The Division would like to provide notice that the Commissioner has adopted the following amended regulation and new bulletin:
The purpose of this regulation is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. The regulation provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures that are required in connection with illustrations. The goals of this regulation are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms, used in the illustration, in language that would be understood by a typical person within the segment of the public to which the illustration is directed.
This regulation is being amended to provide clarification on how carriers are to submit the required documentation for the submission of qualified actuarial appointments and life illustration actuarial appointments.
This regulation will become effective on January 30, 2025.
The purpose of this bulletin is to provide clarification of the Colorado Division of Insurance’s (“Division”) position regarding an insurer’s payment of registration fees following the total loss of a motor vehicle.
This bulletin is effective as of December 10, 2024.
Regulations that have been adopted, but are not yet effective can be found on the Division's Regulations Adopted But Not Yet Effective website.
This bulletin, and other Division bulletins, can be found on the Division's website.