The Division is seeking comments on the following draft proposed amended regulations:
The purpose of this regulation is to set forth rules and procedural requirements that the Commissioner deems necessary to carry out the provisions of the Section 10-3-701 et. seq., C.R.S., regarding the conditions and circumstances under which a domestic insurer may reduce their liabilities, or establish an asset associated with risks reinsured.
This regulation is being amended to align with changes to the National Association of Insurance Commissioners' (NAIC) Credit for Reinsurance Model Regulation, and in accordance with House Bill 21-1063, which was signed by the Governor on April 19, 2021.
The purpose of this regulation is to ensure that consumers receive the benefits of competition in the area of title insurance and to ensure consumer protection.
This regulation is being amended to mandate reporting of any failure to comply with 8-1-2(5)(N) by a title insurance company upon notice of violation. The regulation is also being amended to mandate proof of identity verification in closing and settlement service and escrow files.
The Division is requesting informal comments be submitted to DORA_INS_RulesandRecords@state.co.us no later than 5 PM, September 24, 2021.
This draft regulation, as well as other draft regulations currently released for informal public comment, can be found on our page for Draft Regulations and Bulletins for Informal Comments.