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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  2019-00052


CCR details

Tracking Number 2019-00052
Type of Filing Permanent Rule
Department 700 Department of Regulatory Agencies
Agency 702 Division of Insurance
CCR Number 3 CCR 702-4 Series 4-1
CCR Title LIFE, ACCIDENT AND HEALTH, Series 4-1 Life Insurance

Proposed rule

Notice Filed with SOS 01/31/2019
Rule ProposedRuleAttach2019-00052.doc
Statutory Authority 10-1-109(1) and 10-3-1110(1), C.R.S.
Description of Subjects/Issues 4-1-8 CONCERNING THE DISCLOSURE REQUIREMENTS FOR LIFE INSURANCE ILLUSTRATIONS - The purpose of this regulation is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. The regulation provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures that are required in connection with illustrations. The goals of this regulation are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms, used in the illustration, in language that would be understood by a typical person within the segment of the public to which the illustration is directed.
Purpose/Objective of Rule The purpose of this regulation is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. The regulation provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures that are required in connection with illustrations. The goals of this regulation are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms, used in the illustration, in language that would be understood by a typical person within the segment of the public to which the illustration is directed.
Submitted in response to issues raised by COLS/OLLS? No
Is this rule adopted in response to recent legislation? No
Hearing Date 03/04/2019
Hearing Time 10:00 AM
Hearing Location 1560 Broadway, STE 110 D, 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 AdoptedRules02019-00052.doc
Redline Redline2019-00052.doc
Adopted Date 04/01/2019
AGO requested date 04/04/2019
Attorney General Opinion 04/12/2019
Colorado Register publication date 04/25/2019
Effective Date 06/01/2019