Title 10, Insurance
0 chapters · 1,354 sections in this title.
Colo. Rev. Stat. § 10-14-101 Definitions
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As used in this article, unless the context otherwise requires: (1) Benefit contract means the agreement for the provision of benefits authorized by section 10-14-401, as that agreement is described in section 10-14-404. (2) Benefit member means an adult member who is designated …
Colo. Rev. Stat. § 10-14-102 Fraternal benefit societies - what constitutes
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Any incorporated society, order, or supreme lodge, without capital stock, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work, having a representative form of government, and which pr…
Colo. Rev. Stat. § 10-14-103 Lodge system - defined
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(1) A society is operating on the lodge system if it has a supreme governing or legislative body and subordinate lodges into which members are elected, initiated, or admitted in accordance with its governing documents, and rituals. Subordinate lodges shall be required by the gove…
Colo. Rev. Stat. § 10-14-104 Representative form of government - defined
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(1) A society has a representative form of government when: (a) The supreme governing body is either: (I) An assembly composed of delegates elected directly by the members or at intermediate assemblies or conventions of members or their representatives, together with other delega…
Colo. Rev. Stat. § 10-14-105 Purposes and powers
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(1) A society shall operate for the benefit of members and their beneficiaries by: (a) Providing benefits as specified in section 10-14-401; and (b) Operating for one or more lawful social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic, or religio…
Colo. Rev. Stat. § 10-14-201 Qualifications for membership
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(1) A society shall specify in its governing documents or rules: (a) Eligibility standards for each and every class of membership. If benefits are provided on the lives of children, the minimum age for adult membership shall be set at not less than fifteen years of age and not gr…
Colo. Rev. Stat. § 10-14-202 Principal office - meetings - communications to members - grievance procedures
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(1) The principal office of any domestic society shall be located in this state and comply with the provisions of section 10-3-128. The meetings of its supreme governing body may be held in any state, district, province, or territory wherein such society has at least one subordin…
Colo. Rev. Stat. § 10-14-203 No personal liability
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(1) The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. (2) Any person may be indemnified and reimbursed by any society for expenses reasonably incurred by, and liabilit…
Colo. Rev. Stat. § 10-14-204 Waiver
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The governing documents of the society may provide that no subordinate body nor any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the governing documents of the society. Such provision shall be binding on the society an…
Colo. Rev. Stat. § 10-14-301 Organization
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(1) A domestic society organized on or after July 1, 1993, shall be formed as follows: Seven or more citizens of the United States, a majority of whom are citizens of this state, who desire to form a fraternal benefit society may make, sign, and acknowledge before some officer co…
Colo. Rev. Stat. § 10-14-302 Amendments to governing documents
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(1) A domestic society may amend its governing documents in accordance with the provisions thereof by action of its supreme governing body at any regular or special meeting thereof or, if its governing documents so provide, by referendum. Such referendum may be held in accordance…
Colo. Rev. Stat. § 10-14-303 Institutions
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A society may create, maintain, and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by section 10-14-105 (1)(b). Such institutions may furnish services free or at a reasonable charge. Any real or personal property …
Colo. Rev. Stat. § 10-14-304 Reinsurance
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(1) A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer (other than another fraternal benefit society) having the power to make such reinsurance and authorized to do business in this state. It may take credit for…
Colo. Rev. Stat. § 10-14-305 Consolidations and mergers
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(1) A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the commissioner: (a) A certified copy of the written contract containing in full the terms and conditions of the consolidation or merger; (…
Colo. Rev. Stat. § 10-14-306 Conversion of fraternal benefit society into a mutual or stock life insurance company
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Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company or stock life insurance company by compliance with all the requirements of this title pertaining to a life insurance company. A plan of conversion shall be prepared in writing …
