Title 10, Insurance
0 chapters · 1,354 sections in this title.
Colo. Rev. Stat. § 10-15-101 Legislative declaration
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The general assembly declares that the business of selling preneed contracts whereby the seller agrees to provide final disposition or funeral merchandise or services in the future or for future use is affected with a public interest, and the preservation of the safety and welfar…
Colo. Rev. Stat. § 10-15-102 Definitions
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As used in this article 15, unless the context otherwise requires: (1) Broker means any contract seller who must utilize the services of a general provider to fulfill the terms of a preneed contract. (1.5) Cash advances means consideration which can be used at the time of need at…
Colo. Rev. Stat. § 10-15-103 License procedure - records - examination of records - definition - rules
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(1) (a) A contract seller shall not enter into a preneed contract or accept any funds or other consideration without a license from the commissioner. To be valid, an application for an initial license must be in writing, signed by the applicant, and duly verified on forms furnish…
Colo. Rev. Stat. § 10-15-103.5 Scope of article - exemptions
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(1) This article does not apply to a person providing a developed final resting place within a designated cemetery approved for the interment, entombment, or inurnment of human remains. (2) (a) A person providing an undeveloped final resting place is exempt from this article if t…
Colo. Rev. Stat. § 10-15-104 Annual report
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Each contract seller shall file with the commissioner a report, on a calendar year basis, on a form provided by the commissioner. In the report, each contract seller that is required to deposit funds with a trustee shall state the name of each trustee where trust funds are on dep…
Colo. Rev. Stat. § 10-15-105 Contract requirements - refund - full performance
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(1) (a) The preneed contract shall bind the contract seller, or the heirs, assigns, or duly authorized representatives of the contract seller, to provide the services or merchandise contained in the preneed contract. (b) (I) The contract seller shall certify pursuant to subparagr…
Colo. Rev. Stat. § 10-15-106 Preexisting contracts
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This article shall not be construed so as to impair or affect the obligation of any preexisting lawful contract. Source: L. 95: Entire article R&RE, p. 1041, � 1, effective May 25. Editor's note: This section is similar to former � 10-15-106 as it existed prior to 1995.
Colo. Rev. Stat. § 10-15-107 Deposit of funds with trustee
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(1) If a contract seller enters into a preneed contract in which the consideration is funds, the contract seller shall deposit not less than seventy-five percent of the total preneed contract price with a trustee. The contract seller shall deposit all funds in excess of twenty-fi…
Colo. Rev. Stat. § 10-15-108 Standard for investments by trustees
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(1) Savings and loan associations acting as trustees under the terms of this article shall invest trust funds as otherwise authorized under the laws of this state relating to the investment of funds by savings and loan associations and the federal law governing such investments, …
Colo. Rev. Stat. § 10-15-109 Disbursements - excess trust assets
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At reasonable times, and unless the trustee is notified by the commissioner that the preneed seller is in violation of the provisions of this article or by the contract seller not to disburse trust assets, the trustee shall disburse excess trust assets to the contract seller in a…
Colo. Rev. Stat. § 10-15-110 Discharge of preneed contract - disbursements by trustees
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(1) Before disbursing any trust assets to discharge a preneed contract, the trustee shall determine that the amount of assets to be released does not exceed the funds trusted. (2) If a preneed contract is canceled by the contract buyer or the contract buyer's heirs, assigns, or d…
Colo. Rev. Stat. § 10-15-111 Insurance-funded preneed contracts
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(1) If a contract seller enters into a preneed contract in which the consideration is the assignment of life insurance benefits, such preneed contract shall state that all or part of such assigned funds shall be paid to the contract seller to pay for the services or merchandise, …
Colo. Rev. Stat. § 10-15-111.5 Change of ownership - rules
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(1) (a) A sale of an existing preneed contract that changes who provides funeral goods and services is void unless approved by the commissioner under this section. To transfer ownership, the contract seller must report a pending sale of the preneed contract to the commissioner in…
