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Code of Colorado Regulations eDocket
Details of Tracking Number
2021-00630
CCR details
| Tracking Number |
2021-00630 |
| 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 |
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Proposed rule
| Notice Filed with SOS |
09/30/2021 |
| Rule |
ProposedRuleAttach2021-00630.docx |
| Statutory Authority |
Sections 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, 8-44-204, 8-44-205, 8-45-117, 24-10-115.5, and 29-13-102, C.R.S. |
| Description of Subjects/Issues |
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.
This regulation is being amended to align with changes to the National Association of Insurance Commissioners' (NAIC) Credit for Reinsurance Model Regulation, and in accordance with House Bill 21-1063, which was signed by the Governor on April 19, 2021. |
| 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 |
Due to concerns with the spread of COVID-19, this Permanent Rulemaking Hearing will be held via WEBINAR ONLY, unless the COVID-19 State of Emergency is lifted by the date of the hearing. Please click on the link below or visit the Division of Insurance's website on the Notice of Rulemaking Hearings/Proposed Regulations" page, which is located under the link to "Statutes, Regulations and Bulletins" found on the main page athttps://doi.colorado.gov/statutes-regulations-bulletins/notice-of-rulemakinghearings-proposed-regulations. Please register here to attend the hearing via webinar:https://us06web.zoom.us/meeting/register/tZMsdeCqqDkqG90FLZ_SvJ-xe9PfnIhArOJl. After registering, you will receive a confirmation email containing information about joining the webinar. Participants can use their telephone or computer mic & speakers (VoIP). UNITED STATES +1(346) 248-7799 Meeting ID:871 2926 2019 Passcode: 486044 |
| Submitted in response to issues raised by COLS/OLLS? |
No
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| Is this rule adopted in response to recent legislation? |
No
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| Hearing Date |
11/02/2021 |
| Hearing Time |
10:00 AM |
| Hearing Location |
Webinar or 1560 Broadway, STE 850, Denver CO 80202 |
| Contact Name |
Christine Gonzales-Ferrer |
| Contact Title |
Compliance Specialist |
| Contact Telephone |
303-894-2157 |
| Contact email |
christine.gonzales-ferrer@state.co.us |
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Adopted rule
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