Title 10, Insurance
0 chapters · 1,354 sections in this title.
Colo. Rev. Stat. § 10-7-101 Valuation of life policies
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(1) As soon as practicable after the filing of the annual statement, the reserves for all outstanding policies of all life insurance companies making such statements shall be ascertained as provided in this section. (2) (a) The commissioner shall ascertain the reserve for every p…
Colo. Rev. Stat. § 10-7-102 Life insurance policies - requirements
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(1) It is unlawful for any foreign or domestic life insurance company to issue or deliver in this state any life insurance policy unless the policy contains the following provisions: (a) A provision that all premiums shall be payable in advance, either at the home office of the c…
Colo. Rev. Stat. § 10-7-103 Life insurance policies - prohibition
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(1) It is unlawful for any foreign or domestic life insurance company to issue or deliver in this state any life insurance policy if it contains any of the following provisions: (a) A provision for forfeiture of the policy for failure to repay any loan on the policy, or to pay in…
Colo. Rev. Stat. § 10-7-104 Exceptions
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The provisions of sections 10-7-102 and 10-7-103 shall not apply to annuities, industrial policies, or corporations or associations operating on the assessment or fraternal plan; except that the commissioner may review variable annuities to ensure that such products are offered, …
Colo. Rev. Stat. § 10-7-105 Violation
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The certificate of authority of any foreign or domestic life insurance company violating any of the provisions of sections 10-7-102 and 10-7-103 shall be suspended by the commissioner and shall not be renewed until such company fully and completely conforms to the same. Such acti…
Colo. Rev. Stat. § 10-7-105.5 Lapse of life insurance policy - notice - affidavit of mailing or electronic transmission - legislative declaration
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(1) The general assembly finds, determines, and declares that it is beneficial to citizens of this state for life insurers, prior to the lapse of individual life insurance policies for nonpayment of premium, to provide written notice in a uniform manner to policy owners. (2) A no…
Colo. Rev. Stat. § 10-7-106 Exclusive right of insured in proceeds
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Whenever, under the terms of any annuity or policy of life insurance, or under any written agreement supplemental thereto, issued by any insurance company, domestic or foreign, lawfully doing business in this state, the proceeds are retained by such company at maturity or otherwi…
Colo. Rev. Stat. § 10-7-107 Nonforfeiture benefits - applicability
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(1) In the event of default in the payment of any premium due on any policy issued after March 28, 1945, except term or convertible term policies, if not less than three full years' premiums have been paid thereon, there shall be secured to the insured, without action on his part…
Colo. Rev. Stat. § 10-7-108 Regulating vouchers for disbursements
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No domestic life insurance company shall make any disbursement unless the same is evidenced by a voucher correctly describing the consideration for the payment. If the expenditure is for both services and disbursements, the voucher shall set forth the services rendered and an ite…
Colo. Rev. Stat. § 10-7-109 Suicide no defense for nonpayment
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The suicide of a policyholder after the first policy year of any life insurance policy issued by any life insurance company doing business in this state shall not be a defense against the payment of a life insurance policy, whether said suicide was voluntary or involuntary, and w…
Colo. Rev. Stat. § 10-7-110 Minor’s capacity to contract for life insurance and annuities and to exercise rights concerning same. (Repealed)
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C.R.S. 10-7-110Statutes current through Chapter 65 of the 2026 Regular Session, effective as of April 20, 2026. The text of this section is not final. It will not be final until compared to, and updated from, the text provided by the Colorado Office of Legislative Legal Services …
Colo. Rev. Stat. § 10-7-111 Minor’s capacity to give acquittances for insurance or annuity payments. (Repealed)
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C.R.S. 10-7-111Statutes current through Chapter 65 of the 2026 Regular Session, effective as of April 20, 2026. The text of this section is not final. It will not be final until compared to, and updated from, the text provided by the Colorado Office of Legislative Legal Services …
