§ 10-4-617 — Insurers - biannual fee - auto theft prevention authority

Colorado § 10-4-617

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Property and Casualty Insurance

Text

(1) Each
insurer that issues a policy pursuant to this part 6 shall biannually pay a fee to the
automobile theft prevention board, created pursuant to section 42-5-112, C.R.S., for
the support of the automobile theft prevention authority. Upon receiving payment,
the board shall transfer the amount received to the state treasurer for deposit in
the Colorado auto theft prevention cash fund created in section 42-5-112 (4), C.R.S.
The amount of the fee shall be equal to one dollar multiplied by the number of
motor vehicles insured by the insurer as of July 1 of each year, divided by two. The
insurer shall report the number of insured motor vehicles and pay the assessed
biannual fee as follows:

(a) On or before August 15, 2008, and on or before August 15 each year
thereafter, the insurer shall notify the automobile theft prevention board of the
number of motor vehicles insured by that insurer as of July 1 of that year; and

(b) On or before January 1, 2009, and July 1, 2009, and on or before January 1
and July 1 each year thereafter, the insurer shall pay to the automobile theft
prevention board the assessed biannual fee in the amount specified in this
subsection (1).

(2) On or before February 1, 2009, and on or before February 1 each year
thereafter, the automobile theft prevention board shall compare the list of insurers
who paid the biannual fee with the list compiled by the division of insurance of all
insurance companies licensed to insure motor vehicles in the state and shall notify
the commissioner of the division of insurance of any insurer's failure to pay the fee
prescribed in subsection (1) of this section. Upon receiving notice of an insurer's
failure to pay the fee, the commissioner shall notify the insurer of the fee
requirement. If the insurer fails to pay the fee to the automobile theft prevention
board within fifteen days after receiving the notice, the commissioner may suspend
the insurer's certificate of authority or impose a civil penalty of not more than one
hundred twenty percent of the amount due, or both. The insurer shall pay the civil
penalty to the commissioner. The commissioner shall transfer the amount received
to the state treasurer who shall credit the amount to the Colorado auto theft
prevention cash fund, created in section 42-5-112 (4), C.R.S.

(3) For the purposes of this section, insurer shall have the same meaning
as provided in section 10-1-102 (13) that covers the operation of a motor vehicle.

(4) (a) Each insurer subject to the provisions of this section is hereby
authorized to recoup the fee required in subsection (1) of this section from its
policyholders.

(b) Each insurer subject to the provisions of this section shall not raise its
premiums based on the fee in this section.

(5) As used in this section, motor vehicle does not include vehicles or
vehicle combinations with a declared gross weight of more than twenty-six
thousand pounds.

Legislative History

Source: L. 2003: Entire section added, p. 1330, � 2, effective April 22. L. 2008: Entire section amended, p. 2098, � 4, effective July 1. L. 2009: IP(1) and (2) amended, (SB 09-292), ch. 369, p. 1943, � 13, effective August 5.