| Notice Filed with SOS |
11/30/2012 |
| Rule |
ProposedRuleAttach2012-01050.DOC |
| Statutory Authority |
10-1-108(8) and 10-1-109 |
| Description of Subjects/Issues |
5-1-12 CONCERNING WARRANTIES AND SERVICE CONTRACTS |
| Purpose/Objective of Rule |
The purpose of this regulation is to establish a distinction between a written agreement that is an insurance contract pursuant to § 10-1-102(12), C.R.S. and a written agreement that meets the definition of a written warranty or service contract and is not subject to regulation by the Division of Insurance (Division).
The Division has received numerous inquiries regarding contracts which may be insurance and are sold as warranties or service contracts. The definitions and rules contained herein set forth certain conditions which will cause a contract to be considered a contract of insurance, and thereby regulated by the Division, and warranty contracts and service contracts which may not be regulated unless specifically addressed in the Colorado statutes, rules and regulations. |
| Comments |
Keenan Lorenz |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
|
| Hearing Date |
01/07/2013 |
| Hearing Time |
02:00 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@state.co.us |