(1) The commissioner may, after notice and hearing, as provided in article 4 of title 24, C.R.S., promulgate reasonable rules and regulations as are necessary or proper to identify specific methods of competition or acts or practices which are prohibited by sections 10-3-1104 and 10-3-1105.
The commissioner may, after notice and hearing, as provided in article 4 of title 24,C.R.S., promulgate rules with respect to the payment of benefits under group and individual contracts of property or casualty coverage, issued by organizations authorized to do business in this state under the provisions of article 4 of this title; except that, to the extent that a provision of this subsection (2) conflicts with section 10-4-642, as enacted by Senate Bill 04-125, enacted at the second regular session of the sixty-fourth general assembly, the provisions of said section 10-4-642 shall govern. Such rules may establish a penalty payable to the claimant on benefit payments that are delayed more than sixty days after a valid and complete filing of the claim unless there is a reasonable dispute between the parties concerning such claim. Such penalty shall not exceed twenty dollars on claims of less than one hundred dollars or interest at a rate of eight percent annually on claims above one hundred dollars. In addition to such penalties payable to the claimant, the commissioner, after notice and hearing, may assess a civil penalty against any insurer of one hundred dollars per day for each day benefit payments are delayed more than sixty days after a valid and complete filing of the claim unless there is a reasonable dispute between the parties concerning such claim.
(Deleted by amendment, L. 99, p. 1142, § 2, effective January 1, 2000.)
Source: L. 73: R&RE, p. 862, § 1. C.R.S. 1963: § 72-14-10. L. 84: Entire section amended, p. 331, § 2, effective July 1. L. 90: (2) amended, p. 614, § 3, effective April 5. L. 91: (2) amended, p. 1909, § 10, effective June 1. L. 92: (2) amended, p. 1556, § 54, effective May 20; (2) amended, p. 1724, § 6, effective July 1. L. 99: (2) and (3) amended, p. 1142, § 2, effective January 1, 2000. L. 2003: (2) amended, p. 1571, § 5, effective July 1. L. 2004: (2) amended, p. 894, § 2, effective May 21; (2) amended, p. 1102, § 3, effective July 1.
Editor's note: Amendments to subsection (2) by Senate Bill 92-090 and Senate Bill 92104 were harmonized.