§ 10-3-522 — Duties of agents

Colorado § 10-3-522

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

(1) Every person who receives notice in the form
prescribed in section 10-3-521 that an insurer which the person represents as an
agent is the subject of a liquidation order shall, within thirty days of such notice,
provide to the liquidator, in addition to the information such person may be required
to provide pursuant to section 10-3-506, all information in the agent's records
related to any policy issued by the insurer through the agent, and, if the agent is a
general agent, the information in the general agent's records related to any policy
issued by the insurer through an agent under contract to the general agent,
including the name and address of such subagent. A policy shall be deemed issued
through an agent if the agent has a property interest in the expiration of the policy,
or if the agent has had in the agent's possession a copy of the declarations of the
policy at any time during the life of the policy, except where the ownership of the
expiration of the policy has been transferred to another.

(2) Any agent failing to provide information to the liquidator as required in
subsection (1) of this section may be subject to a penalty of not more than one
thousand dollars and, in addition, any licenses of any such agent may be suspended.
Such penalty or suspension, or both, shall be imposed only after a hearing held by
the commissioner.

Legislative History

Source: L. 92: Entire part R&RE, p. 1454, � 14, effective July 1.