3 Colo. Code Regs. § 702-1-2-6-5
Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-1-2-6-5 - Filing Requirements For Licensure As A Reinsurance Intermediary - ManagerA. Any person, firm, association or corporation initially applying to be a reinsurance intermediary-manager must submit the following to the Colorado Division of Insurance: 1. Completed application form prescribed by the Commissioner, which is available upon request.2. Completed biographical affidavits prepared on the National Association of Insurance Commissioners (NAIC) form, including full disclosure of any and all past situations that involved legal actions, stipulated settlements, judgments or arbitration. If the applicant is a firm, association or corporation, this information must be furnished for all officers, directors, and employees acting as a reinsurance intermediary- manager any other member, principal, officer, director or controlling party (as defined in § 10-2-902, C.R.S.). Failure to disclose past situations is sufficient cause for revocation of a previously granted license.3. Evidence of at least ten years responsible insurance experience acceptable to the Commissioner.4. A copy of a current errors & omission (E&O) policy, acceptable to the Commissioner pursuant to the following table: Prior Calendar Year aggregate Written liability limits | Errors & Omissions Policy Limits |
$0 - 10,000,000 | $1,000,000 |
$10,000,000 - 25,000,000 | $2,500,000 |
$25,000,000 and above | $5,000,000 |
5. A copy of a current fidelity bond acceptable to the Commissioner in an amount at least equal to $1,000,000 for the benefit of each reinsurer with whom the reinsurance intermediary- manager contracts.6. Nonresident applicants must complete a form to designate the Commissioner as agent for service of process, with the form available upon request.7. A copy of each contract(s) entered into between the reinsurance intermediary- manager and the reinsurer(s), which involve a Colorado domestic ceding insurer.8. Any other pertinent information the Commissioner may request.9. A nonrefundable fee in the amount of $200.00B. Ninety (90) days prior to the end of the month a license is due to be continued the Commissioner shall notify the reinsurance intermediary- manager, at the last known address, of the requirements necessary to continue the license. Any person, firm, association or corporation applying to renew a reinsurance intermediary- manager license shall submit the following: 1. A properly completed continuation application which has been furnished by the Division of Insurance or its designee.2. An affidavit acceptable to the Commissioner setting forth any changes in the information that has occurred within the past two years concerning the person, firm, association, or corporation officers, directors and employees. This affidavit shall include any changes to the contract entered into between the reinsurance intermediary- manager and the reinsurer that involve a Colorado domestic ceding insurer.3. Any other pertinent information the Commissioner may request.4. A nonrefundable fee in the amount of $200.00.37 CR 11, June 10, 2014, effective 6/30/201437 CR 11, June 10, 2014, effective 7/1/201438 CR 09, May 10, 2015, effective 6/1/201538 CR 20, October 25, 2015, effective 11/15/201540 CR 19, October 10, 2017, effective 11/1/201740 CR 21, November 10, 2017, effective 12/1/201740 CR 21, November 10, 2017, effective 1/1/201841 CR 21, November 10, 2018, effective 12/1/201843 CR 21, November 10, 2020, effective 12/1/202045 CR 21, November 10, 2022, effective 11/30/2022