§ 10-3-506 — Cooperation of officers, owners, and employees

Colorado § 10-3-506

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

(1) Any officer,
manager, director, trustee, owner, employee, or agent of any insurer, or any other
person with authority over or in charge of any segment of the insurer's affairs, shall
cooperate with the commissioner in any proceeding under this part 5 or any
investigation preliminary to the proceeding. The term person as used in this
section shall include any person who exercises control directly or indirectly over
activities of the insurer through any holding company or other affiliate of the
insurer. To cooperate shall include, but shall not be limited to, the following:

(a) To reply promptly in writing to any inquiry from the commissioner
requesting such a reply; and

(b) To make available to the commissioner any books, accounts, documents,
or other records or information or property of or pertaining to the insurer and in the
person's possession, custody, or control.

(2) No person shall obstruct or interfere with the commissioner in the
conduct of any delinquency proceeding or any investigation preliminary or
incidental thereto.

(3) This section shall not be construed to abridge otherwise existing legal
rights, including the right to resist a petition for liquidation or other delinquency
proceedings or other orders.

(4) Any person included within subsection (1) of this section who fails to
cooperate with the commissioner, or any person who obstructs or interferes with
the commissioner in the conduct of any delinquency proceeding or any
investigation preliminary or incidental thereto, or who violates any valid order of the
commissioner issued pursuant to this part 5 may:

(a) Be subject to a fine not to exceed ten thousand dollars or to
imprisonment for a term of not more than one year, or both; or

(b) After a hearing, be subject to the imposition by the commissioner of a
civil penalty not to exceed ten thousand dollars or to the revocation or suspension
of any insurance licenses issued by the commissioner, or to both such civil penalty
and such revocation or suspension.

Legislative History

Source: L. 92: Entire part R&RE, p. 1434, � 14, effective July 1.