§ 10-2-604 — Disclosures

Colorado § 10-2-604

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

Text

(1) A financial institution, and any person selling
insurance with a cash value or a cash accumulation component on behalf of a
financial institution, shall disclose to the financial institution's customers or
members, and on any advertisements or promotional material, that insurance
offered, recommended, sponsored, or sold by the financial institution, or on the
premises of the financial institution:

(a) Is not a deposit;

(b) Is not insured by the federal deposit insurance corporation, the national
credit union share insurance fund, or any agency of the state of Colorado or the
federal government;

(c) Is not guaranteed by the financial institution or any affiliated insured
depository institution;

(d) May involve investment risk, including loss of principal; and

(e) May be purchased from a producer of the customer's choice and that the
customer's choice of another insurance provider will not affect the customer's
relationship with the financial institution.

Legislative History

Source: L. 97: Entire section added, p. 429, � 4, effective April 24. L. 2001: (1)(e) amended, p. 1208, � 27, effective January 1, 2002.