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Colorado Revised Statutes Title 10. Insurance § 10-20-111. Powers and duties of the commissioner

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

(1) In addition to any other powers and duties specified in this article 20, the commissioner shall:

(a) Upon request of the board, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer;

(b) Notify the board of the existence of an impaired or insolvent insurer not later than three days after a determination of impairment or insolvency is made by the commissioner, irrespective of limitations imposed upon the commissioner in section 10-3-401;

(c) In any liquidation proceeding involving a domestic member insurer, be appointed as the liquidator.

(2) The commissioner may suspend or revoke, after notice and hearing, the certificate of authority or license to transact insurance or the business of a health maintenance organization in this state of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a forfeiture on any member insurer that fails to pay an assessment when due. The forfeiture must not exceed five percent of the unpaid assessment per month, but a forfeiture must not be less than one hundred dollars per month.

(3) The conservator, rehabilitator, or liquidator of any impaired or insolvent insurer shall notify all interested persons of the effect of this article.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 10. Insurance § 10-20-111. Powers and duties of the commissioner - last updated January 01, 2025 | https://codes.findlaw.com/co/title-10-insurance/co-rev-st-sect-10-20-111/

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