§ 10-2-902 — Definitions

Colorado § 10-2-902

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

Text

As used in this part 9, unless the context otherwise
requires:

(1) Controlling person means any person, firm, association, or corporation
that directly or indirectly has the power to direct or cause to be directed, the
management, control, or activities of the reinsurance intermediary.

(2) Insurer means any person, firm, association, or corporation duly
licensed in this state pursuant to applicable provisions of the insurance laws as an
insurer.

(3) Licensed producer means an insurance producer or reinsurance
intermediary licensed in this state pursuant to applicable provisions of the
insurance laws.

(4) Reinsurance intermediary means a reinsurance intermediary-producer
as defined in subsection (6) of this section or a reinsurance intermediary-manager
as defined in subsection (5) of this section.

(5) Reinsurance intermediary-manager, or RM, means any person, firm,
association, or corporation that has authority to bind or manages all or part of the
assumed reinsurance business of a reinsurer (including the management of a
separate division, department, or underwriting office) and acts as an agent for such
reinsurer whether known as an RM, manager, or other similar term. Notwithstanding
the provisions of this subsection (5), the following persons shall not be considered
an RM, with respect to such reinsurer, for the purposes of this part 9:

(a) An employee of the reinsurer;

(b) A United States manager of the United States branch of an alien
reinsurer;

(c) An underwriting manager who, pursuant to contract, manages all the
reinsurance operations of the reinsurer and who is under common control with the
reinsurer subject to the provisions of part 8 of article 3 of this title and whose
compensation is not based on the volume of premiums written;

(d) The manager of a group, association, pool, or organization of insurers
which engage in joint underwriting or joint reinsurance and are subject to
examination by the commissioner or the equivalent insurance regulatory authority
of the state in which the manager's principal business office is located.

(6) Reinsurance intermediary-producer, or RP, means any person, other
than an officer or employee of the ceding insurer, firm, association, or corporation,
that solicits, negotiates, or places reinsurance cessions or retrocessions on behalf
of a ceding insurer without the authority or power to bind reinsurance on behalf of
such insurer.

(7) Reinsurer means any person, firm, association, or corporation duly
licensed in this state pursuant to the applicable provisions of the insurance laws as
an insurer with the authority to assume reinsurance.

(8) To be in violation means that the reinsurance intermediary, insurer, or
reinsurer for whom the reinsurance intermediary was acting failed to substantially
comply with the provisions of this part 9.

Legislative History

Source: L. 93: Entire article R&RE, p. 1374, � 1, effective January 1, 1995. L. 2009: (4) to (6) amended, (SB 09-292), ch. 369, p. 1941, � 11, effective August 5. L. 2025: IP(5) and (6) amended, (SB 25-300), ch. 428, p. 2439, � 7, effective August 6.