Key Takeaways
- The Colorado Division of Insurance (DOI) regulates all insurance activities under Colorado Revised Statutes Title 10
- The Commissioner of Insurance is appointed by the Governor and oversees the DOI within the Department of Regulatory Agencies
- DOI handles licensing, enforcement, consumer complaints, rate review, and market conduct examinations
- Colorado follows the NAIC model regulations for many insurance requirements
- The DOI protects consumers and ensures insurance market stability in Colorado
Colorado Division of Insurance (DOI)
Important: This study guide covers Colorado state-specific Life & Health insurance content only. You should complete the national Life & Health exam preparation first, as it covers the foundational insurance concepts tested on your exam.
The Colorado Division of Insurance (DOI) is the state agency responsible for regulating the insurance industry in Colorado. It operates within the Department of Regulatory Agencies (DORA).
The Commissioner of Insurance
The Commissioner of Insurance is:
- Appointed by the Governor
- Serves at the pleasure of the Governor
- Responsible for enforcing Colorado Revised Statutes Title 10
- Authorized to adopt regulations, investigate violations, and discipline licensees
Commissioner Powers and Duties
| Power | Description |
|---|---|
| Licensing | Issue, suspend, and revoke producer licenses |
| Rulemaking | Adopt regulations (3 CCR 702) interpreting insurance statutes |
| Enforcement | Investigate and prosecute violations |
| Rate Review | Review and approve insurance rates as required |
| Consumer Protection | Handle complaints and protect policyholders |
| Market Conduct | Examine insurer business practices |
Colorado Insurance Law
Colorado insurance law is found in Colorado Revised Statutes (C.R.S.) Title 10:
- Article 1 - Insurance Commissioner, general provisions
- Article 2 - Licensing of producers
- Article 3 - Unfair trade practices
- Article 7 - Life insurance and annuities
- Article 16 - Health insurance
Colorado regulations are found in 3 CCR 702 (Colorado Code of Regulations).
Exam Tip: Remember that the Insurance Commissioner in Colorado is APPOINTED by the Governor, not elected. This distinguishes Colorado from states like California where the Commissioner is elected.
DOI Organization
The DOI operates through several sections:
- Producer Licensing Section - Handles agent/broker licensing
- Consumer Services Section - Handles consumer complaints
- Market Conduct Section - Examines insurer practices
- Financial Affairs Section - Reviews insurer solvency
- Rate and Form Review - Reviews policy forms and rates
How is the Colorado Insurance Commissioner selected?
Where is Colorado insurance law primarily found?