Colo. Rev. Stat. § 10-14-401 Benefits
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(1) A society may provide the following contractual benefits as authorized by the certificate of authority issued: (a) Death benefits; (b) Endowment benefits; (c) Annuity benefits; (d) Temporary or permanent disability benefits; (e) Hospital, medical, or nursing benefits; (f) Mon…
Colo. Rev. Stat. § 10-14-402 Beneficiaries
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(1) The owner of a benefit contract shall have the right at all times to change the beneficiary in accordance with the governing documents of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A so…
Colo. Rev. Stat. § 10-14-403 Benefits not attachable
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No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by any society shall be liable to attachment, garnishment, or other process or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt …
Colo. Rev. Stat. § 10-14-404 Benefit contract
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(1) Every society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided pursuant thereto. The certificate, together with any riders or endorsements attached thereto, the governing documents…
Colo. Rev. Stat. § 10-14-405 Nonforfeiture benefits, cash surrender values, certificate loans, and other options
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(1) For certificates issued prior to July 1, 1994, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall comply with the statutory provisions applicable immediately prior to July 1, 1993. (2) For certifica…
Colo. Rev. Stat. § 10-14-501 Investments
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A society shall invest its funds only in such investments as are authorized by the statutes of this state including but not limited to sections 10-3-210 to 10-3-242 and part 8 of article 3 of this title for the investment of the assets of life insurers. Source: L. 93: Entire arti…
Colo. Rev. Stat. § 10-14-502 Funds
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(1) All assets shall be held, invested, and disbursed for the use and benefit of the society, and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benef…
Colo. Rev. Stat. § 10-14-503 Exemptions
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Except as provided in this section, societies shall be governed by the provisions of this article and shall be exempt from all other provisions of the insurance statutes of this state unless the terms of such statutes expressly apply to societies, or unless any such insurance sta…
Colo. Rev. Stat. § 10-14-504 Taxation
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Every society organized or licensed under this article is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal, and school tax other than taxes on real estate and office equipment…
Colo. Rev. Stat. § 10-14-505 Rules and regulations of commissioner
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The commissioner may establish and from time to time amend such reasonable rules and regulations as are necessary to enable the commissioner to carry out the commissioner's duties under the laws of this state and the provisions of this article. Source: L. 93: Entire article amend…
Colo. Rev. Stat. § 10-14-601 Valuation
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(1) Standards of valuation for certificates issued prior to July 1, 1994, shall be those provided by the statutes applicable immediately prior to July 1, 1993. (2) The minimum standards of valuation for certificates issued on or after July 1, 1994, shall be based on the valuation…
Colo. Rev. Stat. § 10-14-602 Reports
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Reports shall be filed in accordance with the provisions of this section. Every society transacting business in this state shall annually, on or before the first day of March, file with the commissioner a true statement of its financial condition, transactions, and affairs for th…
Colo. Rev. Stat. § 10-14-603 Annual certificate of authority
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Societies that are authorized to transact business in this state as of July 1, 1993, and all societies authorized thereafter, may continue such business until June 30, 1994. The authority of all such societies may thereafter be renewed annually but shall terminate on the last day…
Colo. Rev. Stat. § 10-14-604 Cash capital
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To avoid situations where a society's transactions would create undue financial risks to its enrollees, subscribers, certificate holders, or the people of this state, the regulations specified in this section are authorized. The commissioner may by regulation establish standards …
Colo. Rev. Stat. § 10-14-605 Examination of societies
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The examination of societies, both at the initial formation and at any time during which any such society is authorized to transact business in this state, shall follow the same standards and procedures that apply to life insurers. The cost of any such examination may be assessed…
Colo. Rev. Stat. § 10-14-606 Publications
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Pending, during, or after an examination or investigation of any domestic, foreign, or alien society, the commissioner shall make public no financial statement, report, or finding, nor shall the commissioner permit to become public any financial statement, report, or finding affe…
