| Tracking Number |
2012-01050 |
| Type of Filing |
Permanent Rule |
| Department |
700 Department of Regulatory Agencies |
| Agency |
702 Division of Insurance |
| CCR Number |
3 CCR 702-5 |
| CCR Title |
PROPERTY AND CASUALTY |
| Adopting Agency |
|
| Hearing Date |
01/07/2013 |
| Hearing Time |
02:00 PM |
| Hearing Location |
1560 Broadway, Ste 850, Denver CO 80202 |
| Proposed Rule |
ProposedRuleAttach2012-01050.DOC |
| Description of Subjects/Issues |
5-1-12 CONCERNING WARRANTIES AND SERVICE CONTRACTS |
| Comments |
Keenan Lorenz |
| Public Name |
Christine Gonzales-Ferrer |
| Public Title |
Rulemaking Coordinator |
| Public Telephone |
303-894-2157 |
| Public Email |
christine.gonzales-ferrer@state.co.us |
| Submitted in response to issues raised by COLS/OLLS?
N |
| 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. |
| Statutory Authority |
10-1-108(8) and 10-1-109 |
|
Adopted Rules
|
|
| AdoptedRules02012-01050.DOC |
| Redline |
Redline2012-01050.DOC
|
| Adopted Date |
01/22/2013 |
| Attorney General Opinion |
02/01/2013 |
| Effective Date |
04/01/2013 |
| Inserted into CCR Date |
03/20/2013 |