Title 10, Insurance
0 chapters · 1,354 sections in this title.
Colo. Rev. Stat. § 10-12-101 Mutual protective associations
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(1) One hundred or more persons, desiring to form and be members of a mutual protective association, are authorized to and may insure each other against loss or damage by any peril or perils resulting in physical loss or damage to property, including theft of personal property, s…
Colo. Rev. Stat. § 10-12-102 Association to file articles - bylaws
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After the articles of association have been subscribed and acknowledged in the manner provided for Colorado corporations, a certified copy thereof shall be filed with the commissioner, who shall obtain the approval of the attorney general and otherwise investigate to determine wh…
Colo. Rev. Stat. § 10-12-103 Noncompliance a misdemeanor - penalty
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(1) Upon failure of any association to comply with the provisions of sections 10-12-101 to 10-12-104, whether or not in possession of a valid certificate of authority, the officers and directors jointly and severally are guilty of a misdemeanor and, upon conviction thereof, each …
Colo. Rev. Stat. § 10-12-104 Fees - annual statement - tax
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(1) The association shall pay to the division of insurance the fees as prescribed pursuant to section 10-3-207 (4). (2) (a) Each agent, solicitor, special agent, or salaried representative soliciting business in this state shall be licensed by the division of insurance upon appli…
Colo. Rev. Stat. § 10-12-105 Guaranty fund of mutual companies
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(1) Guaranty fund certificates may be issued to provide a guaranty fund for domestic life and fire insurance companies incorporated upon the mutual plan and for domestic casualty insurance associations incorporated upon the assessment plan, such fund to be held as security for th…
Colo. Rev. Stat. § 10-12-106 Fees of mutual companies
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Mutual and assessment companies, unless otherwise specified in this title (except article 15), and article 14 of title 24, C.R.S., are required to pay the same fees and be under the same supervision and authority of the commissioner as companies that are engaged in the same kind …
Colo. Rev. Stat. § 10-12-107 Ownership of profits
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Every domestic insurance company incorporated upon the mutual or assessment plan shall state clearly in its policies or certificates that the accumulations of profits of such corporations over and above all proper liabilities are the sole property of the members or policyholders …
Colo. Rev. Stat. § 10-12-108 Mutual insurance companies - corporation policyholders
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Any public or private corporation, board, or association in this state or elsewhere may make applications and enter into agreements for and hold policies in any domestic or foreign mutual insurance company. Any officer, stockholder, trustee, or legal representative of any such co…
Colo. Rev. Stat. § 10-12-109 Mutual insurance companies - voting powers
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Every member of the company shall be entitled to one vote or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws. Source: L. 21: p. 465, � 9. C.L. � 2565. CSA: C. 87, � 135. CRS 53: …
Colo. Rev. Stat. § 10-12-110 Mutual insurance companies - premiums and premium deposits
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The policies shall provide for a premium or premium deposit payable in cash and, except as provided in this section, for a contingent premium at least equal to the premium or premium deposit. Such mutual company may issue a policy without a contingent premium while it has a surpl…
Colo. Rev. Stat. § 10-12-111 Mutual life assessment companies prohibited - when
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No life insurance company which is organized under the mutual assessment plan or which issues contracts, the performance of which is contingent upon the payment of assessments or calls made upon its members, shall do business in this state, except such companies authorized on Apr…
Colo. Rev. Stat. § 10-12-112 Validation clause
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All transactions, otherwise lawful and not inconsistent with sections 10-12-108 to 10-12-111, are hereby validated as though done pursuant to said sections. Source: L. 55: p. 458, � 1. CRS 53: � 72-5-12. C.R.S. 1963: � 72-5-12.
Colo. Rev. Stat. § 10-12-401 Legislative declaration
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It is the intent of the general assembly by the enactment of this part 4 that the legal existence and status of mutual insurance companies formed under this part 4 and the members thereof be recognized beyond the limits of this state and that, subject to any reasonable registrati…
Colo. Rev. Stat. § 10-12-402 Scope of provisions
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This part 4 shall apply to all domestic and foreign mutual insurers, including captive insurance companies organized as mutual insurers, transacting or being organized to transact any of the kinds of business for which insurance companies regulated by this title are permitted. So…
Colo. Rev. Stat. § 10-12-403 Mutual insurer defined
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For purposes of this part 4, a mutual insurer is an insurance corporation without capital stock, owned by its policyholders collectively, who have the right to vote in the election of its directors. Source: L. 91: Entire part added, p. 1219, � 1, effective May 24.
Colo. Rev. Stat. § 10-12-404 Company name
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The corporate name of any company organized under this article shall contain the word mutual and shall not be the same as and shall be distinguishable on the records of the secretary of state from the name of any domestic company or of any foreign or alien company authorized to t…
Colo. Rev. Stat. § 10-12-405 Applicability of other code and corporation code provisions
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Domestic mutual insurers, incorporating or qualifying to transact any or all of the classes of insurance designated in section 10-3-102, shall be subject to all provisions of this title generally applicable to other incorporated insurers, specifically including the provisions of …
Colo. Rev. Stat. § 10-12-406 Lines of business
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When permitted by its articles of incorporation, a company may be organized under this part 4 to make insurance to the same extent and for the same purposes as permitted for domestic insurance companies under section 10-3-102 or for captive insurance companies under section 10-6-…
Colo. Rev. Stat. § 10-12-407 Bylaws
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The bylaws shall provide that each policyholder of the company shall be a member of the company and shall be entitled to one or more votes based upon the amount of insurance in force, the number of policies held, or the amount of premium paid, as shall be stated in such bylaws. T…
Colo. Rev. Stat. § 10-12-408 Liability of members
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(1) A member of a mutual insurance company organized under this article is not liable to any other member, to the company, or to any creditor of the company for the payment of losses or expenses of the company beyond payment of premiums for insurance issued to such member, nor ma…
Colo. Rev. Stat. § 10-12-409 Dividends
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(1) The board of directors or trustees of any company which is subject to the provisions of this part 4 and which writes life, accident, or accident and health insurance may declare dividends to its members. (2) After retaining sufficient funds for the payment by the company of a…
Colo. Rev. Stat. § 10-12-410 Insolvency or impairment of mutual insurance company
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A mutual insurance company is deemed insolvent when its admitted assets are less than all of its liabilities, excluding from such liabilities the aggregate amount of its guaranty fund, and is deemed impaired when its admitted assets are less than its liabilities, including as a l…
Colo. Rev. Stat. § 10-12-411 Conversion of domestic mutual insurer to domestic stock or other form of insurer
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(1) Any domestic mutual insurer may submit to the commissioner a petition and plan to convert, without reincorporation, into a domestic stock or other form of insurer pursuant to the requirements of this section. (2) The petition and plan shall set forth with specificity the term…