Title 10, Insurance
0 chapters · 1,354 sections in this title.
Colo. Rev. Stat. § 10-3-1202 Definitions
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As used in this part 12, unless the context otherwise requires: (1) Clearing corporation has the meaning ascribed to it in section 4-8-102 (a)(5), C.R.S.; except that, with respect to a security issued by an institution organized or existing under the laws of any foreign country …
Colo. Rev. Stat. § 10-3-1203 Book-entry system
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(1) Notwithstanding any provision of law, a domestic insurance company may deposit or arrange for the deposit of securities held in or purchased for its general account and its separate accounts in a clearing corporation or the federal reserve book-entry system. When securities a…
Colo. Rev. Stat. § 10-3-121 Regulation of proxies, consents, or authorizations
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(1) The purpose of this section is to regulate the solicitation of proxies, consents, or authorizations by domestic stock insurers having one hundred or more stockholders of record in accordance with the intent of congress as expressed in the Securities Acts Amendments of 1964, b…
Colo. Rev. Stat. § 10-3-122 Duties of foreign companies
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Any foreign life or accident insurance company doing business in the state of Colorado, if the insurance contract is made in this state, shall pay its obligations when same are due and payable through its agent in the county where the contract was made, or at the office of its ge…
Colo. Rev. Stat. § 10-3-123 Assessment accident associations
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(1) Every contract whereby a benefit is to accrue to a party named therein, upon the accidental death or physical disability from accident or sickness of a person, which benefit is in any degree conditioned upon the collection of an assessment upon persons holding similar contrac…
Colo. Rev. Stat. § 10-3-124 Advertisement for insurance - requirement. (Repealed)
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Source: L. 73: p. 836, � 1. C.R.S. 1963: � 72-1-65. L. 77: Entire section repealed, p. 502, �� 7, 8, effective January 1, 1978.
Colo. Rev. Stat. § 10-3-125 Redomestication of foreign insurers
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(1) Any foreign insurer which is authorized or which may be authorized to do business in this state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer…
Colo. Rev. Stat. § 10-3-126 Alien insurers
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(1) Any alien insurer, as defined in section 10-3-301 (1), may be admitted to do business in this state by qualifying and establishing an administrative office in this state and maintaining its corporate and insurance records in the United States for insurance of risks primarily …
Colo. Rev. Stat. § 10-3-127 Domicile of nonprofit hospital, medical-surgical, and health services corporations
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(1) A corporation organized under the laws of another state for the purposes set forth in section 10-16-302 may qualify under parts 1 and 3 of article 16 of this title to do business in this state as a nonprofit hospital, medical-surgical, and health services corporation, and upo…
Colo. Rev. Stat. § 10-3-128 Domestic insurer - requirement to maintain offices in this state
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(1) Before granting the initial certificate of authority to an applicant to become a domestic insurer, the commissioner shall be satisfied by proper evidence that: (a) The insurer's books and records are located or maintained in this state or are readily accessible to the examine…
Colo. Rev. Stat. § 10-3-129 Prohibition - display of social security number - insurance companies
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(1) An insured may require that an insurance company or insurer doing business in Colorado not display the insured’s social security number on his or her insurance identification card or proof of insurance card. If an insured makes the request, the insurance company or insurer sh…
Colo. Rev. Stat. § 10-3-130 Certificate of authority application process - tracking compliance with uniform process
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The division shall make every effort to comply with the uniform process established and endorsed by the national association of insurance commissioners for applications for certificates of authority, including compliance with established deadlines for evaluating, approving, and d…
Colo. Rev. Stat. § 10-3-1301 Short title
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This part 13 shall be known and may be cited as the Model Quality Replacement Parts Act. Source: L. 89: Entire part added, p. 450, � 1, effective July 1.
Colo. Rev. Stat. § 10-3-1302 Legislative declaration
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The general assembly declares that the purpose of this article is to recognize the use of replacement automobile crash parts by requiring disclosure when any use is proposed of a nonoriginal equipment replacement crash part, and by requiring that the manufacturer of any such repl…
Colo. Rev. Stat. § 10-3-1303 Definitions
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As used in this part 13, unless the context otherwise requires: (1) Insurer means every person engaged as principal, indemnitor, surety, or contractor in the business of making contracts of insurance, and any person authorized to represent an insurer with respect to a claim. (2) …
Colo. Rev. Stat. § 10-3-1304 Identification of parts
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Any nonoriginal equipment replacement crash part supplied for use in this state shall have the name or trademark of the manufacturer affixed to or inscribed on it. Such name or trademark shall be placed so as to be visible after installation of the part whenever practicable. Sour…
Colo. Rev. Stat. § 10-3-1305 Disclosure
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No insurer shall specify the use of nonoriginal equipment replacement crash parts in the repair of an insured's motor vehicle without disclosing the intended use of such parts to the insured. In all instances where nonoriginal equipment replacement crash parts are intended for us…
Colo. Rev. Stat. § 10-3-1306 Unfair and deceptive acts
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A violation of or noncompliance with any provision of this part 13 shall be an unfair method of competition and unfair or deceptive act or practice in the business of insurance subject to the provisions of part 11 of this article. Source: L. 89: Entire part added, p. 451, � 1, ef…
Colo. Rev. Stat. § 10-3-1307 Liability
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Nothing in this part 13 shall affect either rights, defenses, or liabilities of parties otherwise available at law regarding damages or injuries arising from the use of replacement crash parts. Source: L. 89: Entire part added, p. 451, � 1, effective July 1.
