(1) Except as otherwise provided in subsection (2) of this section, any captive insurance company authorized to do business in this state may take credit for reserves on risks ceded to a reinsurer pursuant to part 7 of article 3 of this title and any applicable rules.
(2) Notwithstanding the provisions of subsection (1) of this section, any captive insurance company may cede risks to a reinsurer not meeting the standards of said subsection (1) and may take reserve credits if the captive insurance company receives prior written approval from the commissioner.
Source: L. 72: p. 436, � 1. C.R.S. 1963: � 72-36-22. L. 94: Entire section R&RE, p. 549, � 13, effective April 6. L. 2014: (1) amended, (HB 14-1315), ch. 295, p. 1218, � 6, effective January 1, 2015.
Cross references: For reinsurance generally, see � 10-3-701.
10-6-123. Filing of policy provisions - no requirement of filing for pure captive insurance companies. (Repealed)
Source: L. 72: p. 437, � 1. C.R.S. 1963: � 72-36-23. L. 87: (1) amended and (2) and (3) repealed, pp. 438, 439, �� 8, 10, effective May 22. L. 89: (4) added, p. 467, � 13, effective April 15. L. 94: Entire section repealed, p. 554, � 20, effective April 6.