§ 10-2-903 — Licensure

Colorado § 10-2-903

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

Text

(1) No person, firm, association, or corporation shall
act as an RP in this state if the RP maintains an office either directly or as a member
or employee of a firm or association, or an officer, director, or employee of a
corporation:

(a) In this state, unless such RP is a licensed producer in this state; or

(b) In another state, unless such RP is a licensed producer in this state or
another state having a law substantially similar to this part 9, or such RP is licensed
in this state as a nonresident reinsurance intermediary.

(2) No person, firm, association, or corporation shall act as an RM:

(a) For a reinsurer domiciled in this state, unless such RM is a licensed
producer in this state;

(b) In this state, if the RM maintains an office either directly or as a member
or employee of a firm or association, or an officer, director, or employee of a
corporation in this state, unless such RM is a licensed producer in this state;

(c) In another state for a nondomestic insurer, unless such RM is a licensed
producer in this state or another state having a law substantially similar to this part
9 or such person is licensed in this state as a nonresident reinsurance intermediary.

(3) The commissioner may require an RM subject to subsection (2) of this
section to:

(a) File a bond in an amount from an insurer acceptable to the commissioner
for the protection of the reinsurer; and

(b) Maintain an errors and omissions policy in an amount acceptable to the
commissioner.

(4) (a) The commissioner may issue a reinsurance intermediary license to any
person, firm, association, or corporation that has complied with the requirements of
this part 9. Any such license issued to a firm or association will authorize all the
members of such firm or association and any designated employees to act as
reinsurance intermediaries under the license, and all such persons shall be named
in the application and any supplements thereto. Any such license issued to a
corporation shall authorize all of the officers, and any designated employees and
directors thereof to act as reinsurance intermediaries on behalf of such corporation,
and all such persons shall be named in the application and any supplements
thereto.

(b) If the applicant for a reinsurance intermediary license is a nonresident,
such applicant, as a condition precedent to receiving or holding a license, shall
designate the commissioner as agent for service of process in the manner, and with
the same legal effect, provided for by this part 9 for designation of service of
process upon unauthorized insurers; and also shall furnish the commissioner with
the name and address of a resident of this state upon whom notices or orders of the
commissioner or process affecting such nonresident reinsurance intermediary may
be served. Such licensee shall promptly notify the commissioner in writing of every
change in its designated agent for service of process, and such change shall not
become effective until acknowledged by the commissioner.

(5) The commissioner may refuse to issue a reinsurance intermediary license
if, in the commissioner's judgment, the applicant, any one named on the application,
or any member, principal, officer, or director of the applicant, is not trustworthy, or
that any controlling person of such applicant is not trustworthy to act as a
reinsurance intermediary, or that any individual specified in this subsection (5) has
given cause for revocation or suspension of such license, or has failed to comply
with any prerequisite for the issuance of such license. Upon written request
therefor, the commissioner shall furnish a summary of the basis for refusal to issue
a license, which document shall be privileged and not subject to the provisions of
part 2 of article 72 of title 24, C.R.S.

(6) Licensed attorneys at law of this state when acting in their professional
capacity as such shall be exempt from this section.

Legislative History

Source: L. 93: Entire article R&RE, p. 1375, � 1, effective January 1, 1995.