| 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 |