(1) In the event that a contract procured or placed by a Colorado surplus line broker is on a claims-made or other nonoccurrence policy form, the broker or the nonadmitted insurer shall stamp on the face of the policy a clear disclosure, as prescribed by the commissioner, which shall be in predominate type.
(2) The disclosure requirement in subsection (1) of this section shall not apply to transactions with exempt commercial policyholders as defined by section 10-4-1402 and the rules adopted by the commissioner pursuant to such section.
Source: L. 87: Entire section added, p. 434, § 9, effective May 1. L. 92: Entire section amended, p. 1494, § 22, effective July 1. L. 95: Entire section amended, p. 497, § 18, effective May 16. L. 2005: Entire section amended, p. 736, § 5, effective January 1, 2006.