Colorado § 10-4-111 - Summary disclosure forms required.

§ 10-4-111. Summary disclosure forms required.

(1) Every insurer issuing policies of dwelling fire insurance, homeowner's insurance, or automobile insurance subject to the provisions of part 6 of this article shall, as a condition of doing business in this state, have on file for public inspection at the division a summary disclosure form that contains a simple explanation of the major coverages and exclusions of such policies of insurance together with a recitation of general factors considered in cancellation, nonrenewal, and increase in premium situations. Each summary disclosure form shall provide notice in bold face letters that the policyholder should read the policy for complete details, and such disclosure form shall not be construed to replace any provision of the policy itself. In the event of any conflict between the policy and the disclosure form, the provisions of the policy shall prevail.

(2) Every insurer shall update disclosure forms periodically subject to changes in major coverages and exclusions of such policies of insurance and changes in factors considered in cancellation, nonrenewal, and increase in premium situations.

(3) Every insurer or its designated agent shall furnish the required disclosure form to:

(a) Applicants for insurance coverage at the time of the initial insurance purchase;

(b) Policyholders of any renewal policy when there are changes in major coverages and exclusions or changes in factors considered in cancellation, nonrenewal, and increase in premium situations; and

(c) Homeowner's insurance policyholders at least annually.

(4) Any insurer who violates the provisions of subsection (1) of this section shall be deemed to have engaged in unfair or deceptive acts or practices prohibited by section 10-3-1104 (1)(a)(I) and shall be subject to the penalties provided in section 10-3-1108 and 10-3-1109.

(5) In addition to the disclosure requirements in this section, every insurer or producer who issues automobile insurance policies pursuant to part 6 of this article shall comply with the disclosure requirements in section 10-4-636.

Source: L. 79: Entire section added, p. 360, § 6, effective July 1. L. 92: Entire section amended, p. 1557, § 55, effective May 20. L. 2006: (1) amended, p. 1490, § 11, effective June 1; (1) amended and (5) added, p. 37, § 1, effective January 1, 2007. L. 2013: (3) amended, (HB 13-1225), ch. 183, p. 675, § 3, effective January 1, 2014.

Editor's note: Amendments to subsection (1) by House Bill 06-1391 and House Bill 06-1030 were harmonized.

Cross references: In 2013, subsection (3) was amended by the "Homeowner's Insurance Reform Act of 2013". For the short title, see section 1 of chapter 183, Session Laws of Colorado 2013.

ANNOTATION

Homeowners' policy, which excluded coverage for intentional conduct of "any insured", did not provide coverage for property damage intentionally caused by the insureds' minor son, where policy defined "insured" to include son. Chacon v. Am. Family Mut. Ins. Co., 762 P.2d 732 (Colo. App. 1988).