When must a producer report a felony conviction to the Colorado Division of Insurance?

When must a producer report a felony conviction to the Colorado Division of Insurance?

• A. Within 15 days of the conviction
• B. Within 30 days of the conviction
• C. Within 60 days of the conviction
• D. Within 90 days of the conviction

Answer: (B)

A producer is required to report a felony conviction to the Colorado Division of Insurance within 30 days of the conviction. This requirement is in place to ensure that the regulatory body is kept informed about the legal standings of insurance producers, as felony convictions can impact an individual's ability to maintain their license and engage in insurance activities. Timely reporting allows the Colorado Division of Insurance to assess the circumstances of the conviction and make informed decisions regarding the producer's licensure status. This regulation underscores the importance of accountability and transparency in the insurance profession, as such convictions may raise concerns about a producer's trustworthiness or competence in handling sensitive insurance matters.

A producer is required to report a felony conviction to the Colorado Division of Insurance within 30 days of the conviction. This requirement is in place to ensure that the regulatory body is kept informed about the legal standings of insurance producers, as felony convictions can impact an individual's ability to maintain their license and engage in insurance activities. Timely reporting allows the Colorado Division of Insurance to assess the circumstances of the conviction and make informed decisions regarding the producer's licensure status. This regulation underscores the importance of accountability and transparency in the insurance profession, as such convictions may raise concerns about a producer's trustworthiness or competence in handling sensitive insurance matters.