Colorado § 10-3-1509 - Sanctions.
Full text of Colorado Colorado Revised Statutes § 10-3-1509 — Sanctions., with citation guidance and answers to common questions.
§ 10-3-1509. Sanctions.
Any insurer failing, without just cause, to timely file the ORSA summary report as required in this part 15 shall, after notice and hearing, pay a penalty of two hundred dollars for each day's delay. The maximum penalty under this section is twenty-five thousand dollars. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Source: L. 2016: Entire part added, (SB 16-029), ch. 32, p. 78, § 2, effective March 18.
Frequently Asked Questions About Colorado § 10-3-1509
What does Colorado Revised Statutes § 10-3-1509 cover?
Section 10-3-1509 ("Sanctions.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 10-3-1509?
A common citation format is "Colorado Revised Statutes § 10-3-1509" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 10-3-1509 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.