Title 10, Insurance
0 chapters · 1,354 sections in this title.
Colo. Rev. Stat. § 10-3-237 Assets acquired under prior law
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(1) Notwithstanding any condition, restriction, or exclusion set forth in sections 10-3-215 to 10-3-229, any asset held by a domestic insurance company on May 31, 1969, that met the requirements of the law in effect immediately prior to that date for an investment of the company'…
Colo. Rev. Stat. § 10-3-238 Refunds
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Whenever it appears to the satisfaction of the commissioner that, because of some mistake of fact, error in calculation, or erroneous interpretation of a statute of this or any other state, any insurer or other person engaged in the business of insurance in this state has paid to…
Colo. Rev. Stat. § 10-3-239 Subordinated indebtedness
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Domestic insurance companies may borrow and thereby assume a liability for the repayment of a sum of money upon a written agreement that the loan or advance with interest shall be repaid only out of surplus of the company in excess of such minimum surplus as is stipulated in and …
Colo. Rev. Stat. § 10-3-240 Approval of investments
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(1) Except for investments made under sections 10-3-802 and 10-7-402, a domestic insurance company shall not, directly or indirectly, invest more than two percent of the company's admitted assets in stocks, bonds, debentures, notes, or other securities of its affiliates, as defin…
Colo. Rev. Stat. § 10-3-241 Prohibited investments. (Repealed)
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Source: L. 81: Entire section added, p. 531, � 10, effective July 1. L. 83: Entire section amended, p. 453, � 1, effective April 21. L. 2001: Entire section repealed, p. 286, � 10, effective March 30.
Colo. Rev. Stat. § 10-3-242 Qualified money market funds - definition
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(1) As used in this section, qualified money market fund means a mutual fund that complies with 17 CFR 270.2a-7, as amended, and that is registered under the federal Investment Company Act of 1940, 15 U.S.C. sec. 80a-1 et seq., as amended. A domestic insurance company may invest …
Colo. Rev. Stat. § 10-3-243 Derivative transactions - definitions - restrictions - rules
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(1) For the purposes of this section, unless the context otherwise requires: (a) Counter-party exposure amount means: (I) The net amount of credit risk attributable to a derivative instrument entered into with a business entity other than through a qualified exchange or qualified…
Colo. Rev. Stat. § 10-3-244 Climate risk disclosure - insurer participation - rules - reporting - definition
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(1) The commissioner shall adopt rules requiring that, beginning in 2024, an insurer issued a certificate of authority to transact business pursuant to part 1 of this article 3 that reports more than one hundred million dollars on its annual NAIC schedule T filing, or such other …
Colo. Rev. Stat. § 10-3-301 Definitions
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As used in this part 3, unless the context otherwise requires: (1) Alien insurer means any insurer incorporated or organized under the laws of any country other than the United States. (2) Domestic insurer means any insurer incorporated or organized under the laws of this state. …
Colo. Rev. Stat. § 10-3-302 Deposits required - when
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No foreign or alien insurer authorized to transact business in this state, except a life insurance company, shall do such business unless it deposits and continuously maintains with the commissioner, or with an official of some other state of the United States designated by law t…
Colo. Rev. Stat. § 10-3-303 Deposits with commissioner
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In the event any domestic insurer or alien insurer using this state as a state of entry into the United States is required, pursuant to the laws of any other state, country, province, district, or territory, to make a deposit differing in amount or character from the deposit requ…
Colo. Rev. Stat. § 10-3-304 Depositaries - responsibility
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Upon request of the insurer, the commissioner may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this state as the commissioner's depositary to receive and hold any such deposit. Any such deposit so held shall be at the…
Colo. Rev. Stat. § 10-3-305 Rights of depositors
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(1) So long as the insurer remains solvent and complies with this part 3, it may: (a) Demand, receive, sue for, and recover the income from securities or cash deposited in accordance with this part 3; (b) Exchange and substitute for the deposited cash or securities, or any part t…
Colo. Rev. Stat. § 10-3-306 Release of deposits
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(1) Any deposit made in this state under this part 3 shall be released and returned: (a) To the insurer upon extinguishment by reinsurance or otherwise of all liability of the insurer for the security of which the deposit is held; or (b) To the insurer to the extent such deposit …
Colo. Rev. Stat. § 10-3-307 Commissioner order release
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No such release shall be made except upon application to and the written order of the commissioner. The commissioner shall have no personal liability for any such release of any such deposit or part thereof so made by him in good faith. Source: L. 53: p. 362, � 7. CRS 53: � 72-16…
Colo. Rev. Stat. § 10-3-401 Legislative declaration
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(1) The purpose of this part 4 is to make available to the commissioner supplemental remedial authority in instances of insurance company delinquencies of various kinds and degrees which demand regulation and control by the commissioner in order to effectuate his responsibility t…
