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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  2014-01036


CCR details

Tracking Number 2014-01036
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 09/30/2014
Rule ProposedRuleAttach2014-01036.doc
Statutory Authority 10-1-109(1), 10-3-529(4), 10-3-705, 10-6-129, 10-14-505 and 10-16-109, and provides standards regarding reinsurance agreements under Sections 10-3-701 et. seq., 10-6-122, 10-11-113, 10-14-304, 8-44-20
Description of Subjects/Issues 3-3-3 CREDIT FOR REINSURANCE
Purpose/Objective of Rule The purpose of this regulation is to set forth rules and procedural requirements that the Commissioner deems necessary to carry out the provisions of the Section 10-3-701 et. seq., C.R.S., regarding the conditions and circumstances under which a domestic insurer may reduce their liabilities, or establish an asset associated with risks reinsured. The actions and information required by this regulation are declared to be necessary and appropriate in the public interest and for the protection of the ceding insurers in this state. This regulation addresses credit for reinsurance associated with a valid reinsurance contract. The criteria as to what constitutes a valid reinsurance agreement, limitations on the amount of credit that can be claimed and other requirements as regards financial reporting are addressed in Colorado Insurance Regulations 3-3-4 and 3-3-5.
Comments Mike Conway
Submitted in response to issues raised by COLS/OLLS? No
Is this rule adopted in response to recent legislation? No
Hearing Date 11/05/2014
Hearing Time 10:00 AM
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 AdoptedRules02014-01036.DOC
Redline Redline2014-01036.doc
Adopted Date 11/12/2014
AGO requested date 11/13/2014
Attorney General Opinion 11/20/2014
Colorado Register publication date 12/10/2014
Effective Date 01/01/2015
Inserted into CCR 12/16/2014