As used in this title 10, unless the context otherwise requires:
(1) Actuary means a person designated by the commissioner as a qualified actuary based on requirements set forth in rules promulgated by the commissioner.
(2) Admitted assets includes the investments that are admitted assets of a domestic company under parts 1 and 2 of article 3 and part 4 of article 7 of this title and, in addition thereto, includes:
(a) Those assets defined as admitted by nationally recognized insurance statutory accounting principles; and
(b) Other assets deemed by the commissioner to be available for the payment of losses and claims, at values to be determined by the commissioner.
(3) Admitted company or authorized company designates companies duly qualified and licensed to transact business in this state, under the provisions of this title. Nonadmitted companies or unauthorized companies designates companies not licensed to transact business in this state, under the provisions of this title (except article 15) and article 14 of title 24, C.R.S.
(3.5) Bail insurance company means an insurer engaged in the business of writing bail bonds through bonding agents and subject to regulation by the division.
(3.7) Bail recovery means actions taken by a person other than a peace officer to apprehend an individual or take an individual into custody because of the individual's failure to comply with bail conditions.
(4) Charitable gift annuity means an annuity that:
(a) Meets the definition and standards contained in section 501 (m)(5) of the federal Internal Revenue Code of 1986, as amended;
(b) Contains on its face the following statement: This annuity is not issued by an insurance company nor regulated by the Colorado division of insurance and is not protected by any state guaranty fund or protective association.
(c) Is issued or guaranteed by an organization that at all times during the three years preceding the date of the issuance of such annuity:
(I) Was qualified to receive contributions described in section 170 (c) of the federal Internal Revenue Code of 1986, as amended; and
(II) If required as a condition of such qualification by provisions of the federal Internal Revenue Code of 1986, as amended, was in receipt of notification from the federal internal revenue service that such organization was so qualified.
(5) Commissioner or insurance commissioner means the commissioner of insurance.
(6) (a) Company, corporation, insurance company, or insurance corporation includes all corporations, associations, partnerships, or individuals engaged as insurers in the business of insurance, including the attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange, or suretyship except fraternal or benevolent orders and societies.
(b) Company, corporation, insurance company, or insurance corporation does not include health maintenance organizations unless the specific provision of law by its terms applies to health maintenance organizations.
(c) For the purposes of a company, corporation, or insurance company, a reciprocal insurer shall be considered a single economic entity.
(6.5) Disqualified insurance company means a company licensed as a captive insurance company under the laws of this state or the laws of another jurisdiction with gross receipts for the taxable year that consist fifty percent or less of premiums from arrangements that constitute insurance for federal income tax purposes.
(7) Division means the division of insurance.
(8) Domestic designates those companies incorporated or formed in this state.
(9) Foreign, when used without limitation, includes all those companies formed by authority of any other state or government.
(10) Institution means any entity including, but not limited to, a corporation, a joint-stock company, a limited liability company, an association, a bank, a trust, a partnership, a joint venture, a special district, a government, or a quasi-governmental agency.
(11) Insurable interest in property means every interest in property or any relation thereto, or liability in respect thereof, of such a nature that a contemplated peril might directly damnify the insured.
(12) Insurance means a contract whereby one, for consideration, undertakes to indemnify another or to pay a specified or ascertainable amount or benefit upon determinable risk contingencies, and includes annuities.
(13) Insurer means every person engaged as principal, indemnitor, surety, or contractor in the business of making contracts of insurance.
(14) Motor vehicle rental agreement means an agreement for the rental of a motor vehicle for transportation purposes, for a period of no more than ninety days, in return for a fee that is calculated on a daily, weekly, or monthly basis.
(15) Motor vehicle rental company means an entity that is in the business of renting, pursuant to motor vehicle rental agreements, motor vehicles that do not come within the definition of a commercial motor vehicle as set forth in section 42-2-402 (4), C.R.S.
(16) Nonadmitted assets includes, but is not limited to, those assets defined as nonadmitted by nationally recognized insurance statutory accounting principles. Nonadmitted assets shall not be taken into account in determining the financial condition of a company.
