Colorado Life Insurance Law
Colorado Life Insurance Law Exam
Questions (56 terms) with Definitive
Solutions 2024.
Appointed by and serves at the will of the governor, hires employees to help carry
out duties, deputy commissioner steps in when commissioner is out - Answer:
Insurance Commissioner
-Maintaining records that insurers are required by law to file in Commissioner's
office, annual report by March 1
-Requiring domestic insurers to keep adequate records and complies with the law
, Colorado Life Insurance Law
-Certificate of authority- insurer's license to transact insurance business, expires
on June 30 and renewed annually
-Investigating violations of insurance laws and presenting findings
-Transmitting funds collected by Division of Insurance to state Department of
Treasury
-Oversee operation of electronic data interchange projects for billing and health
benefit coverage's
-Adopting rules and regulations
-Determining whether rates are excessive, inadequate, or unfairly discriminatory -
Answer: Commissioner's Duties
Conduct formal financial examination of every insurer license in CO at least every
5 years, examinations outside of the state will be paid by insurance company,
refusal to comply license could be suspended, revoked, denied, or non-renewed -
Answer: Commissioner Examinations
Commissioner is allowed free access to books and documents relating to insurer's
business and may subpoena witnesses and administer oaths during an
investigation - Answer: Investigating Possible Violations
Commissioner can examine/investigate person who is applying for license to
determine if person has violated insurance laws or rules of the state or any other
state - Answer: Investigation of Application for Insurance Producer License
Colorado Life Insurance Law Exam
Questions (56 terms) with Definitive
Solutions 2024.
Appointed by and serves at the will of the governor, hires employees to help carry
out duties, deputy commissioner steps in when commissioner is out - Answer:
Insurance Commissioner
-Maintaining records that insurers are required by law to file in Commissioner's
office, annual report by March 1
-Requiring domestic insurers to keep adequate records and complies with the law
, Colorado Life Insurance Law
-Certificate of authority- insurer's license to transact insurance business, expires
on June 30 and renewed annually
-Investigating violations of insurance laws and presenting findings
-Transmitting funds collected by Division of Insurance to state Department of
Treasury
-Oversee operation of electronic data interchange projects for billing and health
benefit coverage's
-Adopting rules and regulations
-Determining whether rates are excessive, inadequate, or unfairly discriminatory -
Answer: Commissioner's Duties
Conduct formal financial examination of every insurer license in CO at least every
5 years, examinations outside of the state will be paid by insurance company,
refusal to comply license could be suspended, revoked, denied, or non-renewed -
Answer: Commissioner Examinations
Commissioner is allowed free access to books and documents relating to insurer's
business and may subpoena witnesses and administer oaths during an
investigation - Answer: Investigating Possible Violations
Commissioner can examine/investigate person who is applying for license to
determine if person has violated insurance laws or rules of the state or any other
state - Answer: Investigation of Application for Insurance Producer License
