(1) An insurance producer license issued under this article, although issued and delivered to the licensee, shall at all times be the property of the state of Colorado and shall be surrendered or returned promptly to the commissioner by personal delivery or by certified or registered mail within fifteen days under any of the following conditions: (a) Suspension, revocation, or termination of the license; (b) Discontinuation or nonrenewal of the license by the licensee; (c) Cessation of residency in this state or, in the case of a nonresident licensee, cessation of residency in the licensee's resident state; or (d) Suspension, termination, or revocation of a nonresident licensee's license in the state of residence. (2) The commissioner may require surrender of an insurance producer license for any proper reason in addition to the grounds stated in subsection (1) of this section. (3) As to any insurance producer license issued pursuant to this article which is lost, stolen, or destroyed while in the possession of the licensee, the commissioner may accept, in lieu of return of the license, the affidavit of the individual licensee or, in the case of an insurance agency or business entity, the person given responsibility for custody of the license, as to the facts concerning such loss, theft, or destruction.
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