§ 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 […]
§ 10-5-113. Revocation of Broker’s License
The commissioner may revoke any surplus line broker’s license: If the broker fails to file the annual statement or to remit the tax as required by this article; or If the broker fails to keep the records, or to allow the commissioner to examine the broker’s records as required by this article; or For any […]
§ 10-5-114. Actions Against Insurer – Service
A nonadmitted insurer may be sued, upon any cause of action arising in this state under any contract issued by it as a surplus line contract, pursuant to this article, in the district court of the county in which the cause of action arose. Service of legal process against the insurer may be made in […]
§ 10-5-115. Authority of Commissioner – Assistance of Brokers’ Association
The commissioner shall maintain such facilities as may be necessary to carry out the purposes of this article. The commissioner may rely upon the advice and assistance of a duly constituted association of brokers in carrying out the purposes of this article, if the association files with the commissioner: A copy of the association’s constitution […]
§ 10-5-116. Records Produced on Order
Every person for whom insurance is placed with a nonadmitted insurer pursuant to or in violation of this article, upon the commissioner’s order, shall produce for the commissioner’s examination all policies and other documents evidencing the insurance and shall disclose to the commissioner the amount of the gross premiums paid or agreed to be paid […]