Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING CLARIFYING THAT PERSONS WHOSE BUSINESS CONSISTS PRIMARILY OF RENTING MOTOR VEHICLES FOR TRANSPORTATION PURPOSES NEED NOT BE LICENSED UNDER STATUTES GOVERNING LICENSURE OF PERSONS TRANSACTING INSURANCE BUSINESS.

Summary of Assessment

             The provisions of this bill would exempt officers or employees of a motor vehicle rental company that offers insurance coverage in connection with, and incidental to, the rental of motor vehicles under motor vehicle rental agreements from the definition of insurance producer subject to the regulation of the Division of Insurance, Department of Regulatory Agencies. The bill would become effective upon signature of the Governor.

            The licensing of insurance producers is done under contract with Assessment Services Inc. (ASI). The provisions of this bill would clarify current practice of not licensing these individuals. The bill would not affect the workload, expenditures, or revenues of the Division of Insurance, or have any affect on any other agency of the state, or unit of local government. Therefore, this bill is assessed as having no fiscal impact.

Departments Contacted

            Regulatory Agencies