3 Colo. Code Regs. § 702-3-1-4-19
Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-3-1-4-19 - Exemptions and Effective DatesA. Upon written application of any company, the Commissioner may grant an exemption from compliance with any and all provisions of this regulation if the Commissioner finds, upon review of the application, that compliance with this regulation would constitute a financial or organizational hardship upon the company. An exemption may be granted at any time and from time to time for a specified period or periods. Within ten (10) days from a denial of a company's written request for an exemption from this regulation, the company may request in writing a hearing on its application for an exemption.B. Domestic companies retaining a certified public accountant on the effective date of this regulation who qualifies as independent shall comply with this regulation for the year ending December 31, 2009 and each year thereafter unless the Commissioner permits otherwise.C. Domestic companies not retaining a certified public accountant on the effective date of this regulation who qualifies as independent may meet the following schedule for compliance unless the Commissioner permits otherwise. 1. For the year ending December 31, 2009, file with the Commissioner an audited financial report.2. For the year ending December 31, 2010, and each year thereafter, such companies shall file with the Commissioner all reports and communications required by this regulation.D. Foreign insurers shall comply with this regulation for the year ending December 31, 2010, and each year thereafter, unless the Commissioner permits otherwise.E. The requirements of Section 8.D. shall be in effect for audits of the year beginning January 1, 2010, and thereafter.F. The requirements of Section 15 are to be in effect January 1, 2010. A company or group of insurers that is not required to have independent Audit committee members or only a majority of independent Audit committee members (as opposed to a supermajority) because the total written and assumed premium is below the threshold and subsequently becomes subject to one of the independence requirements due to changes in premium shall have one (1) year following the year the threshold is exceeded (but not earlier than January 1, 2010) to comply with the independence requirements. Likewise, a company that becomes subject to one of the independence requirements as a result of a business combination shall have one (1) calendar year following the date of acquisition or combination to comply with the independence requirements.G. The requirements of Section 18, and Sections 4, 5, 6, 7, 8, 10, 11, 12, 13, 14, 17, and 20, are effective beginning with the reporting period ending December 31, 2010 and each year thereafter. A company or group of insurers that is not required to file a report because the total written premium is below the threshold and subsequently becomes subject to the reporting requirements shall have two (2) years following the year the threshold is exceeded (but not earlier than December 31, 2010) to file a report. Likewise, a company acquired in a business combination shall have two (2) calendar years following the date of acquisition or combination to comply with the reporting requirements.H. The requirements of Section 16 go into effect on January 1, 2017. If a company or group of insurers that is exempt from the requirements contained in Section 16 no longer qualifies for that exemption, it shall have one year after the year the threshold is exceeded to comply with the requirements of this article.37 CR 20, October 25,2014, effective 11/15/201437 CR 20, October 25,2014, effective 1/1/201537 CR 23, December 10, 2014, effective 1/1/201538 CR 17, September 10, 2015, effective 10/1/201539 CR 05, March 10, 2016, effective 4/1/201639 CR 14, July 25, 2016, effective 8/15/201639 CR 23, December 10, 2016, effective 1/1/201740 CR 03, February 10, 2017, effective 3/15/201740 CR 05, March 10, 2017, effective 4/1/201740 CR 13, July 10, 2017, effective 8/1/201740 CR 17, September 10, 2017, effective 11/1/201743 CR 06, March 25, 2020, effective 4/15/202044 CR 03, February 10, 2021, effective 3/15/202144 CR 23, December 10, 2021, effective 1/1/202246 CR 03, February 10, 2023, effective 3/2/2023