Colo. Rev. Stat. § 10-3-131 Acts of producers - responsibility of insurer - definitions
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(1) An insurer authorized to conduct business in this state, who knew or should have known about the unfair business practices of an insurance producer, may be financially responsible for the unfair business practices of the insurance producer, who, while acting on behalf of the …
Colo. Rev. Stat. § 10-3-1401 Short title
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This part 14 shall be known and may be cited as the Model Risk Retention Act. Source: L. 91: Entire part added, p. 1248, � 10, effective July 1.
Colo. Rev. Stat. § 10-3-1402 Purpose
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The purpose of this part 14 is to authorize the commissioner to regulate the formation or operation, or both, of risk retention groups and purchasing groups in this state formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986, to the extent permitte…
Colo. Rev. Stat. § 10-3-1403 Authority of commissioner
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The commissioner may establish, and from time to time amend, such regulations as are necessary to enable the commissioner to regulate risk retention groups and purchasing groups in this state to the extent permitted by the federal Liability Risk Retention Act of 1986 and pursuant…
Colo. Rev. Stat. § 10-3-1501 Purpose and scope - applicability - legislative declaration
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(1) The purpose of this part 15 is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment (ORSA) and provide guidance and instructions for filing an ORSA summary report with the commissioner. (2) The requirements…
Colo. Rev. Stat. § 10-3-1502 Definitions
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As used in this part 15, unless the context otherwise requires: (1) Insurance group means, for the purpose of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in section 10-3-801 (5). (2) Insurer has the same meaning…
Colo. Rev. Stat. § 10-3-1503 Risk management framework
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An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a r…
Colo. Rev. Stat. § 10-3-1504 ORSA requirement
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Subject to section 10-3-1506, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA must be conducted no less than annually but also at any time when there ar…
Colo. Rev. Stat. § 10-3-1505 ORSA summary report
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(1) Upon the commissioner's request, and no more than once each year, an insurer shall submit to the commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA guidance manual, applicable to the insurer or the ins…
Colo. Rev. Stat. § 10-3-1506 Exemption
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(1) An insurer is exempt from the requirements of this part 15 if: (a) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the federal crop insurance corporation and nati…
Colo. Rev. Stat. § 10-3-1507 Contents of ORSA summary report
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(1) The ORSA summary report must be prepared to be consistent with the ORSA guidance manual, subject to the requirements of subsection (2) of this section. Documentation and supporting information must be maintained and made available upon examination or upon request of the commi…
Colo. Rev. Stat. § 10-3-1508 Confidentiality
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(1) Documents, materials, or other information, including the ORSA summary report, in the possession or control of the division of insurance that are obtained by, created by, or disclosed to the commissioner or any other person under this part 15, are recognized by this state as …
Colo. Rev. Stat. § 10-3-1509 Sanctions
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Any insurer failing, without just cause, to timely file the ORSA summary report as required in this part 15 shall, after notice and hearing, pay a penalty of two hundred dollars for each day's delay. The maximum penalty under this section is twenty-five thousand dollars. The comm…
Colo. Rev. Stat. § 10-3-1510 Rules
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The commissioner may, upon notice and opportunity for all interested persons to be heard, issue rules and orders as are necessary to carry out this part 15. Source: L. 2016: Entire part added, (SB 16-029), ch. 32, p. 78, � 2, effective March 18.
