2018 Colorado Revised Statutes
Title 10 - Insurance
Property and Casualty Insurance
Article 4 - Property and Casualty Insurance
Part 5 - Colorado Insurance Guaranty Association Act
§ 10-4-510. Duties and powers of commissioner
(1) The commissioner shall:
(a) Notify the association of the existence of an insolvent insurer not later than three days after he receives notice of the determination of the insolvency;
(b) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
(2) The commissioner may:
(a) Require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this part 5. Such notification shall be by first-class mail at their last known addresses, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient.
(b) Require each agent of the insolvent insurer to give prompt written notice to each insured of the insolvent insurer for whom he was agent of record by sending such notice by first-class mail to the insured's last known address;
(c) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance business in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. Such fine shall not exceed five percent of the unpaid assessment per month; except that no fine shall be less than one hundred dollars per month.
(d) Revoke the designation of any servicing facility if he finds claims are being handled unsatisfactorily.
(3) Any final action or order of the commissioner under this part 5 shall be subject to judicial review by the court of appeals pursuant to section 24-4-106 (11), C.R.S.
