State RegulationsCO specificDifficulty 1/5
The Colorado Division of Insurance sends a licensed producer an Examination Request/Comment Form concerning his sales practices. Under Colorado Insurance Regulation 1-1-8, within how many calendar days must he provide a complete response?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Colorado Insurance Regulation 1-1-8 requires a complete response to an Examination Request/Comment Form within 10 calendar days; extensions are available only on written request at the Division's discretion. Failure to respond, or an incomplete response, results in an immediate minimum $500 fine per act or occurrence.
Why the other options are wrong
- A) 30 calendar days is not the Reg. 1-1-8 deadline for an Examination Request/Comment Form; the complete response is due within 10 calendar days.
- C) 45 calendar days does not meet the Reg. 1-1-8 response deadline of 10 calendar days for this form.
- D) Waiting 90 calendar days would violate Reg. 1-1-8 and trigger the immediate minimum $500 fine per act or occurrence.
Memory hook
Exam form? Answer in 10 days or pay $500.