Assessment Information
- When are assessments due?
Assessments are due within 30 days of request.
+ Are there penalties if the assessment is not paid in a timely manner?
Yes. As outlined in C.R.S. 10-4-1810, the Commissioner of Insurance may suspend or revoke the certificate of authority to transact insurance business in this state of any member insurer that fails to timely pay a fee or to comply with the plan of operation. As an alternative to suspension or revocation of a certificate of authority, the Commissioner may impose a fine on any member insurer that fails to timely pay a fee or to comply with the plan of operation. The fine must be the greater of (a) the amount of the fee plus interest and the Commissioner's cost of enforcement; or (b) five thousand dollars.
+ Where are assessment checks to be mailed?
Please mail all assessment checks to: Colorado FAIR Plan P.O. Box 436563 Louisville, KY 40253
+ How can Member Companies inquire about their assessment?
+ What is included in the initial assessment of Member Companies?
The Colorado FAIR Plan Association Board determined that the initial assessment would include the approved operational administrative budgets for the Plan for the remainder of 2024, as well as for 2025. Your company's Assessment Letter will break down both years separately. The approved 2024 administrative budget is $3,500,504 and the approved 2025 administrative budget is $2,281,504. Your company is being assessed based upon its market shares from 2020, 2021 and 2022 subject to C.R.S. 10-4-1807(2)(h). This initial assessment does not include funds for anticipated losses. Once actuarial studies have been completed, a secondary assessment will take place.
