CO | The purpose of this regulation is to establish standards regarding the placement of insurance by producers and the qualification of insurers pursuant to the Colorado Non admitted Insurance Act, § 10-5-101, et seq., C.R.S. and the “Non-admitted and Reinsurance Reform Act of 2010”, 15 U.S.C. § 8201 et. seq., as amended. This regulation also serves to protect Colorado insurance consumers by setting forth necessary disclosure requirements for surplus lines insurance contracts.
**All policies, and endorsements on policies, effective on or after January 1, 2025, shall be reported to the Colorado Division of Insurance using the SLIP Platform.
**Policies, or endorsements on policies, effective prior to January 1, 2025 should continue to be reported to the Colorado Division of Insurance using the Colorado Surplus Lines Tax System.
Notable Updates:
- Section 5 – Notable disclosure requirements – including exact language to be on declarations page
- Section 6 – Premium Rates (10% threshold)
- Section 7 – Procurement Documentation
- Section 8B – Premium Taxes: Each broker shall submit a quarterly report to the Division of Insurance in the Florida Surplus Lines Information Portal (“SLIP”) system for each policy written and remit the surplus lines premium taxes for all nonadmitted insurance transacted during the quarter in SLIP.
- Section 9 – Eligibility List
This regulation will become effective on January 1, 2025.
Click here to see Colorado SLIP Implementation Notice
Click here to see full list of Amended Regulations
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