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Code of Colorado Regulations eDocket
Details of Tracking Number
2024-00533
CCR details
| Tracking Number |
2024-00533 |
| 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 |
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Proposed rule
| Notice Filed with SOS |
10/15/2024 |
| Rule |
ProposedRuleAttach2024-00533.doc
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| Statutory Authority |
§§ 10-1-109(1) and 10-3-1110(1), C.R.S. |
| Description of Subjects/Issues |
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
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| Is this rule adopted in response to recent legislation? |
No
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| Hearing Date |
11/14/2024 |
| Hearing Time |
12:00 PM |
| Hearing Location |
Webinar or 1560 Broadway, STE 850, Denver CO 80202 |
| Contact Name |
Jill Mullen |
| Contact Title |
Policy Advisor |
| Contact Telephone |
720-5564952 |
| Contact email |
jill.mullen@state.co.us |
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Adopted rule
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