§ 10-6-128.5 — Penalties

Colorado § 10-6-128.5

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Captive Insurance Companies

Text

(1) The commissioner may charge a late fee of up to
one hundred dollars per day for any required or reasonably requested report which
is received after the filing deadline.

(2) Any company failing to pay taxes as specified in this article shall be liable
to pay a penalty of up to one hundred dollars for each day of delinquency. If the tax
paid is less than the full amount prescribed by this article, interest at the rate of
one percent per month or fraction thereof on the unpaid amount shall be charged
from the date payment was due until the date full payment is received, and a
penalty of up to twenty-five percent of the unpaid amount may be assessed. The
amount of taxes and the penalties collected shall be transmitted to the state
treasurer and credited to the general fund.

(3) The assessment of any fee or penalty against a captive insurance
company shall be subject to the company's right to request a hearing and to judicial
review by the court of appeals pursuant to section 24-4-106 (11), C.R.S.

(4) Any director, trustee, officer, agent, or employee of a captive insurance
company or any other person who knowingly or willfully makes any materially false
certificate, entry, or memorandum upon any of the books or papers of any captive
insurance company or upon any statement filed or offered to be filed in the division
of insurance or used in the course of any examination, inquiry, or investigation with
the intent to deceive the commissioner or any person appointed by the
commissioner to make such examination commits a class 2 misdemeanor and shall
be punished as provided in section 18-1.3-501, C.R.S.

Legislative History

Source: L. 94: Entire section added, p. 553, � 17, effective April 6. L. 2002: (4) amended, p. 1468, � 27, effective October 1.