3 Colo. Code Regs. § 702-5-1-22-5

Current through Register Vol. 47, No. 22, November 25, 2024

Section 3 CCR 702-5-1-22-5 - Rules

In the event of a catastrophic disaster, including a catastrophic disaster related to wildfire:

A. An insurer shall waive any waiting periods related to ALE benefits for those policyholders whose residence requires repair or replacement or if the policyholder permanently relocates.

B. Where an insurer has caused or causes an unreasonable delay in the initial estimate of damages or settlement of a claim for a policyholder, the insurer shall:

1. Toll the time period that the policyholder can recover ALE benefits and collect recoverable depreciation by a time period equivalent to the delayed action by the insurer, or

2. Toll the policy time limits for the policyholder to complete the repair or replacement of the damaged part of the property necessary for issuance of the replacement cost value payment or for the duration of time required to repair or replace the damaged property.

C. Failure to toll policy time limits for ALE or recoverable depreciation (RCV) benefits beyond policy time period limits, after causing an unreasonable delay in the settlement of a claim, may constitute an unfair settlement claim practice.

3 CCR 702-5-1-22-5

46 CR 15, August 10, 2023, effective 8/30/2023