State RegulationsCO specificDifficulty 1/5
The Colorado Division of Insurance sends a producer an Examination Request/Comment Form as part of a market-conduct inquiry. Under Colorado Insurance Regulation 1-1-8, how quickly must the producer respond completely?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Colorado Insurance Regulation 1-1-8 requires a complete response to an Examination Request/Comment Form within 10 calendar days, while any other Division inquiry allows 20 calendar days. A failure to respond, or an incomplete response, results in an immediate minimum $500 fine for each act or occurrence.
Why the other options are wrong
- B) 20 calendar days is the deadline for other Division inquiries, not for an Examination Request/Comment Form.
- C) 30 calendar days is not a response period under Colorado Insurance Regulation 1-1-8; treating it as one invites the minimum $500 fine.
- D) 45 calendar days is unrelated to Division inquiry responses; it appears in premium-remittance timing, not Reg. 1-1-8.
Memory hook
Exam form = ten days; everything else = twenty.