Statutes, codes, and regulations
Colorado Administrative Code
Department 700 - Department of Regulatory AgenciesDivision 702 - Division of InsuranceRule 3 CCR 702-3 - FINANCIAL ISSUES
Regulation Regulation 3-1-11 - RISK BASED CAPITAL (RBC) FOR INSURERS
Section 3 CCR 702-3-1-11-10 - Hearings

3 Colo. Code Regs. § 702-3-1-11-10

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Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-3-1-11-10 - Hearings

Upon the occurrence of any of the following events, the insurer shall have the right to a confidential departmental hearing pursuant to § 24-4-105, C.R.S., on a record, at which the insurer may challenge any determination or action by the Commissioner. The insurer shall notify the Commissioner of its request for a hearing within five (5) days after the notification by the Commissioner under Subsection A., B., C. or D. Upon receipt of the insurer's request for a hearing, the Commissioner shall set a date for the hearing, which shall be no less than ten (10) nor more than thirty (30) days after the date of the insurer's request. The events include:

A. Notification to an insurer by the Commissioner of an Adjusted RBC Report; or
B. Notification to an insurer by the Commissioner that:
1. The insurer's RBC Plan or Revised RBC Plan is unsatisfactory; and
2. Such notification constitutes a Regulatory Action Level Event with respect to such insurer; or
C. Notification to an insurer by the Commissioner that the insurer has failed to adhere to its RBC Plan or Revised RBC Plan and that such failure has a substantial adverse effect on the ability of the insurer to eliminate the Company Action Level Event with respect to the insurer in accordance with its RBC Plan or Revised RBC Plan; or
D. Notification to an insurer by the Commissioner of a Corrective Order with respect to the insurer.

3 CCR 702-3-1-11-10

37 CR 20, October 25,2014, effective 11/15/2014
37 CR 20, October 25,2014, effective 1/1/2015
37 CR 23, December 10, 2014, effective 1/1/2015
38 CR 17, September 10, 2015, effective 10/1/2015
39 CR 05, March 10, 2016, effective 4/1/2016
39 CR 14, July 25, 2016, effective 8/15/2016
39 CR 23, December 10, 2016, effective 1/1/2017
40 CR 03, February 10, 2017, effective 3/15/2017
40 CR 05, March 10, 2017, effective 4/1/2017
40 CR 13, July 10, 2017, effective 8/1/2017
40 CR 17, September 10, 2017, effective 11/1/2017
43 CR 06, March 25, 2020, effective 4/15/2020
44 CR 03, February 10, 2021, effective 3/15/2021
44 CR 23, December 10, 2021, effective 1/1/2022
46 CR 03, February 10, 2023, effective 3/2/2023