State RegulationsCO specificDifficulty 2/5
A Colorado producer collects a premium for a policy, and the contract sets no specific remittance due date. Under C.R.S. § 10-2-704, the producer must remit the premium to the insurer within:
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
C.R.S. § 10-2-704(1) requires premiums collected by a producer to be held in a fiduciary capacity and remitted on or before the contractual due date or, if none exists, within 45 days after receipt. Returned premiums must be remitted or credited within 30 days after receipt or credit.
Why the other options are wrong
- A) 10 days is the response window for an Examination Request/Comment Form under Colorado Insurance Regulation 1-1-8, not the remittance period.
- B) 30 days is the C.R.S. § 10-2-704 period for returned premiums, not for the initial remittance of collected premium.
- C) 90 days is the point at which unaccounted-for premium must be reported in writing when no due date exists, not the remittance deadline.
Memory hook
No due date? Forty-five days to send it up; 30 for returned premiums.