Colo. Rev. Stat. § 10-3-402 Definitions
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All terms defined in section 10-1-102 shall have the same meaning in this part 4. As used in this part 4, unless the context otherwise requires: (1) (Deleted by amendment, L. 92, p. 1425, � 6, effective July 1, 1992.) (2) Delinquency means any act, omission, or condition, or comb…
Colo. Rev. Stat. § 10-3-403 Scope of part 4
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In addition to, and not to the exclusion of, any remedies or powers otherwise available to him, the commissioner may elect to take action against any insurance company formed or incorporated under the laws of this state or doing business in this state, whether authorized or not, …
Colo. Rev. Stat. § 10-3-404 Determination of delinquency - procedure
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Whenever evidence exists to the satisfaction of the commissioner that an insurance company has committed or suffered a delinquency, the commissioner may, upon determination of delinquency, notify the insurance company of his determination and furnish the insurance company a writt…
Colo. Rev. Stat. § 10-3-405 Direct supervision
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(1) Any insurance company placed under direct supervision shall remain under direct supervision until all delinquencies are remedied, or until the commissioner deems such direct supervision no longer is necessary or desirable. During the period of direct supervision, the commissi…
Colo. Rev. Stat. § 10-3-406 Protest of finding of delinquency
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In the event the insurance company protests the determination of delinquency by the commissioner, the commissioner shall stay his decision to place the insurance company under direct supervision and shall give the insurance company not less than fifteen days to show cause, at a h…
Colo. Rev. Stat. § 10-3-407 Costs of direct supervision
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All costs incident to the services of direct supervision shall be determined by the commissioner, and all reasonable costs so determined shall be a charge against the assets and funds of the insurance company so directly supervised. Source: L. 69: p. 546, � 3. C.R.S. 1963: � 72-2…
Colo. Rev. Stat. § 10-3-408 Conservatorship. (Repealed)
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Source: L. 69: p. 546, � 3. C.R.S. 1963: � 72-29-8. L. 92: Entire section repealed, p. 1426, � 8, effective July 1.
Colo. Rev. Stat. § 10-3-409 Protest of order of conservatorship. (Repealed)
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Source: L. 69: p. 547, � 3. C.R.S. 1963: � 72-29-9. L. 92: Entire section repealed, p. 1427, � 9, effective July 1.
Colo. Rev. Stat. § 10-3-410 Costs of conservatorship. (Repealed)
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Source: L. 69: p. 547, � 3. C.R.S. 1963: � 72-29-10. L. 92: Entire section repealed, p. 1427, � 10, effective July 1.
Colo. Rev. Stat. § 10-3-411 Penalties for noncompliance
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Any insurance company or any officer or official thereof who willfully fails to comply with an order of the commissioner while such insurance company is under direct supervision of the commissioner commits a class 2 misdemeanor. Source: L. 69: p. 547, � 3. C.R.S. 1963: � 72-29-11…
Colo. Rev. Stat. § 10-3-412 Review of action while under direct supervision
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At any time during the period of direct supervision, or at any time pending abatement of the commissioner's determination of delinquency, the insurance company may request the commissioner, or his duly appointed deputy, to review an action taken or proposed to be taken by the dir…
Colo. Rev. Stat. § 10-3-413 Appeal from final determination or order of commissioner
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(1) Upon exhausting all means of administrative appeal provided in this part 4, or in case the commissioner, under section 10-3-406, refuses to stay his order or determination pending the show cause order and hearing, the insurance company aggrieved by such determination or order…
Colo. Rev. Stat. § 10-3-414 Nondisclosure of reports and evidence during period of direct supervision or conservatorship
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Any other provision of law notwithstanding, the commissioner shall not divulge to the public any examination report, results of investigation, or other information received by the division of insurance on, about, or relating to any insurance company which would be detrimental to …
Colo. Rev. Stat. § 10-3-501 Legislative declaration - intents and purposes
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(1) This part 5 shall not be interpreted to limit the powers granted the commissioner by other provisions of law. (2) This part 5 shall be liberally construed to effect the purpose stated in subsection (3) of this section. (3) The purpose of this part 5 is to protect the interest…
Colo. Rev. Stat. § 10-3-502 Definitions
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As used in this part 5, unless the context otherwise requires: (1) Ancillary state means any state other than a domiciliary state. (2) Creditor means a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, fixed or contingent, or…
Colo. Rev. Stat. § 10-3-503 Persons covered
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(1) The proceedings authorized by this part 5 may be applied to: (a) All insurers who are doing, or have done, an insurance business in this state and against whom claims arising from that business may exist now or in the future; (b) All insurers who purport to do an insurance bu…
Colo. Rev. Stat. § 10-3-504 Jurisdiction - venue
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(1) No delinquency proceeding shall be commenced under this part 5 by anyone other than the commissioner, and no court shall have jurisdiction to entertain, hear, or determine any proceeding commenced by any other person. (2) The district court in and for the city and county of D…
