Title 10, Insurance
0 chapters · 1,354 sections in this title.
Colo. Rev. Stat. § 10-20-101 Short title
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The short title of this article 20 is the Life and Health Insurance Protection Association Act. Source: L. 91: Entire article added, p. 1256, � 1, effective July 1. L. 2023: Entire section amended, (HB 23-1303), ch. 195, p. 978, � 2, effective May 15.
Colo. Rev. Stat. § 10-20-102 Legislative declaration
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(1) The general assembly finds and declares that the purpose of this article 20 is to protect, subject to certain limitations, the persons specified in section 10-20-104 (1) against failure by member insurers in the performance of their contractual obligations under life insuranc…
Colo. Rev. Stat. § 10-20-103 Definitions
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As used in this article 20, unless the context otherwise requires: (1) Account means any of the three accounts created pursuant to section 10-20-106. (2) Association means the life and health insurance protection association as established by this article. (2.5) Authorized assess…
Colo. Rev. Stat. § 10-20-104 Coverage and limitations - coordination of benefits
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(1) This article 20 provides coverage for the policies and contracts specified in subsection (2) of this section and to persons: (a) Who are owners of, certificate holders under, or enrollees in such policies or contracts, other than structured settlement annuities, and who: (I) …
Colo. Rev. Stat. § 10-20-105 Construction
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This article shall be construed to effect the purpose set forth in section 10-20-102, which shall constitute an aid and guide to interpretation. Source: L. 91: Entire article added, p. 1261, � 1, effective July 1.
Colo. Rev. Stat. § 10-20-106 Creation of the association
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(1) There is hereby created a private nonprofit legal entity to be known as the life and health insurance protection association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance or health maintenance organ…
Colo. Rev. Stat. § 10-20-107 Board of directors
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(1) The board of directors of the association consists of no fewer than seven nor more than eleven member insurers serving terms as established in the plan of operation. Member insurers shall select members of the board, subject to the approval of the commissioner. If a vacancy o…
Colo. Rev. Stat. § 10-20-108 Powers and duties of the association
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(1) If a member insurer is an impaired insurer, the association may, in its discretion and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer and that are approved by the commissioner: (a) Guarantee, assume,…
Colo. Rev. Stat. § 10-20-109 Assessments
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(1) For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board shall assess each member insurer separately for each account at such time and for such amounts as the board finds necessary. Assessments shall be due not less tha…
Colo. Rev. Stat. § 10-20-110 Plan of operation - rules
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(1) (a) The association shall maintain a plan of operation to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments thereto shall be submitted to the commissioner and be effective upon the commissioner's written app…
Colo. Rev. Stat. § 10-20-111 Powers and duties of the commissioner
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(1) In addition to any other powers and duties specified in this article 20, the commissioner shall: (a) Upon request of the board, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer; (b) Notify the board of t…
Colo. Rev. Stat. § 10-20-112 Prevention of insolvencies
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(1) To aid in the detection and prevention of member insurer insolvencies, it is the duty of the commissioner: (a) To notify the commissioners of all the other states, territories of the United States, and the District of Columbia when action is taken in any of the following matt…
Colo. Rev. Stat. § 10-20-113 Credits for assessments paid - tax offsets
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(1) (a) A member insurer may offset against its premium tax liability to this state that amount of its class B assessment described in section 10-20-109 that was assessed for the association's life and annuity accounts pursuant to section 10-20-106 to the extent of twenty percent…
Colo. Rev. Stat. § 10-20-114 Miscellaneous provisions - definition
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(1) Nothing in this article 20 reduces the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. (2) The association must keep records of all meetings of the board to discuss the activities of the as…
Colo. Rev. Stat. § 10-20-115 Examination of the association - annual report
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The association shall be subject to examination and regulation by the commissioner. The board shall submit to the commissioner each year, not later than one hundred twenty days after the close of the fiscal year of the association, a financial report in a form approved by the com…
Colo. Rev. Stat. § 10-20-116 Tax exemptions
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The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real and personal property. Source: L. 91: Entire article added, p. 1280, � 1, effective July 1.
Colo. Rev. Stat. § 10-20-117 Immunity
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There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, its agents, or its employees, the association, its agents, or its employees, members of the board or the commissioner or his representatives for any action or o…
Colo. Rev. Stat. § 10-20-118 Stay of proceedings - reopening default judgments
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All proceedings in which the impaired or insolvent insurer is a party in any court in this state shall be stayed for one hundred eighty days after the date an order of conservation, rehabilitation, or liquidation is final to permit proper legal action by the association on any ma…
Colo. Rev. Stat. § 10-20-119 Prohibited advertisement of association article in insurance sales - notice to owners, certificate holders, and enrollees
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(1) A person, including a member insurer and any agent or affiliate of a member insurer, shall not make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly to be made, published, disseminated, circulated, or placed before the public, in a…
Colo. Rev. Stat. § 10-20-120 Prospective application
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This article 20, as amended, does not apply to any member insurer that is declared insolvent on or before May 15, 2023. Source: L. 91: Entire article added, p. 1282, � 1, effective July 1. L. 2023: Entire section amended, (HB 23-1303), ch. 195, p. 996, � 16, effective May 15. HEA…