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The Division of Insurance (DOI) is holding a Stakeholder meeting concerning Bulletin B-5.1, Calculation of actual cash value: Prohibition against deducting contractors' overhead and profit from replacement cost where repairs are not made.
In preparation for this meeting attendees should know the following:
- The Division has determined that it will not be repealing this Bulletin.
- The reasons the Division considered repealing this Bulletin were as follows:
- A widespread misunderstanding of the Division's position on Overhead and Profit (O&P) contained in the bulletin and the limits to the Division’s authority concerning O&P; and,
- Many complaints are filed with the Division alleging insurers wrongfully deny O&P and use the Bulletin to support their contention that O&P must be paid.
- Through this stakeholder meeting the the Division is seeking input from interested participants on how best to revise the Bulletin to clarify any ambiguity concerning the Division's limited authority regarding O&P and to address the number of complaints received by the Division related to O&P.
The public stakeholder meeting will be held on May 21st, 2019, from 10:30 AM - 12 PM, at the Division of Insurance offices.
Colorado Division of Insurance
1560 Broadway, Suite 110 D
Denver CO 80202
The public is welcome and invited to attend.
Please do not reply to this email as your response will not be read or forwarded.
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