Title 10, Insurance
0 chapters · 1,354 sections in this title.
Colo. Rev. Stat. § 10-3-701 Purpose
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The purpose of this part 7 is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The general assembly hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for thos…
Colo. Rev. Stat. § 10-3-702 Credit allowed to a domestic ceding insurer - rules - definitions
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(1) Credit for reinsurance shall be allowed to a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of subsection (2), (3), (4), (5), (6), (6.5), or (7) of this section. Credit sh…
Colo. Rev. Stat. § 10-3-703 Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 10-3-702
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(1) An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 10-3-702 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The reduction must be in t…
Colo. Rev. Stat. § 10-3-704 Qualified United States financial institutions
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(1) For purposes of section 10-3-703 (1)(c), a qualified United States financial institution means an institution that: (a) Is organized or, in the case of a United States office of a foreign banking organization, licensed, under the laws of the United States or any state of the …
Colo. Rev. Stat. § 10-3-705 Rules - definitions
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(1) The commissioner may adopt rules implementing this part 7. (2) (a) The commissioner may adopt rules applicable to reinsurance arrangements described in this subsection (2)(a). Rules adopted pursuant to this subsection (2) must apply only to reinsurance relating to: (I) Life i…
Colo. Rev. Stat. § 10-3-706 Reinsurance agreements affected
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This part 7 applies to all cessions after January 1, 2015, under reinsurance agreements that have an inception, anniversary, or renewal date not less than six months after January 1, 2015. Source: L. 2014: Entire part R&RE, (HB 14-1315), ch. 295, p. 1212, � 1, effective January 1…
Colo. Rev. Stat. § 10-3-801 Definitions
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As used in this part 8, unless the context otherwise requires: (1) An affiliate of, or person affiliated with, a specific person is a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the person sp…
Colo. Rev. Stat. § 10-3-802 Subsidiaries of insurers
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(1) A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business: (a) Any kind of insurance business authorized by the jurisdiction in which it is incorporated; (b) Act…
Colo. Rev. Stat. § 10-3-803 Acquisition of control of or merger with domestic insurer - definitions
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(1) (a) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if, aft…
Colo. Rev. Stat. § 10-3-803.5 Acquisitions involving insurers not otherwise covered - definitions
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(1) As used in this section, unless the context otherwise requires: (a) “Acquisition” means an agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes the acquisition of voting …
Colo. Rev. Stat. § 10-3-804 Registration of insurers - rules - group capital calculation - liquidity stress test - exemptions
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(1) (a) Every insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the commissioner; except that registration is not required for a foreign insurer that is subject to registration requirements and …
Colo. Rev. Stat. § 10-3-805 Standards and management of an insurer within an insurance holding company system - rules
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(1) Transactions within an insurance holding company system. (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party are subject to the following standards: (I) The terms must be fair and reasonable; (II) Agreements for c…
Colo. Rev. Stat. § 10-3-806 Examination
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(1) Subject to the limitation contained in this section and in addition to the powers that the commissioner has under this title relating to the examination of insurers, the commissioner may examine any insurer registered under section 10-3-804 and its affiliates to ascertain the…
Colo. Rev. Stat. § 10-3-807 Supervisory colleges
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(1) With respect to any insurer registered under section 10-3-804, and in accordance with subsection (3) of this section, the commissioner may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international oper…
Colo. Rev. Stat. § 10-3-807.5 Group-wide supervision of internationally active insurance groups - information collection - cooperation - rules
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(1) (a) The commissioner may act as the group-wide supervisor for any internationally active insurance group in accordance with this section. However, the commissioner, in cooperation with other state, federal, and international regulatory agencies, may designate or acknowledge a…
Colo. Rev. Stat. § 10-3-808 Confidential treatment
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(1) (a) Documents, materials, or other information in the possession or control of the division that are obtained by or disclosed to the commissioner or any other person in the course of an examination or investigation made pursuant to section 10-3-806 and all information reporte…
Colo. Rev. Stat. § 10-3-809 Rules
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The commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules and orders as are necessary to carry out this part 8. Source: L. 2014: Entire part R&RE, (SB 14-152), ch. 312, p. 1350, � 2, effective July 1. Editor's note: This section is…
Colo. Rev. Stat. § 10-3-810 Injunctions - prohibitions against voting securities - sequestration of voting securities
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(1) Whenever it appears to the commissioner that any insurer or any director, officer, employee, or agent of an insurer has committed or is about to commit a violation of this part 8 or of any rule or order issued by the commissioner under this part 8, the commissioner may apply …
Colo. Rev. Stat. § 10-3-811 Criminal proceedings - civil penalties - definition
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(1) Whenever it appears to the commissioner that an insurer or a director, officer, employee, or agent thereof has committed a willful violation of this part 8, the commissioner may cause criminal proceedings to be instituted in the district court for the county in which the prin…
Colo. Rev. Stat. § 10-3-812 Receivership
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Whenever it appears to the commissioner that any person has committed a violation of this part 8 that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, sh…
Colo. Rev. Stat. § 10-3-813 Revocation, suspension, or nonrenewal of insurer's license
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Whenever it appears to the commissioner that a person has committed a violation of this part 8 that makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, susp…
Colo. Rev. Stat. § 10-3-814 Judicial review - mandamus
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(1) A person aggrieved by an act, determination, rule, order, or other action of the commissioner pursuant to this part 8 may appeal the action to the district court for the city and county of Denver. The court shall conduct its review without a jury and by trial de novo; except …
Colo. Rev. Stat. § 10-3-815 Recovery of distributions or payments
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(1) Subject to the limitations of this section, where a distribution or payment pursuant to paragraph (a) or (b) of this subsection (1) is made at any time during the one year preceding a petition for liquidation, conservation, or rehabilitation, as the case may be, if an order f…
Colo. Rev. Stat. § 10-3-816 Conflict with other laws
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All laws and parts of laws of this state inconsistent with this part 8 are hereby superseded with respect to matters covered by this part 8. Source: L. 2014: Entire part R&RE, (SB 14-152), ch. 312, p. 1354, � 2, effective July 1.
