among insurers licensed in this state. For the purposes of this section, the diligent effort requirements […]
§ 10-5-107. Brokers May Accept Business From Producers
A licensed surplus line broker may accept and place surplus line business for any insurance producer licensed in this state for the kind of insurance involved and may compensate such agent or broker therefor. Source: L. 49: p. 468, § 6. CSA: C. 87, § 323. CRS 53: § 72-14-6. C.R.S. 1963: § 72-13-6. L. […]
§ 10-5-108. Placement of Surplus Lines Insurance
A broker shall not place any coverage with a nonadmitted insurer unless, at the time of placement, the nonadmitted insurer meets all applicable eligibility requirements contained in the federal act or is an insurance exchange, Lloyds plan, or group of incorporated insurers under common administration that has been approved by the commissioner and is included […]
§ 10-5-109. Records of Surplus Line Broker
Each licensed surplus line broker shall keep in the broker’s office a full and true record of each surplus line contract procured by the broker, including a copy of the daily report, if any, showing such of the following items as may be applicable: Amount of the insurance; gross premiums charged; return premium paid, if […]
§ 10-5-110. Statement – Rules
Each surplus line broker and every person that enters into an independent procurement for nonadmitted insurance shall file with the commissioner a verified statement of all insurance transacted by the broker or other person during the preceding reporting period. The commissioner shall, by rule, determine the reporting period. The statement must be on forms as […]
§ 10-5-111. Tax on Premiums
Each surplus line broker and every person that enters into an independent procurement for nonadmitted insurance shall remit to the division of insurance a tax on the net premiums, exclusive of sums collected to cover federal and other state taxes and examination fees, on nonadmitted insurance subject to tax under this article during the preceding […]
§ 10-5-111.5. Allocation of Premium Tax
In determining the amount of tax payable to Colorado, the entire amount of tax payable at a rate of three percent on the net premiums is presumed to be owed to Colorado; except that, for those multistate risks involving states that have entered into either a compact or a tax-sharing agreement with Colorado to share […]
§ 10-5-112. Penalty for Failure to Comply
If any surplus line broker fails to file the annual statement, or fails to remit the tax provided by section 10-5-111, prior to the first day of April after the tax is due, the broker shall be liable for a fine of twenty-five dollars for each day of delinquency commencing with the first day of […]