3 Colo. Code Regs. § 702-5-1-1-8
Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-5-1-1-8 - ConversionA. Every policy of mass merchandised property and liability insurance shall contain a provision that if the eligible member insured's employment or membership in the eligible group is terminated or if the mass merchandising plan is terminated, the eligible member insured shall be entitled to: 1. Continue his or her insurance coverage at the then existing premium rate for thirty (30) days after such termination upon payment of the premium; and2. After the expiration of the 30 day period, the insurer, or one of its affiliates, if any, shall provide the eligible member insured an individual policy affording the same or similar coverage. The insured shall return the application, provided by the insurer and payment of premium within the thirty (30) day period provided above, providing the member insured is qualified for insurance coverage under any insurance program currently filed by the insurer or any of its affiliates, with the Colorado Division of Insurance; or3. If such person is not so eligible for insurance coverage with the insurer or its affiliates, the insurer shall render him or her all reasonable assistance to obtain insurance from other sources. As to motor vehicle insurance coverage, the insurer's assistance will include, where applicable, making available and processing an application for the Colorado Motor Vehicle Insurance Plan, if so desired by the applicant.B. The premium for any individual insurance policy issued by the insurer pursuant to this section shall be at the insurer's then customary rate applicable to the coverage provided and to the class of risk to which the insured belongs on an individual basis.C. The failure of the eligible member insured to exercise his or her conversion privileges under this Section shall be treated as a voluntary termination of the coverage by the eligible member insured.38 CR 17, September 10, 2015, effective 10/1/201538 CR 18, September 25, 2015, effective 10/15/201539 CR 01, January 10, 2016, effective 2/1/201639 CR 05, March 10, 2016, effective 4/1/201641 CR 01, January 10, 2018, effective 2/14/201840 CR 21, November 10, 2017, effective 4/1/201841 CR 19, October 10, 2018, effective 11/1/201842 CR 18, September 25, 2019, effective 1/1/202042 CR 23, December 10, 2019, effective 1/1/202044 CR 13, July 10, 2021, effective 6/3/202144 CR 08, April 25, 2021, effective 8/1/202145 CR 03, February 10, 2022, effective 3/2/202245 CR 22, November 25, 2022, effective 12/15/202246 CR 11, June 10, 2023, effective 4/27/2023