State RegulationsCO specificDifficulty 2/5
The Colorado Division of Insurance sends a producer an Examination Request/Comment Form under its inquiry rules. Within how many calendar days must the producer respond completely?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Reg. 1-1-8 of the Colorado Division of Insurance requires a complete response to an Examination Request/Comment Form within 10 calendar days; any other Division inquiry allows 20 calendar days. Failure to respond, or an incomplete response, can bring an immediate minimum fine of $500 per act, and extensions are granted only on written request at Division discretion.
Why the other options are wrong
- B) 20 calendar days is the deadline for any other Division inquiry, not for an Examination Request/Comment Form under Reg. 1-1-8.
- C) 30 calendar days was the pre-2009 deadline and is no longer the current rule under Reg. 1-1-8.
- D) 45 calendar days is unrelated to Division inquiry deadlines; Reg. 1-1-8 requires 10 calendar days for an examination form.
Memory hook
Exam form? Ten days. Anything else? Twenty.