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Colorado Statutes, Title 10

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Title 10, Insurance

0 chapters · 1,275 sections in this title.

All chapters in Title 101,275 Ch 16287 Ch 3271 Ch 4209 Ch 7100 Ch 271 Ch 169 Ch 1442 Ch 1128 Ch 1525 Ch 524 Ch 1223 Ch 620 Ch 1920 Ch 2020

100 sections·Filtered byTitle 10✕Ch 7✕

Colo. Rev. Stat. § 10-7-316 Effect on existing policies
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Nothing in this part 3 shall be construed as affecting any policy issued by any company prior to the operative date provided for in section 10-7-315. Source: L. 61: p. 469, § 20. CRS 53: § 72-20-16. C.R.S. 1963: § 72-19-16.
Colo. Rev. Stat. § 10-7-401 Sales not prohibited
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The provisions of section 10-3-1104 shall not prohibit the sale and issuance by life insurance companies of contracts providing for payments which vary directly according to investment experience in connection with the sale and issuance by such life insurance companies of other f…
Colo. Rev. Stat. § 10-7-402 Investment contract funds - separate accounts
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(1) A domestic life insurance company may establish one or more separate accounts and may allocate thereto amounts, including without limitation proceeds applied under optional modes of settlement or under dividend options, to provide for life insurance or annuities and benefits …
Colo. Rev. Stat. § 10-7-403 Where benefits are payable in variable amounts
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Any contract providing benefits payable in variable amounts, delivered or issued for delivery in this state, shall contain a statement of the essential features of the procedures to be followed by the insurance company in determining the dollar amount of such variable benefits. A…

Colo. Rev. Stat. § 10-7-404 Authority to issue variable contracts

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(1) No company shall deliver or issue for delivery within this state variable contracts unless it is licensed to do a life insurance or annuity business in this state and the commissioner is satisfied that its condition or method of operation in connection with the issuance of su…

Colo. Rev. Stat. § 10-7-405 Construction

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(1) Notwithstanding any other provision of law, the commissioner has sole authority to regulate the issuance and sale of variable contracts and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of sections 10-7-402 to 10…

Colo. Rev. Stat. § 10-7-501 Short title

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This part 5 shall be known and may be cited as the "Standard Nonforfeiture Law for Individual Deferred Annuities". Source: L. 77: Entire part added, p. 528, § 11, effective July 1.

Colo. Rev. Stat. § 10-7-502 Exemptions

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This part 5 shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan…

Colo. Rev. Stat. § 10-7-503 Compulsory contract provisions

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(1) No contract of annuity, except as stated in section 10-7-502, shall be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions which, in the opinion of the commissioner, are at least as favorable to …

Colo. Rev. Stat. § 10-7-504 Minimum nonforfeiture amounts - rules

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(1) The minimum values specified in sections 10-7-505 to 10-7-508 and 10-7-509 (1) of any paid-up annuity, cash surrender, or death benefits available under an annuity contract shall be based upon the following minimum nonforfeiture amounts: (a) (I) The minimum nonforfeiture amou…

Colo. Rev. Stat. § 10-7-505 Computation of annuity benefit

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Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed using the mortality table, if any, and…

Colo. Rev. Stat. § 10-7-506 Computation of cash surrender benefit

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For contracts which provide cash surrender benefits, such cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under th…

Colo. Rev. Stat. § 10-7-507 Computation of paid-up annuity nonforfeiture benefit

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(1) For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity…

Colo. Rev. Stat. § 10-7-508 Determination of maturity date

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For the purpose of determining the benefits calculated under sections 10-7-506 and 10-7-507, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date …

Colo. Rev. Stat. § 10-7-509 Calculations of values - supplemental rules

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(1) Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled consideration…

Colo. Rev. Stat. § 10-7-510 Effective date - applicability of part

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On or after July 1, 2004, a company may elect to apply this part 5 to annuity contracts on a contract form-by-contract form basis. Otherwise, this part 5 shall apply to all annuity contracts created on or after July 1, 2005, and between July 1, 2004, and July 1, 2005, this part 5…

Colo. Rev. Stat. § 10-7-511 Rule-making authority

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The commissioner may adopt rules to implement this part 5. Source: L. 2004: Entire section added, p. 821, § 4, effective July 1.

Colo. Rev. Stat. § 10-7-601 Short title

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This part 6 shall be known and may be cited as the "Viatical Settlements Act". Source: L. 2005: Entire part added, p. 1293, § 1, effective January 1, 2006.

