Effective on October 1, 2012, the Colorado Division of Insurance requires data to be maintained for the current year plus two prior calendar years for market conduct examinations.
Licensing records must include information and documentation evidencing the insurance company verified the licensing status of the producer prior to transacting the business of insurance.
Insurance companies must maintain the following producer licensing records, including but not limited to, and dependent upon the line of business, and may be required to produce them for examination:
- License
- Contract or letter of agreement
- Appointment/Termination
Producer licensing records that must be maintained relating to the insurance company’s compliance with producer licensing requirements must include the licensing records of each producer associated with, authorized, appointed or employed by the insurance company.
Licensing records must clearly show the status of the producer at the time the application was taken or when services were contracted as well as the dates of the insurance company’s employment, authorization or appointment and termination of employment, authorization or appointment, if applicable, of each producer.
A screen print from the NAIC Producer Database (PDB) or the Colorado Division of Insurance database may serve to provide adequate proof only of a producer’s current licensing status.
The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.
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