What must an insurance producer in Colorado do if they have a prior conviction for a crime?

An insurance producer in Colorado is required to report any prior convictions for a crime to the Colorado Division of Insurance. This reporting requirement is in place to maintain transparency and integrity within the insurance industry. The goal is to ensure that all insurance producers meet the standards of good moral character as mandated by state regulations. Failing to disclose such convictions could lead to disciplinary actions, including the possibility of losing the license to operate as an insurance producer.

In this context, while informing an employer might be a responsible action, it does not fulfill the legal obligation to report to the state regulatory authority. Retaining a license without any obligations would not apply, as prior convictions could impact one's eligibility to hold a license. Therefore, reporting to the Colorado Division of Insurance is not only the correct action but a necessary step to comply with state law regarding licensing and ethical conduct in the insurance profession.