Department of Regulatory Agencies 
Division of Insurance
3 CCR 702-3
financial issues
New Regulation 3-5-2
TITLE INSURER ASSESSMENT
Section 1	Authority
Section 2	Scope and Purpose
Section 3	Applicability
Section 4	Definitions
Section 5	Rules
Section 6	Severability
Section 7	Enforcement
Section 8	Effective Date
Section 9	History
Section 1	Authority
This regulation is promulgated and adopted by the Commissioner of Insurance under the authority of §§ 10-1-109 and 10-3-207, C.R.S.
Section 2	Scope and Purpose
The purpose of this regulation is to establish the standard to determine the amount each title insurer shall be assessed in accordance with § 10-3-207, C.R.S.
Section 3	Applicability and Scope
This regulation shall apply to all title insurers authorized to conduct business in Colorado on December 31, 2007 and on December 31 of each subsequent year.
Section 4	Definitions
A.	”Two full-time equivalents” for the purpose of this regulation means two full-time employees of the Division of Insurance.
B.	“Assessment” for the purpose of this regulation means the amount invoiced by the Division of Insurance.
C.	“Business of title insurance” has the same meaning as set forth in § 10-11-102(3), C.R.S. 
Section 5	Rules
A.	Commencing on or before March 1, 2008 and every March 1 thereafter, each insurer authorized to transact the business of title insurance in Colorado as of December 31 of the previous year, shall pay an assessment.

B.	Each title insurer authorized to transact the business of title insurance shall be assessed an annual fee sufficient to support two full-time equivalents within the Division of Insurance.  Such fee shall be:
1.	Calculated as a pro-rata share of the total premiums derived from the insurer’s title insurance business conducted in Colorado; and
2.	Determined based on the written premiums reported on Schedule T of the annual financial statement submitted on or before March 31 of the previous year.  
C.	The Division of Insurance shall determine the assessment amount and issue invoices to each title insurer no later than February 1 of the year such assessment is due and payable.
Section 6	Severability
If any provision of this regulation or the application of it to any person or circumstance is for any reason held to be invalid, the remainder of this regulation shall not be affected. 
Section 7	Enforcement
Noncompliance with this Regulation may result, after proper notice and hearing, in the imposition of any of the sanctions made available in the Colorado statutes pertaining to the business of insurance or other laws which include the imposition of fines, issuance of cease and desist orders and/or suspension or revocation of license. Among others, the penalties provided for in § 10-3-1108, C.R.S. may be applied.  
Section 8	Effective Date
This regulation shall become effective on January 1, 2008.
Section 9	History
New regulation effective January 1, 2008.