The commissioner shall have power to examine and investigate into the affairs of every person engaged in the business of insurance in this state in order to determine whether such person has been or is engaged in any unfair method of competition or in any unfair or deceptive act or practice prohibited by this part 11.
Source: L. 73: R&RE, p. 861, § 1. C.R.S. 1963: § 72-14-6.
ANNOTATION
Annotator's note. Since § 10-3-1106 is similar to repealed § 72-15-5, CRS 53, a relevant case construing that provision has been included in the annotations to this section.
No provision is made for initiation of suit before commissioner. This article makes no provisions for unfair competition suits to be initiated before the Colorado commissioner of insurance. Atlantic & Pac. Ins. Co. v. Combined Ins. Co. of Am., 312 F.2d 513 (10th Cir. 1962).
Federal district courts still have unfair competition jurisdiction. This section does not remove unfair competition suits involving insurance companies from the jurisdiction of federal district courts in Colorado. Atlantic & Pac. Ins. Co. v. Combined Ins. Co. of Am., 312 F.2d 513 (10th Cir. 1962).
Applied in Farmers Grp., Inc. v. Trimble, 658 P.2d 1370 (Colo. App. 1982), aff'd, 691 P.2d 1138 (Colo. 1984).