Colorado Code
Part 7 - Uniform Power of Attorney Act
§ 15-14-733. Insurance and Annuities

Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 404, § 1, effective April 9.
This section contains a significant change from Section 10 of the Uniform Statutory Form Power of Attorney Act. The default language in the Uniform Statutory Form Power of Attorney Act permitted an agent to designate the beneficiary of an insurance contract. See Unif. Statutory Form Power of Atty. Act § 10(4) (1988). However, under Section 15-14-733 of this Act, an agent does not have authority to "create or change a beneficiary designation" unless that authority is specifically granted to the agent pursuant to Section 15-14-724(1). The authority granted under Paragraph (1)(b) of Section 15-14-733 is more limited, allowing an agent to only "procure new, different, and additional contracts of insurance and annuities for the principal and the principal's spouse, children, and other dependents." A principal who grants authority to an agent under Section 15-14-733 should therefore carefully consider whether a specific grant of authority to create or change beneficiary designations is also desirable.

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