Colorado § 10-4-1806 FAIR plan - plan requirements - insurer requirements

Colorado Statutes

§ 10-4-1806 — FAIR plan - plan requirements - insurer requirements

Colorado·Title 10 Insurance·Art. Property and Casualty Insurance

(1)The board shall establish the FAIR plan. The FAIR plan must satisfy the requirements of this part 18 and any rules promulgated by the commissioner pursuant to this part 18.

(2)Rates for the FAIR plan must:

(a)Not be excessive, inadequate, or unfairly discriminatory;

(b)Be actuarially sound so that revenue generated from premiums is adequate to pay for expected losses, expenses, and taxes;

(c)Reflect the investment income of the plan; and

(d)Reflect the cost of reinsurance or other capital risk transfer markets.

(3)The FAIR plan is subject to the rate filing and review requirements in this article 4.

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(1) The
board shall establish the FAIR plan. The FAIR plan must satisfy the requirements of
this part 18 and any rules promulgated by the commissioner pursuant to this part
18.

(2) Rates for the FAIR plan must:

(a) Not be excessive, inadequate, or unfairly discriminatory;

(b) Be actuarially sound so that revenue generated from premiums is
adequate to pay for expected losses, expenses, and taxes;

(c) Reflect the investment income of the plan; and

(d) Reflect the cost of reinsurance or other capital risk transfer markets.

(3) The FAIR plan is subject to the rate filing and review requirements in this
article 4.

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