Colo. Rev. Stat. § 10-7-112 Interest payable on benefits or proceeds
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(1) Notwithstanding any other provision of law, each insurer admitted to transact the business of life insurance in this state shall pay interest on the death benefits using an interest rate that is not less than the rate of interest for proceeds left on deposit with the insurer …
Colo. Rev. Stat. § 10-7-113 Acceleration of benefits
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(1) Any policy of life or endowment insurance or annuity contract or contract supplemental thereto may contain benefits providing for the acceleration of life or endowment or annuity benefits in advance of the time they would otherwise be payable for an insured: (a) Who is diagno…
Colo. Rev. Stat. § 10-7-114 Actuarial opinion of reserves - definition - rules
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(1) Actuarial opinion prior to the operative date of the valuation manual. Before the operative date of the valuation manual, as that term is defined in section 10-7-301.5 (7): (a) Every life insurance company doing business in this state shall annually submit the opinion of a qu…
Colo. Rev. Stat. § 10-7-115 Insurable interest - 170 (c) organizations
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Notwithstanding any other provision of law, any organization that meets the requirements of section 170 (c) of the federal Internal Revenue Code of 1986, as amended, may own or purchase life insurance on an insured who gives written consent to the ownership or purchase of that in…
Colo. Rev. Stat. § 10-7-116 Military sales - rules
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The commissioner shall promulgate rules, consistent with federal law, to define dishonest, unfair, and deceptive marketing and sales practices to military personnel and their families. The rules shall not affect federal insurance programs under 38 U.S.C. sec. 1965 et seq. Source:…
Colo. Rev. Stat. § 10-7-201 Group life insurance
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(1) No policy of group life insurance shall be delivered in this state unless: (a) The policyholder was formed for purposes other than obtaining insurance, or is a trust established by one or more employers or by one or more labor unions, or by one or more employers and one or mo…
Colo. Rev. Stat. § 10-7-202 Policy provisions
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(1) No policy of group life insurance shall be delivered in this state unless it contains in substance the following provisions, or provisions which in the opinion of the commissioner are more favorable to the certificate owners, or at least as favorable to the certificate owners…
Colo. Rev. Stat. § 10-7-203 Employer defined
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The term employer as used in sections 10-7-201 and 10-7-202 includes counties, cities, cities and counties, incorporated towns, school districts, and other political subdivisions of this state; and such subdivisions, in order to promote the better efficiency of its employees, may…
Colo. Rev. Stat. § 10-7-204 Reciprocal provisions
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Policies of group insurance, when issued in this state by any company not organized under the laws of this state, may contain any provision required by the law of the state or territory or district of the United States under which the company is organized. Any group policy may be…
Colo. Rev. Stat. § 10-7-205 Exemption from execution
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No policy of group insurance, nor the proceeds thereof, when paid to any employee thereunder, shall be liable to attachment, garnishment, or other process, or be seized, taken, appropriated, or applied by any legal or equitable process or operation of law, to pay any debt or liab…
Colo. Rev. Stat. § 10-7-206 Issuance and valuation of policies - annual statement
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(1) Any life insurance company may issue life or endowment insurance, with or without annuities, upon the group plan, as defined in section 10-7-201, with special rates of premiums less than the usual rates of premiums for such policies. Group policies issued prior to the operati…
Colo. Rev. Stat. § 10-7-207 Assignment
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Nothing in this title or in any other law shall be construed to prohibit any person insured under a group life insurance policy from making an assignment of all or any part of his incidents of ownership under such policy, including, but not limited to, the privilege to have issue…
Colo. Rev. Stat. § 10-7-301 Short title
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This part 3 shall be known and may be cited as the Standard Nonforfeiture and Valuation Act. Source: L. 61: p. 460, � 1. CRS 53: � 72-20-1. C.R.S. 1963: � 72-19-1.