Colo. Rev. Stat. § 10-3-504.5 Application for receivership - penalty
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No application or proceeding for a receivership of any domestic insurance company shall be made in any court in this state by any person, nor shall any court receive or entertain any such application or proceeding, unless and until such application is approved by the commissioner…
Colo. Rev. Stat. § 10-3-505 Injunctions - orders
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(1) Any receiver appointed in a proceeding under this part 5 may at any time apply for, and any court of general jurisdiction may grant, such restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent: (a) The tran…
Colo. Rev. Stat. § 10-3-506 Cooperation of officers, owners, and employees
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(1) Any officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other person with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the commissioner in any proceeding under this part 5 or any investigation prel…
Colo. Rev. Stat. § 10-3-507 Continuation of delinquency proceedings
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Every proceeding commenced prior to July 1, 1992, shall be deemed to have been commenced under this part 5 for the purpose of conducting the proceeding thereafter; except that, in the discretion of the commissioner, the proceeding may be continued, in whole or in part, as it woul…
Colo. Rev. Stat. § 10-3-508 Condition on release from delinquency proceedings
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(1) No insurer subject to any delinquency proceedings, whether formal, informal, administrative, or judicial, shall: (a) Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding; (b) Be permitted to solicit or …
Colo. Rev. Stat. § 10-3-509 Court's seizure order
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(1) The commissioner may file in the district court in and for the city and county of Denver a petition alleging, with respect to a domestic insurer: (a) That there exists any fact or circumstance that would justify a court order for a formal delinquency proceeding against an ins…
Colo. Rev. Stat. § 10-3-510 Confidentiality of hearings
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In all proceedings and judicial reviews thereof under section 10-3-509, all records of the insurer, other documents, and all division files and court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remain confidential exc…
Colo. Rev. Stat. § 10-3-511 Grounds for rehabilitation
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(1) The commissioner may apply by petition to the district court in and for the city and county of Denver for an order authorizing the commissioner to rehabilitate a domestic insurer or an alien insurer domiciled in this state on any one or more of the following grounds: (a) The …
Colo. Rev. Stat. § 10-3-512 Rehabilitation orders
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(1) An order to rehabilitate the business of a domestic insurer or an alien insurer domiciled in this state shall appoint the commissioner as the rehabilitator and shall direct the rehabilitator forthwith to take possession of the assets of the insurer and to administer such asse…
Colo. Rev. Stat. § 10-3-513 Powers and duties of rehabilitator
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(1) The commissioner as rehabilitator may appoint one or more special deputies, who shall have all the powers and responsibilities of the rehabilitator granted under this section, and the commissioner may employ such counsel, clerks, and assistants as deemed necessary. The compen…
Colo. Rev. Stat. § 10-3-514 Actions by and against rehabilitator
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(1) Any court in this state before which any action or proceeding in which the insurer is a party, or is obligated to defend a party, is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for a minimum of ninety days and for suc…
Colo. Rev. Stat. § 10-3-514.5 Immunity and indemnification of receiver and employees - applicability
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(1) For the purposes of this section, the persons entitled to protection are: (a) All receivers responsible for the conduct of a delinquency proceeding under this part 5 including present and former receivers; and (b) Their employees, meaning all present and former special deputi…
Colo. Rev. Stat. § 10-3-515 Termination of rehabilitation
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(1) Whenever the commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the commissioner may petition the district court in and for the city and county of Denv…
Colo. Rev. Stat. § 10-3-516 Grounds for liquidation
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(1) The commissioner may petition the district court in and for the city and county of Denver for an order directing the commissioner to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis: (a) Of any ground for an order of rehabilitation as spec…
Colo. Rev. Stat. § 10-3-517 Liquidation orders
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(1) An order to liquidate the business of a domestic insurer shall appoint the commissioner as liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of the court. The liquidator sh…
Colo. Rev. Stat. § 10-3-518 Continuation of coverage
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(1) All policies, including bonds and other noncancellable business but not including life or health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force only for the lesser of: (a) A period of thirty days from the date of e…
Colo. Rev. Stat. § 10-3-519 Dissolution of insurer
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The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time the commissioner applies for a liquidation order. The court shall order dissolution of the corpo…