Title 10, Insurance
0 chapters · 1,354 sections in this title.
Colo. Rev. Stat. § 10-5-101 Short title
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This article shall be known and may be cited as the Nonadmitted Insurance Act. Source: L. 49: p. 474, � 22. CSA: C. 87, � 334. CRS 53: � 72-14-17. C.R.S. 1963: � 72-13-17. L. 95: Entire section amended, p. 491, � 6, effective May 16.
Colo. Rev. Stat. § 10-5-101.1 Legislative declaration
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(1) The general assembly finds and declares that disability, property, and casualty insurance transactions with nonadmitted insurers are so affected with a public interest as to require regulation, taxation, supervision, and control of such transactions and matters relating there…
Colo. Rev. Stat. § 10-5-101.2 Definitions
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As used in this article 5, unless the context otherwise requires: (1) Affiliate means, with respect to an insured, any entity that controls, is controlled by, or is under common control with the insured. (2) Affiliated group means any group of entities that are all affiliated. (3…
Colo. Rev. Stat. § 10-5-101.5 Exemptions
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(1) The provisions of this article controlling the placing of insurance with nonadmitted insurers shall not apply to reinsurance or, except as to subsection (2) of this section, to the following types of insurance when placed by licensed agents or brokers of this state: (a) Insur…
Colo. Rev. Stat. § 10-5-102 Validity of certain contracts
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A contract of insurance effectuated by a nonadmitted insurer in violation of the provisions of this article shall be voidable except at the instance of the insurer. Source: L. 49: p. 467, � 1. CSA: C. 87, � 318. CRS 53: � 72-14-1. C.R.S. 1963: � 72-13-1. L. 95: Entire section ame…
Colo. Rev. Stat. § 10-5-103 Conditions for export
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(1) If certain insurance coverages cannot be procured from admitted insurers, such coverages, designated in this article as surplus lines, may be procured from nonadmitted insurers, subject to the following conditions: (a) The insurance must be procured through a licensed broker.…
Colo. Rev. Stat. § 10-5-103.5 Producing broker's affidavit
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Any broker exporting insurance under this article, at the request of any other licensed agent or broker, may accept an affidavit executed by such other agent or broker, in such form as may be prescribed or accepted by the commissioner, as evidence that such insurance was eligible…
Colo. Rev. Stat. § 10-5-104 Endorsement of contract
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Every insurance contract procured and delivered as a surplus line coverage pursuant to this article shall be initialed by or bear the name of the surplus line broker who procured it and shall have stamped upon it the following: This contract is delivered as a surplus line coverag…
Colo. Rev. Stat. § 10-5-105 Surplus line insurance valid
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Insurance contracts procured as surplus line coverage from nonadmitted insurers in accordance with this article shall be fully valid and enforceable as to all parties and shall be given recognition in all matters and respects to the same effect as like contracts issued by admitte…
Colo. Rev. Stat. § 10-5-106 When export declared eligible
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The commissioner may, by rule, declare eligible for export generally, notwithstanding the provisions of section 10-5-103 (1)(b) and (1)(c), any class of insurance coverage or risk for which the commissioner finds that there is no reasonable or adequate market among insurers licen…
Colo. Rev. Stat. § 10-5-107 Brokers may accept business from producers
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A licensed surplus line broker may accept and place surplus line business for any insurance producer licensed in this state for the kind of insurance involved and may compensate such agent or broker therefor. Source: L. 49: p. 468, � 6. CSA: C. 87, � 323. CRS 53: � 72-14-6. C.R.S…
Colo. Rev. Stat. § 10-5-108 Placement of surplus lines insurance
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(1) A broker shall not place any coverage with a nonadmitted insurer unless, at the time of placement, the nonadmitted insurer meets all applicable eligibility requirements contained in the federal act or is an insurance exchange, Lloyds plan, or group of incorporated insurers un…
Colo. Rev. Stat. § 10-5-109 Records of surplus line broker
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Each licensed surplus line broker shall keep in the broker's office a full and true record of each surplus line contract procured by the broker, including a copy of the daily report, if any, showing such of the following items as may be applicable: Amount of the insurance; gross …
Colo. Rev. Stat. § 10-5-110 Statement - rules
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(1) Each surplus line broker and every person that enters into an independent procurement for nonadmitted insurance shall file with the commissioner a verified statement of all insurance transacted by the broker or other person during the preceding reporting period. The commissio…
Colo. Rev. Stat. § 10-5-111 Tax on premiums - filing system - division to contract with third parties - rules - definition
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(1) Each surplus line broker and every person that enters into an independent procurement for nonadmitted insurance shall remit to the division a tax on the net premiums, exclusive of sums collected to cover federal and other state taxes and examination fees, on nonadmitted insur…
Colo. Rev. Stat. § 10-5-111.5 Allocation of premium tax
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(1) In determining the amount of tax payable to Colorado, the entire amount of tax payable at a rate of three percent on the net premiums is presumed to be owed to Colorado; except that, for those multistate risks involving states that have entered into either a compact or a tax-…
Colo. Rev. Stat. § 10-5-112 Penalty for failure to comply
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If any surplus line broker fails to file the annual statement, or fails to remit the tax provided by section 10-5-111, prior to the first day of April after the tax is due, the broker shall be liable for a fine of twenty-five dollars for each day of delinquency commencing with th…
Colo. Rev. Stat. § 10-5-113 Revocation of broker's license
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(1) The commissioner may revoke any surplus line broker's license: (a) If the broker fails to file the annual statement or to remit the tax as required by this article; or (b) If the broker fails to keep the records, or to allow the commissioner to examine the broker's records as…
Colo. Rev. Stat. § 10-5-114 Actions against insurer - service
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(1) A nonadmitted insurer may be sued, upon any cause of action arising in this state under any contract issued by it as a surplus line contract, pursuant to this article, in the district court of the county in which the cause of action arose. (2) Service of legal process against…
Colo. Rev. Stat. § 10-5-115 Authority of commissioner - assistance of brokers' association
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(1) The commissioner shall maintain such facilities as may be necessary to carry out the purposes of this article. (2) The commissioner may rely upon the advice and assistance of a duly constituted association of brokers in carrying out the purposes of this article, if the associ…
Colo. Rev. Stat. § 10-5-116 Records produced on order
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Every person for whom insurance is placed with a nonadmitted insurer pursuant to or in violation of this article, upon the commissioner's order, shall produce for the commissioner's examination all policies and other documents evidencing the insurance and shall disclose to the co…
Colo. Rev. Stat. § 10-5-117 Rules and regulations
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The commissioner may make and publish reasonable rules and regulations consistent with this article in respect to the transactions governed thereby and for the basis for his determination under this article. Source: L. 49: p. 472, � 16. CSA: C. 87, � 333. CRS 53: � 72-14-16. C.R.…
Colo. Rev. Stat. § 10-5-118 Notice provisions not applicable to surplus lines
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The notice provisions in sections 10-4-109.7, 10-4-110, 10-4-110.5, and 10-4-110.7 shall not be applicable to insurance companies authorized pursuant to this article to write surplus lines insurance in Colorado. Source: L. 87: Entire section added, p. 434, � 9, effective May 1. 1…
Colo. Rev. Stat. § 10-5-119 Disclosures regarding claims-made policies by surplus line brokers or insurers
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(1) In the event that a contract procured or placed by a Colorado surplus line broker is on a claims-made or other nonoccurrence policy form, the broker or the nonadmitted insurer shall stamp on the face of the policy a clear disclosure, as prescribed by the commissioner, which s…