Colorado § 10-2-407 License - definitions of lines of insurance - authority

Colorado Statutes

§ 10-2-407 — License - definitions of lines of insurance - authority

Colorado·Title 10 Insurance·Art. Licenses

(1)Unless a person is denied licensure pursuant to section 10-2-801, the division shall issue to a person who has met the requirements of sections 10-2-401 and 10-2-404 an insurance producer license. An insurance producer may receive qualification for a single license to include one or more of the following lines of authority:

(a)Life, which means insurance coverage on human lives that:

(I)Shall include benefits of endowment and annuities; and

(II)May include benefits for:

(A)The event of death or dismemberment by accident; and

(B)Disability income;

(b)Accident and health, which means insurance coverage for sickness, bodily injury, or accidental death and that may include benefits for disability income;

(c)Variable life and variable annuity products, which means insura

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(1) Unless a
person is denied licensure pursuant to section 10-2-801, the division shall issue to a
person who has met the requirements of sections 10-2-401 and 10-2-404 an
insurance producer license. An insurance producer may receive qualification for a
single license to include one or more of the following lines of authority:

(a) Life, which means insurance coverage on human lives that:

(I) Shall include benefits of endowment and annuities; and

(II) May include benefits for:

(A) The event of death or dismemberment by accident; and

(B) Disability income;

(b) Accident and health, which means insurance coverage for sickness,
bodily injury, or accidental death and that may include benefits for disability
income;

(c) Variable life and variable annuity products, which means insurance
coverage provided under variable life insurance contracts and variable annuities;

(d) Property, which means insurance coverage for the direct or
consequential loss or damage to property of every kind;

(e) Casualty, which means insurance coverage against legal liability,
including that for death, injury, or disability or damage to real or personal property;

(f) Repealed.

(g) Limited lines credit insurance;

(h) Crop hail;

(i) Title;

(j) Surplus lines;

(k) Travel insurance, as defined in section 10-2-414.5;

(l) Health maintenance organizations (HMO); except that no person shall
be issued a new license for this individual line of authority on or after January 1,
2002, pursuant to section 10-2-402;

(m) Nonprofits; except that no person shall be issued a new license for this
individual line of authority on or after January 1, 2002, pursuant to section 10-2-402;

(n) Personal lines, which means property and casualty insurance sold to
individuals and families for primarily noncommercial purposes; or

(o) Any other line of insurance permitted under state law or regulation.

(2) (Deleted by amendment, L. 2001, p. 1199, � 14, effective January 1, 2002.)

(3) An insurance producer license for surplus lines may be issued to resident
persons pursuant to article 5 of this title.

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Legislative History

Source: L. 93: Entire article R&RE, p. 1360, � 1, effective January 1, 1995. L. 99: (1)(f) amended, p. 988, � 6, effective January 1, 2000. L. 2001: IP(1), (1)(a), (1)(b), (1)(c), (1)(d), (1)(e), (1)(g), (1)(h), (1)(l), (1)(m), and (2) amended and (1)(n) and (1)(o) added, p. 1199, � 14, effective January 1, 2002. L. 2008: (1)(h) amended, p. 209, � 3, effective March 26. L. 2012: IP(1) amended and (1)(f) repealed, (HB 12-1266), ch. 280, p. 1494, � 9, effective July 1. L. 2014: (1)(k) amended, (HB 14-1185), ch. 202, p. 734, � 1, effective August 6.