Colo. Rev. Stat. § 10-3-1511 Effective date
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The requirements of this part 15 are effective beginning with calendar year 2017. The first required filing of the ORSA summary report is in 2017 as specified in section 10-3-1505. An insurer that has maintained a risk management framework consistent with the requirements of this…
Colo. Rev. Stat. § 10-3-1601 Purpose and scope - applicability - legislative declaration
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(1) The purpose of this part 16 is to: (a) Provide the commissioner a summary of each insurer's and insurance group's corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of each insurer's and insurance group's c…
Colo. Rev. Stat. § 10-3-1602 Definitions
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As used in this part 16, unless the context otherwise requires: (1) Corporate governance annual disclosure or CGAD means a confidential report filed by an insurer or an insurance group in accordance with the requirements of this part 16. (2) Insurance group means those insurers a…
Colo. Rev. Stat. § 10-3-1603 Disclosure requirement
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(1) On June 1, 2020, and on June 1 of each year thereafter, an insurer, or the insurance group of which the insurer is a member, shall submit to the commissioner a CGAD that contains the information described in section 10-3-1604 and in subsection (2) of this section. Notwithstan…
Colo. Rev. Stat. § 10-3-1604 Contents of corporate governance annual disclosure - rules
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(1) In responding to a request for CGAD-related information, an insurer or insurance group may exercise its discretion so long as its CGAD provides the commissioner sufficient information to understand the insurer's or insurance group's corporate governance structure, policies, a…
Colo. Rev. Stat. § 10-3-1605 Confidentiality
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(1) Documents, materials, and other information, including a CGAD, in the possession or control of the division that are obtained by, created by, or disclosed to the commissioner or any other person under this part 16 are recognized by this state as being proprietary and to conta…
Colo. Rev. Stat. § 10-3-1606 Retention of third-party consultants - information sharing
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(1) The commissioner may retain, at the expense of an insurer or insurance group, one or more third-party consultants, including attorneys, actuaries, accountants, and other experts who are not otherwise members of the commissioner's staff, as may be reasonably necessary to assis…
Colo. Rev. Stat. § 10-3-1607 Sanctions
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Any insurer or insurance group that fails, without just cause, to timely file a CGAD as required in this part 16 shall pay, after notice and a hearing, a penalty of two hundred dollars for each day's delay. The maximum penalty under this section is twenty-five thousand dollars. T…
Colo. Rev. Stat. § 10-3-1608 Rules
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The commissioner shall, upon notice and opportunity for all interested persons to be heard, issue rules and orders to carry out this part 16. Source: L. 2019: Entire part added, (HB 19-1291), ch. 188, p. 2089, � 1, effective August 2.
Colo. Rev. Stat. § 10-3-1701 Definitions
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As used in this part 17, unless the context otherwise requires: (1) Asset means property, whether real, personal, mixed, tangible, or intangible, and any right or interest in the property, including all rights under a contract or other agreement. (2) Capital means the capital sto…
Colo. Rev. Stat. § 10-3-1702 Plan of division - general requirements
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(1) A domestic stock insurer may, in accordance with this part 17, divide into two or more resulting insurers pursuant to a plan of division. A domestic stock insurer's plan of division must include: (a) The name of the domestic stock insurer seeking to divide; (b) The name of ea…
Colo. Rev. Stat. § 10-3-1703 Plan of division - dividing insurer to survive division
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(1) If a dividing insurer will survive a division, the plan of division must include, in addition to the requirements described in section 10-3-1702: (a) All proposed amendments to the dividing insurer's articles of incorporation and bylaws; (b) If the dividing insurer intends to…
Colo. Rev. Stat. § 10-3-1704 Plan of division - dividing insurer to not survive division
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If a dividing insurer will not survive a division, the plan of division must include, in addition to the requirements described in section 10-3-1702, the manner in which the dividing insurer will cancel or convert shares in the dividing insurer into shares, securities, obligation…
Colo. Rev. Stat. § 10-3-1705 Amending plan of division
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(1) A dividing insurer may amend the dividing insurer's plan of division in accordance with any procedures set forth in the plan of division or, if procedures are not set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer. A sh…
Colo. Rev. Stat. § 10-3-1706 Abandoning plan of division
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(1) A dividing insurer may abandon its plan of division only as follows: (a) After the dividing insurer has approved the plan of division without any action by the shareholders and in accordance with any procedures set forth in the plan of division, or if procedures are not set f…
Colo. Rev. Stat. § 10-3-1707 Approval of plan of division - articles of incorporation and bylaws
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(1) A dividing insurer shall not file a plan of division with the commissioner until the plan of division has been approved in accordance with all provisions of the dividing insurer’s articles of incorporation and bylaws. If the dividing insurer’s articles of incorporation and by…
Colo. Rev. Stat. § 10-3-1708 Commissioner approval of plan of division
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(1) After a dividing insurer approves a plan of division pursuant to section 10-3-1707, the dividing insurer shall file the plan of division with the commissioner. Within ten business days after filing the plan of division with the commissioner, the dividing insurer shall provide…