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Code of Colorado Regulations eDocket
Official Publication of the State Administrative Rules (24-4-103(11) C.R.S.)

Details of Tracking Number  2012-00804


CCR details

Tracking Number 2012-00804
Type of Filing Permanent Rule
Department 700 Department of Regulatory Agencies
Agency 702 Division of Insurance
CCR Number 3 CCR 702-3
CCR Title FINANCIAL ISSUES

Proposed rule

Notice Filed with SOS 08/31/2012
Rule ProposedRuleAttach2012-00804.DOC
Statutory Authority 0-3-201(1)(b), 10-6-129, 10-14-505, and 10-16-109
Description of Subjects/Issues 3-1-7 Regulation To Define Standards And Commissioner’s Authority For Companies Deemed To Be In Hazardous Financial Condition
Purpose/Objective of Rule The purpose of this regulation is to set forth certain items and conditions which are routinely considered by the Commissioner of Insurance (Commissioner) in reviewing insurers' financial filings. These filings are reviewed to determine continued compliance with Colorado laws and to determine if a delinquency, as defined by § 10-3-402(2), C.R.S., exists. This review focuses on the financial aspects of an insurer and is used to determine if it is operating in such a manner as to render the continuation of its business hazardous to the public or to holders of its policies or certificates of insurance. If a determination of delinquency is made, this regulation describes some of the options available to the insurer and the Commissioner to be considered in abating the condition. This regulation shall not be interpreted to limit the powers granted the Commissioner by any laws or parts of laws of this state, nor shall this regulation be interpreted to supersede any laws or parts of laws of this state.
Comments Todd Larson, Mike Conway
Submitted in response to issues raised by COLS/OLLS? No
Is this rule adopted in response to recent legislation?
Hearing Date 10/01/2012
Hearing Time 01:00 PM
Hearing Location 1560 Broadway, Ste 850, Denver, CO 80202
Contact Name Christine Gonzales-Ferrer
Contact Title Rulemaking Coordinator
Contact Telephone 303-894-2157
Contact email christine.gonzales-ferrer@dora.state.co.us

Adopted rule

Adopted Rules AdoptedRules02012-00804.DOC
Redline Redline2012-00804.DOC
Adopted Date 10/11/2012
AGO requested date 10/11/2012
Attorney General Opinion 10/24/2012
Effective Date 12/01/2012
Inserted into CCR 11/21/2012