Colorado Implements Requirements Related to Insurers' Appointment of Registered Agents

On August 9, 2022, the Colorado Department of Regulatory Agencies, Division of Insurance (DOI), adopted Emergency Regulation 22-E-14 concerning the appointment of insurance company registered agents, effective upon adoption. The emergency rule is necessary to ensure compliance with House Bill 22-1398, which was signed by Governor Jared Polis on May 27, 2022 and went into effect on August 9, 2022. In conjunction with adoption of Emergency Regulation 22-E-14, the DOI also published Bulletin No. B-1.37 to provide insurers with guidance on House Bill 22-1398 requirements.

Pursuant to the emergency rule, by December 1, 2022, all insurance companies holding a Certificate of Authority in the state of Colorado must file with the Commissioner a fully executed Uniform Consent to Service of Process form (Form 12), available on the NAIC’s Uniform Certificate of Authority Application (UCAA) website, to name a registered agent in Colorado to receive service of process. Importantly, filing the Form 12 with the DOI will not change the registered agent with the Colorado Secretary of State, and each company is responsible for doing so for corporate purposes.

On August 26, 2022, the DOI published a Notice of Virtual Rulemaking Hearing for October 5, 2022, at 11:00 a.m. MT, regarding a draft proposed new regulation that would amend Emergency Regulation 22-E-14. Notably, as currently written, the proposed new rule preserves the Form 12 filing requirement for insurers. The DOI will be accepting oral comments at the rulemaking hearing, and written comments may be emailed to DOI Rules and Records by 5:00 p.m. MT on October 10, 2022 for review and consideration.