3 Colo. Code Regs. § 702-1-2-17-4
Current through Register Vol. 47, No. 22, November 25, 2024
Section 3 CCR 702-1-2-17-4 - DefinitionsA. "Additional compensation" means, for the purposes of this regulation, compensation received when the producer provides additional services on behalf of an insurer. For example, the producer may perform some underwriting or administrative services, such as policy issuance, for which additional compensation beyond standard compensation or contingent compensation is appropriate. These services are not originally contemplated in an insurer's standard or contingent compensation payments.B. "Carrier" shall have the same meaning as found at § 10-16-102(8), C.R.S.C. "Contingent compensation" means, for the purposes of this regulation, the incentive commission for insurance producers to meet pre-established goals for profitability, retention and/or growth standards across all of the policies they place with an insurer for a specific year.D. "Exchange" shall have the same meaning as found at § 10-16-102(26), C.R.S.E. "Health benefit plan" shall have the same meaning as found at § 10-16-102(32), C.R.S.F. "Health care insurance" shall have the same meaning as "health coverage plan", as defined in § 10-16-102(34), C.R.S., but, for the purposes of this regulation, does not include long-term care insurance.G. "Insurance producer" or "producer", shall have the same meaning as found at § 10-2-103(6), C.R.S., with the exception that for the purposes of this regulation it does not include § 10-2-103(6)(b), C.R.S.H. "Insurer" shall have the same meaning as found at § 10-2-103 (6.5), C.R.S., and, for the purposes of this regulation, shall include entities subject to Parts 3 and 4 of Article 16 of Title 10.I. "Sale" means, for the purposes of this regulation, the exchange of a contract of insurance for money or its equivalent.J. "Standard compensation" means, for the purposes of this regulation, the set amount or percentage commission the insurer pays the insurance producer for selling its insurance policy. Standard compensation does not include renewal commissions.37 CR 11, June 10, 2014, effective 6/30/201437 CR 11, June 10, 2014, effective 7/1/201438 CR 09, May 10, 2015, effective 6/1/201538 CR 20, October 25, 2015, effective 11/15/201540 CR 19, October 10, 2017, effective 11/1/201740 CR 21, November 10, 2017, effective 12/1/201740 CR 21, November 10, 2017, effective 1/1/201841 CR 21, November 10, 2018, effective 12/1/201843 CR 21, November 10, 2020, effective 12/1/202045 CR 21, November 10, 2022, effective 11/30/2022