3 Colo. Code Regs. § 702-5-1-22-2
Current through Register Vol. 47, No. 22, November 25, 2024
The purpose of this regulation is to protect homeowner policyholders who have suffered a loss during a catastrophic disaster, such as the 2020 Colorado East Troublesome Fire and the 2021 Marshall and Middle Fork Fires, from insurers that cause unreasonable delays in claim handling. Such delays may result in delays to rebuilding the homeowner policyholders' property, which is often further exacerbated by labor and material shortages. The Division is specifically concerned with ALE benefits and time limits on repair or replacement for recoverable coverage. This regulation identifies specific acts or practices that may constitute unfair claim settlement practices.
3 CCR 702-5-1-22-2