Carleton, Inc.
Consumer Lending Software

State Law Changes

 

COLORADO

The Department of Regulatory Agencies Division of Insurance has amended Regulation 4-9-2

(3 CCR 702-4) addressing prima facie credit insurance rates effective February 1, 2016.  The credit life rates will increase from the current prima facie while A&H rates will remain unchanged.

The prima facie life and A&H rates do not apply to credit union accounts.  It is our understanding that prima facie rates are not published for credit union business.

New Rates Effective Feb. 1, 2016:

 

Single Premium Gross Life Only rates:

Single Decreasing Life (SDL)                         $.44/$100/yr     

Single Level Life (SLL)                                  $.82/$100/yr                                                  

Joint Decreasing Life (JDL)                            $.726/$100/yr    165% of single rate                        

Joint Level Life (JLL)                                     $1.353/$100/yr  165% of single rate

Single Premium Net Payoff and MOB Life coverage Rates:

Single Life                                                      $.68/$1000/mo                

Joint Life                                                        $1.122/$1000/mo  165% of single

Single Premium IUI Rates:

30 Day Retroactive 6 Month Benefit

  Without Family Leave                                   $3.34/$100/yr                   

  With Family Leave                                        $3.54/$100/yr                   

MOB Premium IUI Rates:

30 Day Retroactive 6 Month Benefit

Without Family Leave                        $2.78 per $1,000 of remaining principal balance                 

With Family Leave                             $2.95 per $1,000 of remaining principal balance                 

Without Family Leave                        $2.42 per $1,000 of remaining payments                              

With Family Leave                             $2.57 per $1,000 of remaining payments                               

Posted on Jan 16, 2016