3 Colo. Code Regs. § 702-1-2-7-4
Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-1-2-7-4 - General ProvisionsA. All persons, firms, associations, or corporations who meet the definition of a managing general agent in § 10-2-1002(2)(a), C.R.S., must be licensed in Colorado as an insurance producer and must have a contract with the insurer(s) for which they are acting as a managing general agent.B. Each insurer must notify the Commissioner in writing, on forms acceptable to the Commissioner of Insurance, of those persons, firms, associations or corporations they designate as managing general agents.C. Those persons, firms, associations, or corporations meeting the requirements of § 10-2-1002(2)(a), C.R.S., and who adjust or pay claims in excess of $10,000 shall be considered a managing general agent for the purpose of this regulation.D. The amount of the bond required by § 10-2-1003(3), C.R.S., for the protection of the insurer, shall be a minimum of $100,000 or ten percent (10%) of the managing general agent's total annual written premium nationwide for each insurer for which it acts as an MGA for the prior calendar year, not to exceed $500,000 for each insurer. The bond shall be kept on file with each insurer with which the managing general agent has a contract.E. The contract required by § 10-2-1004, C.R.S., between the MGA and the insurer shall contain a provision that the MGA may use only advertising material pertaining to the business issued by an insurer that has been approved in writing by the insurer in advance of its use.37 CR 11, June 10, 2014, effective 6/30/201437 CR 11, June 10, 2014, effective 7/1/201438 CR 09, May 10, 2015, effective 6/1/201538 CR 20, October 25, 2015, effective 11/15/201540 CR 19, October 10, 2017, effective 11/1/201740 CR 21, November 10, 2017, effective 12/1/201740 CR 21, November 10, 2017, effective 1/1/201841 CR 21, November 10, 2018, effective 12/1/201843 CR 21, November 10, 2020, effective 12/1/202045 CR 21, November 10, 2022, effective 11/30/2022