Colo. Rev. Stat. § 10-3-901 Short title
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This part 9 shall be known and may be cited as the Regulation of Unauthorized Insurance Act. Source: L. 67: p. 873, � 10. C.R.S. 1963: � 72-25-10.
Colo. Rev. Stat. § 10-3-902 Legislative declaration
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The purpose of this part 9 is to subject certain persons and insurers to the jurisdiction of the commissioner, of proceedings before the commissioner, and of the courts of this state in suits. The general assembly declares that it is a subject of concern that many residents of th…
Colo. Rev. Stat. § 10-3-903 Definition of transacting insurance business
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(1) Any of the following acts in this state, effected by mail or otherwise, by an unauthorized insurer constitute transacting insurance business in this state as the term is used in section 10-3-105: (a) The making of, or proposing to make, as an insurer, an insurance contract; (…
Colo. Rev. Stat. § 10-3-903.5 Jurisdiction over providers of health-care benefits - rules
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(1) Notwithstanding any other provision of law, and except as provided in this section, any person or other entity which provides coverage in this state for medical, surgical, chiropractic, physical therapy, speech pathology, audiology, professional mental health, dental, hospita…
Colo. Rev. Stat. § 10-3-904 Commissioner may enjoin unauthorized company
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Whenever the commissioner of insurance believes, from evidence satisfactory to him, that any foreign or alien company is violating the provisions of section 10-3-105 and this part 9, the commissioner may, through the attorney general of this state, cause a complaint to be filed i…
Colo. Rev. Stat. § 10-3-904.5 Emergency cease-and-desist orders - issuance - rules - definition
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(1) The commissioner may issue an emergency cease-and-desist order ex parte if: (a) The commissioner believes that: (I) An unauthorized person is engaging in the business of insurance in violation of section 10-3-105 or 10-3-903 or is in violation of a rule promulgated by the com…
Colo. Rev. Stat. § 10-3-904.6 Emergency cease-and-desist orders - hearings - judicial review - violations
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(1) Any person who is the subject of an emergency cease-and-desist order may contest such order by requesting an immediate hearing before the commissioner, pursuant to section 24-4-105 (12), C.R.S., at which such person shall have the opportunity to show cause why the order shoul…
Colo. Rev. Stat. § 10-3-904.7 Failure to pay penalties or restitution
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(1) If a person fails to pay a penalty or make complete restitution as directed by the commissioner under section 10-3-904.6 (5)(a) or (5)(b), the commissioner may: (a) Refer the matter to the attorney general for enforcement; or (b) Cancel or revoke any permit, license, certific…
Colo. Rev. Stat. § 10-3-905 Service of process upon unauthorized company
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(1) Any act of entering into a contract of insurance as an insurer, or transacting insurance business in this state, as such term is defined by section 10-3-903, by an unauthorized foreign or alien company is equivalent to and constitutes an appointment by such company of the com…
Colo. Rev. Stat. § 10-3-906 Validity of insurance contracts - liability under insurance contract
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(1) The failure of a company transacting insurance business in Colorado to obtain a certificate of authority shall not impair the validity of any act or contract of such company and shall not prevent such company from defending any action in any court of this state. (2) In event …
Colo. Rev. Stat. § 10-3-907 Investigation and disclosure of insurance contracts
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(1) Whenever the commissioner has reason to believe that insurance has been effectuated by or for any person in this state with an unauthorized insurer, the commissioner shall in writing order such person to produce for examination all insurance contracts and other documents evid…
Colo. Rev. Stat. § 10-3-908 Reporting of unauthorized insurance
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(1) Every person investigating or adjusting any loss or claim on a subject of insurance in this state shall immediately report to the commissioner every insurance policy or contract which has been entered into by any insurer not authorized to transact such insurance business in t…
Colo. Rev. Stat. § 10-3-909 Unauthorized insurance premium tax
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(1) Except as to premiums that are subject to a federal premium, excise, or stamp tax equal to or in excess of three percent of net premiums, and except as to premiums on independently procured insurance on which tax has been paid pursuant to section 10-3-209, 10-5-111, or 10-5-1…
Colo. Rev. Stat. § 10-3-910 Application of this part 9
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(1) Other than section 10-3-909, this part 9 shall not apply to any insurance company or underwriter issuing contracts of insurance to industrial insureds nor to any contract of insurance issued to any one or more industrial insureds. (2) For purposes of this section, an industri…