(1) There is hereby created in the division the title insurance commission. The commission is an advisory body to the commissioner concerning matters of title insurance. Nothing in this section divests the commissioner of his or her authority to regulate the business of insurance. (2) (a) The commission consists of nine members appointed by the governor as follows: (I) Three members shall be employees of title insurance companies with the following qualifications: (A) Each shall be a licensed employee of a title insurance company with not less than five years' experience in title insurance business; (B) At least one shall be a representative of a title insurance company that has net admitted assets of five hundred million dollars or more; and (C) At least one shall be a representative of a title insurance company that has net admitted assets of less than five hundred million dollars. (II) Three members shall be employees of a title insurance agent with the following qualifications: (A) Each shall be a resident licensed title insurance agent with not less than five years' experience in title insurance business in Colorado; and (B) To the greatest extent possible the commission shall reflect the geographic diversity of the state and have representation from members who reside or have their principal place of business within a standard metropolitan statistical area and members who reside or whose principal place of business is outside a standard metropolitan statistical area. (III) Three members shall represent the public at large, shall be residents of Colorado, and shall not be engaged in the business of title insurance. At least one of the three public at large members shall reside outside a standard metropolitan statistical area. (b) No more than one member of the commission may be appointed from a single company or an affiliate or subsidiary of a company. (c) (I) The terms of the members are for four years; except that the terms shall be staggered so that no more than five members' terms expire in the same year. Members shall serve a maximum of two consecutive terms. (II) If a commission member's employment or license status changes during the member's term so that the member is no longer qualified to serve on the commission, or upon the death, resignation, removal, or incapacity of any member of the commission, the governor shall appoint a member to fill out the unexpired term. The members of the commission serve at the pleasure of the governor. (d) Members of the commission are not employees of the division and shall not receive compensation for service on the commission; except that a member may be reimbursed for mileage in excess of fifty miles from their principal place of business or residence to attend commission meetings. (e) Members of the commission shall annually select one member to serve as chair. (f) The chair of the commission may call meetings as necessary and may call additional meetings: (I) At the chair's discretion; (II) Upon request of the commissioner; or (III) Upon the written request of three or more members. (g) The commission shall meet no less than four times per year and may meet no more than eight times per year. (h) Six members shall constitute a quorum for the transaction of business. The action of a majority of the members when a quorum is present is the action of the commission. (i) The division shall aid in the administration of the commission. The division may increase expenditures by no more than fifty thousand dollars for this purpose, but may direct existing appropriations available to the division pursuant to section 10-3-207 (1)(f)(I) to contribute to the implementation of the commission. (j) All meetings of the commission shall be open to the public pursuant to part 4 of article 6 of title 24, C.R.S. The records of the commission and its members shall be subject to the requirements of part 2 of article 72 of title 24, C.R.S.
‹ Prev All Colorado sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.