Licensing Requirements: Surplus line brokers are required to be licensed under Colorado law. Colo. Rev. Stat §§ 10-2-401-404; Colo. Rev. Stat. § 10-2-502; 3 Colo. Code Regs. § 702-1:1-2-10. A resident producer
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. All premiums received by an
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Insurance producers may charge fees in addition to commissions
A producer may charge a fee if a disclosure statement is signed by the client stating that there is no obligation to purchase any insurance product in exchange for the
What entities are covered? “A person that maintains, owns, or licenses personal identifying information in the course of the person’s business, vocation, or occupation.” A covered entity does not, however,