Colo. Rev. Stat. § 10-7-602 Definitions

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As used in this part 6, unless the context otherwise requires: (1) "Advertising" means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the internet, or similar communications media…

Colo. Rev. Stat. § 10-7-603 Licensing

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(1) (a) No person shall act on behalf of a viator or otherwise negotiate, as defined in section 10-2-103 (7.9), viatical settlement contracts between a viator and one or more viatical settlement providers unless such person is a life insurance producer and has been licensed as a …

Colo. Rev. Stat. § 10-7-604 Licensure - refusal to issue - suspension - revocation - refusal to renew

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(1) The commissioner shall refuse to issue, suspend, revoke, or refuse to renew the license of a viatical settlement provider if the commissioner finds after compliance with subsection (3) of this section that: (a) There was any material misrepresentation in the application for t…

Colo. Rev. Stat. § 10-7-605 Forms approval

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A person may not use a viatical settlement contract or provide to a viator a disclosure statement form in this state unless such contract or form is first filed with and approved by the commissioner. Any settlement contract form or disclosure form filed with the commissioner shal…

Colo. Rev. Stat. § 10-7-606 Annual reports

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(1) Each viatical settlement provider shall file with the commissioner by March 1 of each year an annual statement containing such information as the commissioner prescribes by rule. This information is limited to only those transactions in which the viator is a resident of this …

Colo. Rev. Stat. § 10-7-607 Examinations

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(1) Authority, scope, and scheduling of examinations. (a) The commissioner may conduct an examination under this part 6 of a licensee as often as the commissioner in his or her sole discretion deems appropriate. (b) For purposes of completing an examination of a licensee under th…

Colo. Rev. Stat. § 10-7-608 Disclosures

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(1) With each application for a viatical settlement contract, a viatical settlement provider or life insurance producer shall provide the viator with at least the following information, in a separate document signed by the viator and the viatical settlement provider or life insur…

Colo. Rev. Stat. § 10-7-609 General requirements

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(1) (a) A viatical settlement provider entering into a viatical settlement contract shall first obtain: (I) If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter i…

Colo. Rev. Stat. § 10-7-610 Limited purchase in incontestability period

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(1) It is a violation of this part 6 for a person to enter into a viatical settlement contract within a two-year period commencing with the date of issuance of the policy unless the viator certifies to the viatical settlement provider that one or more of the following conditions …

Colo. Rev. Stat. § 10-7-611 Advertising - legislative intent

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(1) It is the intent of the general assembly that the purpose of this section is to provide a prospective viator with clear and unambiguous statements in the advertisement of a viatical settlement contract and to assure the clear, truthful, and adequate disclosure of the benefits…

Colo. Rev. Stat. § 10-7-612 Fraudulent acts

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(1) (a) A person shall not commit a fraudulent viatical settlement act. (b) A person shall not knowingly or intentionally interfere with the enforcement of the provisions of this part 6 or investigations of suspected or actual violations of this part 6. (c) A person in the busine…

Colo. Rev. Stat. § 10-7-613 Penalties

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(1) In addition to the penalties and other enforcement provisions of this part 6, if a person violates the provisions of this part 6 or any rule implementing this part 6, the commissioner may seek an injunction in a court of competent jurisdiction and may apply for temporary and …

Colo. Rev. Stat. § 10-7-614 Unfair trade practices

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A violation of this part 6 shall constitute an unfair trade practice pursuant to part 11 of article 3 of this title and be subject to the penalties contained in such part 11. Source: L. 2005: Entire part added, p. 1322, § 1, effective January 1, 2006.

Colo. Rev. Stat. § 10-7-615 Rules

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(1) The commissioner may: (a) Promulgate rules implementing this part 6; (b) Establish standards for evaluating the reasonableness of payments under a viatical settlement contract for a person who is terminally or chronically ill. This authority includes, but is not limited to, r…

Colo. Rev. Stat. § 10-7-616 No preemption - Colorado Securities Act - authority of division of securities

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Nothing in this part 6 preempts or otherwise limits the provisions of the "Colorado Securities Act", article 51 of title 11, C.R.S., or any rules, orders, policy statements, notices, bulletins, or other interpretations issued by or through the commissioner of securities or the co…

Colo. Rev. Stat. § 10-7-617 Application

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A viatical settlement provider lawfully transacting business in this state may continue to do so pending approval or disapproval of the person's application for a license as long as the application is filed with the commissioner not later than thirty days after publication by the…

