An insurer offering personal lines of property and casualty insurance shall offer each policyholder the option to pay his or her insurance premiums monthly and to make premium payments by automatic electronic transfer. The insurer shall not be required to offer such payment options if an applicant or policyholder has previously made one or more premium payments that were dishonored because the account closed, the account had insufficient funds, or for any other similar reason for nonpayment.
Source: L. 2005: Entire section added, p. 345, § 1, effective December 31.
Structure Colorado Code
Article 4 - Property and Casualty Insurance
§ 10-4-101. Legislative Declaration
§ 10-4-103. Voluntary Partial Payment of Liability Claims Without Admission of Liability
§ 10-4-104. Competency of Minor to Contract for Insurance - Nonavoidance
§ 10-4-105. Valuation of Bonds and Policies Other Than Life
§ 10-4-107. Cancellation of Medical Malpractice Policies
§ 10-4-109. Nonrenewal of Medical Malpractice Policies
§ 10-4-109.7. Notice of Intent Prior to Cancellation of Certain Policies of Insurance
§ 10-4-110. Notice of Intent Prior to Nonrenewal of Certain Policies of Insurance
§ 10-4-110.3. Exclusions Where Claim Involves Sexual Misconduct - Void
§ 10-4-110.4. Exclusion - Claims Involving Loss in Progress Not Known to Insured
§ 10-4-110.6. Homeowner's Insurance - Definition
§ 10-4-110.7. Cancellation or Nonrenewal - Homeowner's Insurance Policies
§ 10-4-111. Summary Disclosure Forms Required
§ 10-4-112. Property Damage - Time of Payment
§ 10-4-114. Requirements on Hazard Insurance Coverage for Loans Secured by Real Property
§ 10-4-115. Private Utilization Review
§ 10-4-116. Use of Credit Information
§ 10-4-117. Loss History Information Report - Notice to Insured - Definition
§ 10-4-119. Monthly and Electronic Payment of Premiums
§ 10-4-120. Unfair or Discriminatory Trade Practices - Legislative Declaration
§ 10-4-121. Authority of Insurer to Protect Policyholders' Property - Emergency