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Details of Tracking Number  2012-01050


CCR details

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

Proposed rule

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

Adopted rule

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 03/20/2013