(17) (a) Qualified United States financial institution means an institution that is:
(I) Organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof; and
(II) Regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks, trust companies, or savings and loan associations.
(b) If any qualified United States financial institution issues letters of credit, such institution shall have been determined by either the commissioner or the securities valuation office of the national association of insurance commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.
(c) If any qualified United States financial institution operates a trust, such institution shall be eligible to operate as a fiduciary of a trust and shall have been granted authority to operate with fiduciary powers.
(18) Real estate and real property include fee simple and leasehold estates therein.
(19) Transact as applied to insurance means and includes any of the following:
(a) Solicitation and inducement;
(b) Negotiations preliminary to effectuation of a contract of insurance;
(c) Execution of a contract of insurance;
(d) Transaction of matters subsequent to effectuation of a contract of insurance and arising out of the contract obligations.
Source: L. 2003: Entire article RC&RE, p. 587, � 1, effective July 1. L. 2004: (3) amended, p. 897, � 5, effective May 21. L. 2012: (3) amended and (3.5) and (3.7) added, (HB 12-1266), ch. 280, p. 1491, � 1, effective July 1. L. 2021: IP amended and (6.5) added, (HB 21-1311), ch. 298, p. 1785, � 11, effective June 23.
Editor's note: This section is similar to former � 10-1-102 as it existed prior to 2002.
Cross references: For the legislative declaration in HB 21-1311, see section 1 of chapter 298, Session Laws of Colorado 2021.
10-1-103. Division of insurance - division of insurance cash fund created - division subject to repeal - repeal of functions. (1) There is established a division of insurance in the department of regulatory agencies. The division of insurance is a type 1 entity, as defined in section 24-1-105. This division is charged with the execution of the laws relating to insurance and has a supervising authority over the business of insurance in this state. Offices of the division of insurance must be provided in the capitol buildings group at Denver, Colorado. Whenever any law of this state refers to the insurance department of the state of Colorado, the law shall be construed as referring to the division of insurance.
(2) The commissioner of insurance, before incurring any expense for his or her office and the maintenance thereof, exclusive of salaries and wages, shall make requisition therefor upon and receive the approval of the executive director of the department of personnel as required by law.
(3) (a) (I) All direct and indirect expenditures of the division are paid from the division of insurance cash fund, which is hereby created in the state treasury.
(II) All fees collected under sections 8-44-204 (7), 8-44-205 (6), 10-2-413, 10-3-108, 10-3-207, 10-3.5-104, 10-3.5-107, 10-12-106, 10-15-103, 10-16-110 (1) and (2), 10-16-111 (1), 10-16-122.1 (2.5), 10-23-102, 10-23-104, 24-10-115.5 (5), and 29-13-102 (5), not including fees retained under contracts entered into in accordance with section 10-2-402 (5) or 24-34-101, and all taxes collected under section 10-3-209 (4) designated for the division of insurance, are transmitted to the state treasurer, who shall credit the money to the division of insurance cash fund.
(b) The division shall use all money credited to the division of insurance cash fund as provided in this section and in section 24-48.5-106, subject to annual appropriation by the general assembly, for the purposes authorized in this title 10 and as otherwise authorized by law.
(c) Money in the fund does not revert to the general fund or to any other fund. In accordance with section 24-36-114, all interest derived from the deposit and investment of money in the fund is credited to the general fund.
(3.5) Repealed.
(4) The division of insurance shall adopt a seal with the words commissioner of insurance of the state of Colorado and such other design as the commissioner may prescribe engraved thereon, by which it shall authenticate its proceedings, and of which the courts of this state shall take judicial notice. All copies of papers, certified by the commissioner and sealed with the seal of the division, shall have the same force and validity as the originals thereof in any suit or proceeding in any court in this state.
