Regulation 1-2-9 does contain an exemption for wholesale producers but requires certain disclosures to the retail producer.Īmended Regulation 1-2-9 Fees Charged By Producers Please note that producers may charge fees only under certain specific situations. Please note that some policies may require additional disclosures if they are claims-made policies, automobile policies that do not provide statutory coverages and policies that are written with insurers that may not be eligible in Colorado. In order to protect policyholders all surplus lines policies must contain the non admitted disclosure statement. Surplus Lines Reporting Requirements (DOI) The report is submitted to the Colorado Division of Insurance and no report is required by the Surplus Lines Association. Close attention should be paid to ensure that all reported premiums comply with Colorado Home State Rules. Presently this includes a report of No Premium Written. There is no stamping fee.Ĭolorado requires that surplus lines producers submit a monthly activity report detailing premiums written for the prior month. The surplus lines tax rate for 2021 is 3% calculated on gross premiums and any fees charged by the insurer or the broker as part of the insurance transaction. This version states that it is the responsibility of the broker to retain the form. Please note that the Division of Insurance has modified the Diligent Effort Affidavit effective. The Colorado DOI has provided a form in order to record the diligent search.ĭiligent Effort Affidavit 10 25 2016 2 fillable Each policy renewal is subject to a new diligent search. Once the license is issued you are required to log in with the Colorado DOI tax reporting system and file monthly reports of surplus lines activityĪll surplus lines procurements are subject to a diligent search of the admitted market unless the insured is a Commercial Exempt Policyholder. You must have a valid surplus lines license in another state Once the authority is issued you are required to log in with the Colorado DOI tax reporting system and file monthly reports of surplus lines activity Same date irrespective of the date it is issued. Please note that the Authority attaches to the P & C license and expires on the To schedule an examination contact Pearson VueĪt Once you have passed the examination go to: Click on :Apply for a License. This information is contained in Article V of the insurance code and Regulation 2-4-1.īoth documents can be viewed in the Legislative section. Upon the transaction of surplus lines insurance in Colorado. There is no pre licensing class but you must pass a 30 question test based You must have a valid Colorado P & C License
Securing a surplus Lines Brokers Authority
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