(1)(a) The commissioner shall promulgate rules necessary
for the implementation and administration of this article. Such rules shall include,
without limitation, the definition of what organizations and entities qualify as
exempt commercial policyholders. Such definition shall require such organizations
to be those purchasing type II kinds of insurance as specified in section 10-4-401
(3)(b), except the commissioner shall not include purchasers of title insurance
within the definition of an exempt commercial policyholder. For purposes of
promulgating such rules, the commissioner shall consider recommendations from
risk management professionals, insurer representatives, producers, buyers,
qualified insurance consultants, consumers of insurance products, and any other
persons as n
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(1) (a) The commissioner shall promulgate rules necessary
for the implementation and administration of this article. Such rules shall include,
without limitation, the definition of what organizations and entities qualify as
exempt commercial policyholders. Such definition shall require such organizations
to be those purchasing type II kinds of insurance as specified in section 10-4-401
(3)(b), except the commissioner shall not include purchasers of title insurance
within the definition of an exempt commercial policyholder. For purposes of
promulgating such rules, the commissioner shall consider recommendations from
risk management professionals, insurer representatives, producers, buyers,
qualified insurance consultants, consumers of insurance products, and any other
persons as necessary.
(b) (I) For the purposes of promulgating the definition of an exempt
commercial policyholder, the commissioner shall mandate that an exempt
commercial policyholder procure its insurance through use of a risk manager
employed or retained by the exempt commercial policyholder. The qualifications of
the risk manager shall be defined by the division of insurance pursuant to this
section.
(II) The commissioner shall define all other criteria of an exempt commercial
policyholder which criteria shall include but are not limited to the following, and
each exempt commercial policyholder shall meet at least one of such criteria:
(A) The minimum amount for aggregate insurance premium sales for the
exempt commercial policyholder;
(B) The minimum net worth of the exempt commercial policyholder;
(C) The minimum dollar amount for annual net revenues or sales for the
exempt commercial policyholder;
(D) The minimum number of employees of the exempt commercial
policyholder per individual insured, or, if the exempt commercial policyholder is a
member of an affiliated group, the minimum number of employees in the employing
group;
(E) A not-for-profit or public entity's minimum annual budget or assets; or
(F) A municipality's minimum population.
(2) The definition of an exempt commercial policyholder shall be reviewed
periodically by the commissioner with the recommendations from risk management
professionals, insurer representatives, producers, buyers, qualified insurance
consultants, consumers of insurance products, and any other person as the
commissioner deems necessary.
(3) The commissioner shall promulgate rules that define the disclosure
requirements for insurance policies issued to exempt commercial policyholders.
Each insurance policy issued to an exempt commercial policyholder shall contain a
conspicuous disclaimer printed in at least ten-point, bold-faced type that states
that the policy is exempt from the rate filing and approval and the form filing and
certification requirements of the division of insurance.
(4) The division shall determine by rule the type of data, documents, reports,
rate and form information, and any other information the commissioner determines
necessary, to be collected from an insurer providing coverage to an exempt
commercial policyholder when the division has received a complaint that an insurer
is anticompetitive or not adequately servicing the needs of the exempt commercial
policyholder.
(5) Rules promulgated under this section shall be promulgated in
accordance with article 4 of title 24, C.R.S., and initially completed by January 15,
2000.