(5) The office of the division of insurance is a public office. Except as otherwise provided by law, the documents, materials, and information of the office or on file in the office are public records of this state, and information shall be furnished to anyone applying for the information; except that documents, materials, and information provided by the regulatory officials of any state, federal agency, or foreign country and by the national association of insurance commissioners shall be given confidential treatment if such documents, materials, and information are treated as confidential in such other state or foreign country or by such other federal agency or the national association of insurance commissioners. Notwithstanding any provision of this subsection (5) to the contrary, the commissioner or the commissioner's designee may share otherwise confidential documents, materials, and information with regulatory officials of any state, federal agency, or foreign country and with the national association of insurance commissioners if the association or the regulatory official of the other state, federal agency, or foreign country agrees and has the legal authority to maintain the same level of confidentiality as applies to the documents, materials, and information under Colorado law.
(6) (a) The provisions of section 24-34-104, C.R.S., concerning the termination schedule for regulatory bodies of this state, unless extended as provided in that section, are applicable to the division of insurance created by this section.
(b) (I) (A) Repealed.
(B) (Deleted by amendment, L. 2006, p. 75, � 1, effective March 27, 2006.)
(B.5) and (C) (Deleted by amendment, L. 2010, (HB 10-1220), ch. 197, p. 849, � 1, effective July 1, 2010.)
(D) Except as otherwise provided in section 24-34-104 (31)(a)(I), the functions of the division of insurance are repealed, effective September 1, 2030, pursuant to this section and section 24-34-104.
(E) (Deleted by amendment, L. 2010, (HB 10-1220), ch. 197, p. 849, � 1, effective July 1, 2010.)
(II) Prior to such repeal, the division of insurance shall be reviewed as provided for in section 24-34-104, C.R.S.
Source: L. 2003: Entire article RC&RE, p. 590, � 1, effective July 1. L. 2004: (3) amended, p. 1253, � 2, effective May 27. L. 2005: (6) amended, p. 761, � 11, effective June 1. L. 2006: (6)(b)(I)(B) and (6)(b)(I)(D) amended and (6)(b)(I)(B.5) and (6)(b)(I)(E) added, p. 75, � 1, effective March 27; (5) amended, p. 959, � 2, effective January 1, 2007. L. 2007: (6)(b)(I)(B.5) amended, p. 339, � 1, effective July 1. L. 2008: (6)(b)(I)(C) amended, p. 209, � 1, effective March 26. L. 2010: (6)(b)(I)(A), (6)(b)(I)(B.5), (6)(b)(I)(C), (6)(b)(I)(D), and (6)(b)(I)(E) amended, (HB 10-1220), ch. 197, p. 849, � 1, effective July 1. L. 2012: (3) and (6)(b)(I)(D) amended and (6)(b)(I)(A) repealed, (HB 12-1266), ch. 280, p. 1491, � 2, effective July 1. L. 2016: (6)(b)(I)(D) amended, (HB 16-1192), ch. 83, p. 232, � 5, effective April 14. L. 2017: (6)(b)(I)(D) amended, (SB 17-249), ch. 283, p. 1544, � 2, effective June 1; (5) amended, (HB 17-1231), ch. 284, p. 1575, � 14, effective January 1, 2018. L. 2020: (3.5) added, (HB 20-1406), ch. 178, p. 811, � 5, effective June 29. L. 2021: (3.5) repealed, (SB 21-266), ch. 423, p. 2795, � 7, effective July 2. L. 2022: (1) amended, (SB 22-162), ch. 469, p. 3390, � 101, effective August 10. L. 2023: (3) amended, (HB 23-1227), ch. 160, p. 698, � 8, effective August 7.
Editor's note: This section is similar to former � 10-1-103 as it existed prior to 2002.
Cross references: (1) For the legislative declaration contained in the 2006 act amending subsection (5), see section 1 of chapter 211, Session Laws of Colorado 2006.
(2) For the short title (the Debbie Haskins 'Administrative Organization Act of 1968' Modernization Act) in SB 22-162, see section 1 of chapter 469, Session Laws of Colorado 2022.