§ 10-2-502 — Nonresident licensing - qualification

Colorado § 10-2-502

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Licenses

Text

(1) The commissioner may
qualify an applicant as a nonresident, unless the applicant is denied licensure
pursuant to section 10-2-801, and shall issue an insurance producer license to any
qualified nonresident person in accordance with the following:

(a) The person maintains a license in good standing in the person's home
state;

(b) An insurance agency or business entity may qualify as a nonresident if
the agency or business entity has its principal office located in another state;

(c) The nonresident person holds a similar license that is awarded on the
same basis in the nonresident's home state and for the same line or lines of
authority applied for in this state;

(d) The person has submitted the proper request for licensure and has paid
the fees set forth by regulation;

(e) The nonresident person has filed with the commissioner a current
certification of license status for the purposes set forth in section 10-2-501;

(f) The person has submitted or transmitted to the insurance commissioner
the application for licensure that the person submitted to his or her home state, or
in lieu of the application, a completed uniform application.

(2) The commissioner may verify the producer's licensing status through the
producer database maintained by the national association of insurance
commissioners or its affiliates or subsidiaries.

(3) A license issued to a nonresident person shall confer the same rights and
privileges as those afforded a resident licensee.

(3.5) A nonresident producer who moves from one state to another state or a
resident producer who moves from this state to another state shall file a change of
address and provide certification from the new resident state within thirty days
after the change of legal residence. No fee or license application is required.

(4) If the insurance department of the nonresident insurance producer's
resident state suspends, terminates, or revokes the producer's insurance license in
that state, the nonresident insurance producer shall notify the commissioner and
shall return the Colorado nonresident license pursuant to section 10-2-804.

(5) Notwithstanding any other provision of this article, a person licensed as a
surplus lines producer in the surplus lines producer's home state shall receive a
nonresident surplus lines producer license pursuant to subsection (1) of this section;
except that nothing in this section otherwise amends or supercedes any provision
of this part 5.

(6) Notwithstanding any other provision of this article, a person licensed as a
limited lines credit insurance or other type of limited line producer in the limited
line producer's home state shall receive a nonresident limited line producer license,
pursuant to subsection (1) of this section, granting the same scope of authority
granted under the license issued by the producer's home state. For the purposes of
this subsection (6), limited lines insurance is any authority granted by the home
state which restricts the authority of the license to less than the total authority
prescribed in the associated major lines pursuant to section 10-2-407.

Legislative History

Source: L. 93: Entire article R&RE, p. 1366, � 1, effective January 1, 1995. L. 2001: (1), (2), and (3) amended and (3.5), (5), and (6) added, p. 1206, � 24, effective January 1, 2002. L. 2012: IP(1) amended, (HB 12-1266), ch. 280, p. 1497, � 14, effective July 1.