Colo. Rev. Stat. § 10-7-618 Continuation of business

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Notwithstanding any provision of this part 6 to the contrary, a person who has lawfully negotiated viatical settlement contracts between a viator and one or more viatical settlement providers for at least one year immediately prior to January 1, 2006, may continue to negotiate vi…

Colo. Rev. Stat. § 10-7-619 Viatical settlements cash fund - created

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All direct and indirect expenditures of the commissioner and the division in administering this part 6 shall be paid from the viatical settlements cash fund, which fund is hereby created in the state treasury. All fees collected pursuant to this part 6 shall be transmitted to the…

Colo. Rev. Stat. § 10-7-620 Severability

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If any provision of this part 6 is for any reason held to be unconstitutional or invalid, such holding shall not affect the constitutionality or validity of the remaining provisions of this part 6, and to this end the provisions of this part 6 are expressly declared to be severab…

Colo. Rev. Stat. § 10-7-701 Short title

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This part 7 shall be known and may be cited as the "Insurable Interest Act". Source: L. 2011: Entire part added, (SB 11-182), ch. 227, p. 972, § 1, effective May 27.

Colo. Rev. Stat. § 10-7-702 Definitions

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As used in this part 7, unless the context otherwise requires: (1) "Business entity" means a legal entity, including a joint venture, partnership, corporation, limited liability company, or business trust. (2) "Person" means any natural person, business entity, association, or tr…

Colo. Rev. Stat. § 10-7-703 Insurance on the life of another

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A person shall not procure or cause to be procured or effected a policy upon the life of another individual unless the benefits under the policy are payable to the insured, to the personal representative of the insured's estate, or to a person having, at the time the policy is is…

Colo. Rev. Stat. § 10-7-704 Insurable interest

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(1) An insurable interest, with reference to insurance on the life of another, exists only as follows: (a) An individual has an insurable interest in the life of another person in whom the individual has a substantial interest engendered by love and affection in the continuation …

Colo. Rev. Stat. § 10-7-705 Insured's own life

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An individual has an insurable interest in the individual's own life, and an individual of competent legal capacity who procures or effects a policy on the individual's own life may designate any person as the beneficiary and, unless the individual elects an irrevocable beneficia…

Colo. Rev. Stat. § 10-7-706 Reliance on statements

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An insurer is entitled to rely upon all reasonable statements, declarations, and representations made by an applicant for life insurance relative to the existence of an insurable interest. No insurer incurs legal liability, except as set forth in the policy, by virtue of untrue s…

Colo. Rev. Stat. § 10-7-707 Consent of insured

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(1) A policy upon the life of an individual, other than a policy of noncontributory group life insurance, shall not be effected unless, at or before the time the policy is effectuated, the individual insured, having legal capacity to contract, applies for or consents in writing t…

Colo. Rev. Stat. § 10-7-708 Prohibited practices

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(1) It is unlawful for any person to procure, or cause to be procured or effected, a policy in violation of section 10-7-703. Such conduct is an unfair or deceptive act or practice pursuant to section 10-3-1104. (2) It is unlawful for any person to engage in stranger originated l…

Colo. Rev. Stat. § 10-7-709 Actions to recover death benefits

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If the beneficiary, assignee, or other payee received the death benefits under a life insurance policy procured or effected in violation of this article, the personal representative of the insured's estate or other lawfully acting agent may maintain an action to recover the death…

Colo. Rev. Stat. § 10-7-710 Legitimate insurance transactions

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(1) Except where a life insurance policy is procured or effected in violation of section 10-7-708, nothing in this article prevents: (a) An owner of a policy, whether or not the owner of the policy is also the subject of the insurance, from entering into a viatical settlement con…

Colo. Rev. Stat. § 10-7-801 Short title

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The short title of this part 8 is the "Unclaimed Life Insurance Benefits Act". Source: L. 2019: Entire part added, (SB 19-088), ch. 110, p. 463, § 4, effective July 1, 2020.

Colo. Rev. Stat. § 10-7-802 Definitions

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As used in this part 8, unless the context otherwise requires: (1) "Contract" means an annuity contract. The term does not include an annuity used to fund an employment-based retirement plan or program if: (a) The insurer does not perform the record-keeping services; or (b) The i…

Colo. Rev. Stat. § 10-7-803 Insurers - duty to compare names of insureds with death master file and to locate beneficiaries

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(1) An insurer shall make a good faith effort to determine the death of an insured upon receipt of knowledge of death. (2) An insurer shall perform a comparison of its insureds' in-force policies, contracts, and retained asset accounts against a death master file, on at least a s…