Colorado Insurance Code General Provisions Applicable to All Insurers

What this document is

Colorado Insurance Code General Provisions Applicable to All Insurers - C.R.S. Title 10, Article 1, Parts 1-3 is a state statute published by leg.colorado.gov. It is one of the Colorado documents that insurance license exam questions are written from, including colorado life & health, colorado property & casualty, colorado personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• C.R.S. tit. 10 art. 1 § 10-1-128 (5)(a) (Insurance Anti-Fraud Plan)

  “Every licensed insurance company doing business in Colorado shall prepare, implement, and maintain an insurance anti-fraud plan; except that this subsection (5) shall not apply to entities whose principal business is the assumption of reinsurance, reinsurance agreements, or reinsurance claims transactions.”

• C.R.S. tit. 10 art. 1 § 10-1-107 (Personal Fees Prohibited)

  “Neither the commissioner nor any of the commissioner's employees shall be directly or indirectly employed by any insurance company, association, or society, in any capacity, or be directly or indirectly interested in any such insurance corporation, except as a policyholder; nor shall they or any of...”

• C.R.S. tit. 10 art. 1 § 10-1-128 (3) (Fraudulent Insurance Acts - Duty to Investigate)

  “(3) An allegation of a fraudulent insurance act shall not excuse an insurance company from its duty to promptly investigate a claim.”

• C.R.S. tit. 10 art. 1 § 10-1-204 (2)(b)(I) (Conduct of Examinations)

  “The refusal of any company or any of its officers, directors, employees, or agents to submit to examination or to comply with any reasonable written request of the examiners shall be grounds for suspension, revocation, denial, or nonrenewal of any license or authority held by the company and...”

• C.R.S. tit. 10 art. 1 § 10-1-303 (2)(a) (Market Analysis - Market Conduct Surveillance)

  “If the commissioner determines that further inquiry into a particular company or practice is needed, the commissioner may consider the continuum of other types of market conduct surveillance as specified in this subsection (2)(a). The commissioner shall inform the company in writing of the type of...”

• C.R.S. tit. 10 art. 1 § 10-1-136 (2) (Insurance policies - language other than English)

  “(2) An insurer authorized to offer insurance in this state may provide insurance policies, endorsements, riders, and any explanatory or advertising materials in a language other than English. If an insurer opts to provide an insurance policy, endorsement, or rider to the customer in a language...”

• C.R.S. tit. 10 art. 1 § 10-1-119 (Insurance vending machines prohibited)

  “10-1-119. Insurance vending machines prohibited. No policy or contract of insurance of any kind shall be sold or dispensed through any mechanical device or vending machine, but this section shall not be construed as to prevent the use of office machines of any type by an insurance company....”

• C.R.S. tit. 10 art. 1 § 10-1-142 (2) (Living Donor Protection Act of 2019 - prohibited practices)

  “(2) Notwithstanding any other law, a person subject to regulation by the division pursuant to this title 10 shall not: (a) Decline or limit coverage of a person under a policy or contract for life insurance, disability income insurance, health insurance, or long-term care insurance due to the...”

• C.R.S. tit. 10 art. 1 § 10-1-114 (Sale of premium notes prohibited)

  “10-1-114. Sale of premium notes prohibited. It is unlawful for any insurance company or any agent thereof who has accepted a premium note in payment for a policy of insurance to hypothecate, sell, assign, dispose of, or attempt to collect said note prior to the delivery of said insurance policy to the applicant.”

• C.R.S. tit. 10 art. 1 § 10-1-135 (3)(a)(I) (Reimbursement for benefits - limitations)

  “(3) (a) (I) Reimbursement or subrogation pursuant to a provision in an insurance policy, contract, or benefit plan is permitted only if the injured party has first been fully compensated for all damages arising out of the claim. Any provision in a policy, contract, or benefit plan allowing or...”

• C.R.S. tit. 10 art. 1 § 10-1-110 (3) (Grounds and procedure for suspension or revocation of certificate or license of entities)

  “(3) If the commissioner suspends the license or certificate of authority of any entity regulated by the division of insurance, such license or certificate may be revoked one year after the date of suspension if the reason for such suspension is not corrected by the entity. The suspension or...”

• C.R.S. § 10-1-102(11) (Definitions: Insurable interest in property)

  “"Insurable interest in property" means every interest in property or any relation thereto, or liability in respect thereof, of such a nature that a contemplated peril might directly damnify the insured.”

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