Colo. Rev. Stat. § 10-7-301.5 Definitions
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As used in this part 3, unless the context otherwise requires: (1) Accident and health insurance means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the va…
Colo. Rev. Stat. § 10-7-302 Compulsory policy provisions
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(1) On and after the operative date of this part 3, no policy of life insurance, except as stated in section 10-7-307, shall be delivered or issued for delivery in this state by any foreign or domestic life insurance company unless it contains in substance the following provision…
Colo. Rev. Stat. § 10-7-303 Computation of cash surrender value
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(1) (a) Except as provided in paragraphs (b) and (c) of this subsection (1), any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by section 10-7-302, shall be an amount not less th…
Colo. Rev. Stat. § 10-7-304 Computation of nonforfeiture benefit
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Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy …
Colo. Rev. Stat. § 10-7-305 Adjusted premiums
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(1) This section shall not apply to policies issued on or after the operative date of section 10-7-305.1. Except as provided in subsection (3) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the …
Colo. Rev. Stat. § 10-7-305.1 Adjusted premiums for new policies
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(1) (a) This section shall apply to all policies issued on or after the operative date of this section. Except as provided in subsection (7) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the re…
Colo. Rev. Stat. § 10-7-305.2 Future premium determination - standards
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(1) In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on the then present estimates of future experience, or in the case of any plan of life insurance which is of suc…
Colo. Rev. Stat. § 10-7-306 Calculation of values - supplemental rules
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(1) Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional…
Colo. Rev. Stat. § 10-7-306.1 Calculation of values - new policies
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(1) (a) This section, in addition to all other applicable sections of this part 3, shall apply to all policies issued on or after January 1, 1985. Any cash surrender value available under a policy in the event of default in a premium payment due on any policy anniversary shall be…
Colo. Rev. Stat. § 10-7-307 Exemptions
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(1) Sections 10-7-302 to 10-7-306.1 shall not apply to any of the following: (a) Reinsurance; (b) Group insurance; (c) A pure endowment; (d) An annuity or reversionary annuity contract; (e) Any term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment…
Colo. Rev. Stat. § 10-7-308 Waiver prohibited
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No agreement between the company and the policyholder or applicant for insurance contrary to the provisions of sections 10-7-301 to 10-7-307, or contrary to the provisions of section 10-3-205, shall be held to waive any of such provisions. Source: L. 61: p. 465, � 8. CRS 53: � 72…
Colo. Rev. Stat. § 10-7-309 Minimum standard of valuation - rules
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(1) Except as otherwise provided in subsection (2) of this section and in section 10-7-309.5, the minimum standard for the valuation of all policies issued by any domestic or foreign life insurance company, on or after the operative date provided in paragraph (b) of subsection (2…
Colo. Rev. Stat. § 10-7-309.5 Minimum standards of valuation for new policies - definition
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(1) The calendar year statutory valuation interest rates, as defined in this section, must be the interest rates used in determining the minimum standard for the valuation of: (a) Life insurance policies issued in a particular calendar year, on or after the operative date of sect…
Colo. Rev. Stat. § 10-7-310 Life and endowment reserves
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(1) Except as otherwise provided in sections 10-7-310.5 and 10-7-313, reserves, according to the commissioners reserve valuation method for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of uniform premi…
Colo. Rev. Stat. § 10-7-310.5 Individual annuity and pure endowment reserves
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(1) This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer (including a partnership or sole proprietorship)…
Colo. Rev. Stat. § 10-7-311 Minimum aggregate reserves
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(1) In no event shall a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after July 1, 1992, be less than the aggregate reserves calculated in accordance with the methods set forth in sections 10-7-310,…
Colo. Rev. Stat. § 10-7-312 Optional standards
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(1) Reserves for any category of policies or benefits as established by the commissioner may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard pr…
Colo. Rev. Stat. § 10-7-313 Minimum reserves
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(1) If in any contract year the gross premium charged by a company on any policy is less than the valuation net premium for the policy calculated by the method used in calculating the reserve on the policy but using the minimum standards of mortality and rate of interest, the min…
Colo. Rev. Stat. § 10-7-313.1 Minimum reserves - exceptions
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(1) In the case of any plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then-present estimates of future experience, or in the case of any plan of life insurance or annuity that is o…
Colo. Rev. Stat. § 10-7-313.2 Minimum standards for other coverages including accident and health insurance contracts - rules
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The commissioner may promulgate rules prescribing minimum standards applicable to the valuation of plans or products not otherwise included within this article and in conformance with standards as adopted by the NAIC. The commissioner shall promulgate rules containing the minimum…
Colo. Rev. Stat. § 10-7-313.3 Valuation manual for policies issued on or after the operative date of the valuation manual - rules
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(1) For policies issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 10-7-101 (2)(a)(IV), except as provided under subsection (5) or (7) of this section. (2) The…
Colo. Rev. Stat. § 10-7-313.4 Requirements of a principle-based valuation
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(1) A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual. The valuation must: (a) Quantify the benefits, guarantees, and funding associated with the contracts and th…
Colo. Rev. Stat. § 10-7-313.5 Minimum reserves - exceptions. (Repealed)
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Source: L. 81: Entire section added, p. 558, � 14, effective July 1. L. 2015: Entire section repealed, (HB 15-1048), ch. 63, p. 172, � 13, effective August 5. 10-7-313.6. Experience reporting for policies in force on or after the operative date of the valuation manual. A company …
Colo. Rev. Stat. § 10-7-313.6 Experience reporting for policies in force on or after the operative date of the valuation manual
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A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.
Colo. Rev. Stat. § 10-7-313.7 Minimum standards for other coverages. (Repealed)
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Source: L. 92: Entire section added, p. 1498, � 26, effective July 1. L. 2015: Entire section repealed, (HB 15-1048), ch. 63, p. 172, � 13, effective August 5.