State RegulationsCO specificDifficulty 2/5
Following a hearing, the Colorado Commissioner of Insurance finds that a producer knowingly violated the unfair-competition provisions. In addition to a monetary penalty under C.R.S. § 10-3-1108, what may the Commissioner order?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
C.R.S. § 10-3-1108(1)(b) and (c) authorize the Commissioner of Insurance, where knowledge of the violation is shown, to order suspension or revocation of the license and to require payment of the contractual claim that the violation caused to go unpaid, alongside the monetary penalties of the section.
Why the other options are wrong
- A) License sanctions under C.R.S. § 10-3-1108 follow the hearing process; revocation is not automatic or permanent without that process.
- C) The statute authorizes payment of the specific contractual claim left unpaid, not a refund of a year's premiums.
- D) C.R.S. § 10-3-1108 provides civil remedies; criminal prosecution is not ordered by the Commissioner under this section.
Memory hook
Knowingly breaking part 11? Expect the penalty, the license action, and the unpaid claim.