3 Colo. Code Regs. § 702-1-2-9-6
Current through Register Vol. 47, No. 22, November 25, 2024
Section 3 CCR 702-1-2-9-6 - Fees AllowedA. Insurance producers may charge fees for specific services which are beyond the scope of services pertaining to acquiring and/or maintaining specific insurance policies, including, but not limited to, risk management services, financial planning, investment counseling, qualified retirement plan design or administration, estate planning, third party employee benefit plans, or any other service for which the insurance producer does not receive a commission from an insurance company. Such fees may be charged only under the following circumstances: 1. When a person signs a disclosure statement in advance of the performance of the specific services, which states that the person is under no obligation to purchase any insurance product through the insurance producer in exchange for receiving the specific services. This requirement may be met by including the disclosure language in any disclosure statement required by federal or state securities law.2. In those cases where it is clear from the outset that no insurance product sale related to the specific services rendered will occur through the insurance producer.B. The insurance producer must maintain records, and shall retain a copy of the disclosure statement, required in Section 6.A.1. of this regulation, for not less than three (3) years after completion of services. A copy shall be provided to the Commissioner upon request.C. Insurance wholesale intermediaries shall advise the insurance producer, in writing, that "the cost of the insurance coverage provided herein includes a fee to a wholesale intermediary in addition to the premium charges."D. Section 6 does not apply to the sale, solicitation, and negotiation of title insurance.E. Producers shall only charge a fee for the sale of an individual health benefit plan in accordance with the requirements contained in Colorado Insurance Regulation 1-2-17.37 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