Colorado Revised Statutes Title 10. Insurance § 10-3-811. Criminal proceedings--civil penalties--definition

(2)(a) An insurer or an insurer's director, officer, employee, or agent that fails, without just cause, to file any registration statement, amendment, or notice of shareholder distribution as required in this part 8 may be required, after notice and hearing, to pay a civil penalty of not more than five thousand dollars for each violation. Each violation is a separate offense. The commissioner shall issue an order setting forth the amount of the civil penalty, which amount must be based on the alleged violator's history of previous violations, the good faith of the alleged violator in attempting to achieve rapid compliance after notification of the violation, the gravity and willfulness of the violation, the potential deterrent effect of the civil penalty, and such other considerations as may be specified by the commissioner. The commissioner may compromise, mitigate, or remit any such civil penalty.

(b) For purposes of this subsection (2), “civil penalty” means any monetary penalty levied against an insurer or an insurer's director, officer, employee, or agent because of a violation of this part 8. “Civil penalty” does not include any criminal penalty levied under subsection (1) of this section.

(c) The commissioner shall transmit all civil penalties collected pursuant to this subsection (2) to the state treasurer, who shall credit them to the general fund.