Colo. Rev. Stat. § 10-15-111.7 Disposition of unclaimed preneed funeral contracts - unclaimed property trust fund
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(1) Notwithstanding the failure of a preneed contract for funeral services beneficiary’s heirs, assigns, or duly authorized representative to cancel a preneed contract for funeral services within one hundred sixty-eight hours after the death of the preneed contract beneficiary, e…
Colo. Rev. Stat. § 10-15-112 Rules
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The commissioner may, after notice and hearing as provided in article 4 of title 24, C.R.S., promulgate such rules as may be reasonably necessary for the effective administration of and not inconsistent with the provisions of this article. Source: L. 95: Entire article R&RE, p. 1…
Colo. Rev. Stat. § 10-15-113 Applicability of administrative procedure act
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All procedures for the issuance, suspension, or revocation of licenses shall be pursuant to sections 24-4-104 to 24-4-107, C.R.S., except where inconsistent with the provisions of this article. Any final action with respect to the issuance, suspension, or revocation of licenses s…
Colo. Rev. Stat. § 10-15-114 Investigations - actions against licensees
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(1) The commissioner may impose an administrative fine not to exceed one thousand dollars for each separate offense; may issue a letter of admonition; may place a contract seller on probation under the commissioner's close supervision on such terms and for such time as the commis…
Colo. Rev. Stat. § 10-15-115 Injunctions - cease-and-desist orders
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(1) Whenever the commissioner has reasonable cause to believe that any person is violating any provision of this article or any rule or order promulgated pursuant to this article, the commissioner may: (a) In the name of the people of the state of Colorado, through the attorney g…
Colo. Rev. Stat. § 10-15-116 Surrender of license
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(1) A contract seller may surrender a license by: (a) Filing written notice with the commissioner; (b) Submitting a list of all outstanding preneed contracts, including the name of the contract buyer, the method of funding for the preneed contract, the preneed contract price, the…
Colo. Rev. Stat. § 10-15-117 Reinstatement of license
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The commissioner may reinstate a suspended license or issue a new license to a person whose license has been revoked if no fact or condition then exists which clearly would have justified the commissioner in refusing originally to issue such license and the violations of this art…
Colo. Rev. Stat. § 10-15-118 Violation
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(1) Any person who violates any provision of this article 15 commits a class 2 misdemeanor and shall be punished as provided in section 18-1.3-501. Any person who violates the trust fund provisions of this article 15 or any other misappropriation of funds commits theft pursuant t…
Colo. Rev. Stat. § 10-15-119 Immunity from prosecution
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(1) If any person asks to be excused from attending and testifying or from producing any books, papers, records, correspondence, or other documents at any hearing on the ground that the testimony or evidence required of the person may tend to incriminate the person or subject the…
Colo. Rev. Stat. § 10-15-120 Rule against perpetuities inapplicable
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No trust created pursuant to the provisions of this article, nor any interest therein, shall be deemed to be invalid by any existing law or rule against perpetuities or accumulations or suspension of the power of alienation and such trust and any interest therein may continue for…
Colo. Rev. Stat. § 10-15-121 Other insurance laws applicable
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In addition to the provisions of this article, the provisions of article 1 of this title and parts 9 and 11 of article 3 of this title, except as they are inconsistent with the provisions or purposes of this article, shall apply to any person regulated pursuant to this article. S…
Colo. Rev. Stat. § 10-15-122 Study of contract sellers - report - repeal. (Repealed)
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Source: L. 2017: Entire section added, (SB 17-249), ch. 283, p. 1544, � 5, effective June 1. Editor's note: Subsection (2) provided for the repeal of this section, effective September 1, 2018. (See L. 2017, p. 1544.)
Colo. Rev. Stat. § 10-15-123 Repeal of article
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This article 15 is repealed, effective September 1, 2029. Before the repeal, the department of regulatory agencies shall review the regulation of preneed funeral contracts in accordance with section 24-34-104. Source: L. 2017: Entire section added, (SB 17-249), ch. 283, p. 1544, …