State RegulationsCO specificDifficulty 3/5
A Colorado Springs agency's bookkeeping shows that collected premium cannot be fully accounted for. Under C.R.S. § 10-2-704(1)(d), when must the agency report the shortfall in writing to the Commissioner of Insurance?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
C.R.S. § 10-2-704(1)(d) requires a prompt written report to the Commissioner when collected premium remains unaccounted for more than 45 days after the contractual due date, or, where the contract sets no due date, more than 90 days after receipt. The dual trigger tracks the remittance deadlines of C.R.S. § 10-2-704(1).
Why the other options are wrong
- A) The statutory trigger is 45 days after the contractual due date, not 30.
- C) The 90-day figure applies to the no-due-date case measured from receipt, not to every case measured from the due date.
- D) The 45-day clock runs from the contractual due date; only the no-due-date alternative runs from receipt, and it is 90 days.
Memory hook
Short premium: report at 45 past due, or 90 past receipt.