(1) Transactions between an RP and the insurer such RP represents shall only be entered into pursuant to a written authorization specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that: (a) The insurer may terminate the RP's authority at any time; (b) The RP shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing to, the RP, and remit all funds due to the insurer within thirty days of receipt; (c) All funds collected for the insurer's account shall be held by the RP in a fiduciary capacity in a bank which is a qualified United States financial institution; (d) The RP shall comply with section 10-2-905; (e) The RP shall comply with the written standards established by the insurer for the cession or retrocession of all risks; (f) The RP shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
‹ 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.