§ 10-4-510 — Duties and powers of commissioner

(1) The commissioner shall:

(a) Notify the association of the existence of an insolvent insurer not later
than three days after he receives notice of the determination of the insolvency;

(b) Upon request of the board of directors, provide the association with a
statement of the net direct written premiums of each member insurer.

(2) The commissioner may:

(a) Require that the association notify the insureds of the insolvent insurer
and any other interested parties of the determination of insolvency and of their
rights under this part 5. Such notification shall be by first-class mail at their last-known addresses, where available, but if sufficient information for notification by
mail is not available, notice by publication in a newspaper of general circulation
shall be sufficient.

(b) Require each agent of the insolvent insurer to give prompt written notice
to each insured of the insolvent insurer for whom he was agent of record by sending
such notice by first-class mail to the insured's last-known address;

(c) Suspend or revoke, after notice and hearing, the certificate of authority to
transact insurance business in this state of any member insurer which fails to pay
an assessment when due or fails to comply with the plan of operation. As an
alternative, the commissioner may levy a fine on any member insurer which fails to
pay an assessment when due or fails to comply with the plan of operation. Such fine
shall not exceed five percent of the unpaid assessment per month; except that no
fine shall be less than one hundred dollars per month.

(d) Revoke the designation of any servicing facility if he finds claims are
being handled unsatisfactorily.

(3) Any final action or order of the commissioner under this part 5 shall be
subject to judicial review by the court of appeals pursuant to section 24-4-106 (11),
C.R.S.

Legislative History

Source: L. 71: p. 760, � 1. C.R.S. 1963: � 72-34-10. L. 92: (3) amended, p. 1559, � 60, effective May 20.