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Colorado Revised Statutes Title 10. Insurance § 10-1-303. Market analysis--market conduct surveillance

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The commissioner may perform market analysis by gathering and analyzing information from data currently available to the commissioner, information from surveys, data calls, or reports that are submitted regularly to the commissioner, information collected by the NAIC, and information from a variety of other sources in both the public and private sectors in order to develop a baseline understanding of the marketplace and to identify for further review companies or practices that deviate from the norm or that may pose a potential risk to the insurance consumer. The commissioner shall use the Market Regulation Handbook as a guide in performing the market analysis.

(2)(a) If the commissioner determines that further inquiry into a particular company or practice is needed, the commissioner may consider the continuum of other types of market conduct surveillance as specified in this subsection (2)(a). The commissioner shall inform the company in writing of the type of market conduct surveillance selected if it involves company participation or response. The types of market conduct surveillance include:

(I) Correspondence with the company;

(II) Company interviews;

(III) Information gathering;

(IV) Policy and procedure reviews;

(V) Interrogatories;

(VI) Review of company self-evaluations and voluntary compliance programs;

(VII) Self-audits; and

(VIII) Market conduct examinations.

(b)(I) The commissioner shall take steps reasonably necessary to eliminate requests for information that duplicate information provided as part of a company's financial statement, the NAIC's market conduct annual statement, or other required surveys, data calls, or reports that are submitted regularly to the commissioner.

(II) The commissioner may coordinate the market conduct surveillance and findings of this state with market conduct surveillance and findings of other states.

(3) Nothing in this section requires the commissioner to conduct market analysis prior to initiating any other type of market conduct surveillance.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 10. Insurance § 10-1-303. Market analysis--market conduct surveillance - last updated January 01, 2025 | https://codes.findlaw.com/co/title-10-insurance/co-rev-st-sect-10-1-303/

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