Colo. Rev. Stat. § 10-14-607 Grounds for injunction, liquidation, and receivership of domestic society
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(1) The commissioner shall notify a domestic society when the commissioner upon investigation finds that a domestic society: (a) Has exceeded its powers; (b) Has failed to comply with any provision of this article; (c) Is not fulfilling its contracts in good faith; (d) Has a memb…
Colo. Rev. Stat. § 10-14-608 Foreign or alien society - admission
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No foreign or alien society shall transact business in this state without a certificate of authority issued by the commissioner. Any such society desiring admission to this state shall comply substantially with the requirements and limitations of this article applicable to domest…
Colo. Rev. Stat. § 10-14-609 Suspension - revocation - denial of license of foreign or alien society
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(1) The commissioner shall notify a foreign or alien society of any of the deficiencies specified in this subsection (1) and state in writing the reasons for the commissioner’s dissatisfaction when the commissioner, upon investigation, finds that a foreign or alien society transa…
Colo. Rev. Stat. § 10-14-610 Injunction
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No application or petition for injunction in proceedings for, the dissolution of, or the appointment of a receiver for any domestic, foreign, or alien society or lodge thereof shall be recognized in any court of this state unless made by the attorney general upon request of the c…
Colo. Rev. Stat. § 10-14-611 Licensing of agents
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Agents of societies shall be licensed in accordance with the statutory provisions regulating the licensing, revocation, suspension, or termination of a license of resident and nonresident agents as provided in part 4 of article 2 of this title, and subject to the exceptions provi…
Colo. Rev. Stat. § 10-14-612 Unfair methods of competition and unfair and deceptive acts and practices
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Every society authorized to do business in this state shall be subject to the provisions of part 11 of article 3 of this title relating to unfair insurance trade practices; except that nothing in such provisions shall be construed as applying to or affecting the right of any soci…
Colo. Rev. Stat. § 10-14-701 Service of process
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Societies authorized to do business in this state shall be subject to the same provisions and requirements regarding service of process as life insurers in accordance with section 10-3-107. Source: L. 93: Entire article amended with relocations, p. 607, � 1, effective July 1. Edi…
Colo. Rev. Stat. § 10-14-702 Fees
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Except as otherwise specifically provided in this article, societies shall pay the applicable fees specified in sections 10-3-207 and 24-31-104.5, C.R.S., and be subject to the assessment of late fees pursuant to section 10-3-109 (3). Source: L. 93: Entire article amended with re…
Colo. Rev. Stat. § 10-14-703 Review
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All final decisions and findings of the commissioner made under the provisions of this article shall be subject to judicial review by the court of appeals pursuant to section 24-4-106 (11), C.R.S. Source: L. 93: Entire article amended with relocations, p. 608, � 1, effective July…
Colo. Rev. Stat. § 10-14-704 Penalties
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(1) Any person, officer, member, or examining physician of any society authorized to do business under this article 14 who knowingly or willfully makes any false or fraudulent statement or representation in or with reference to any application for membership, or for the purpose o…
Colo. Rev. Stat. § 10-14-705 Exemption of certain societies
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(1) Nothing in this article shall be construed to affect or apply to: (a) Grand or subordinate lodges of masons, odd fellows, or knights of Pythias (exclusive of the insurance department of the supreme lodge knights of Pythias) or the junior order of united American mechanics (ex…
Colo. Rev. Stat. § 10-15-101 Legislative declaration
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The general assembly declares that the business of selling preneed contracts whereby the seller agrees to provide final disposition or funeral merchandise or services in the future or for future use is affected with a public interest, and the preservation of the safety and welfar…
Colo. Rev. Stat. § 10-15-102 Definitions
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As used in this article 15, unless the context otherwise requires: (1) Broker means any contract seller who must utilize the services of a general provider to fulfill the terms of a preneed contract. (1.5) Cash advances means consideration which can be used at the time of need at…
Colo. Rev. Stat. § 10-15-103 License procedure - records - examination of records - definition - rules
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(1) (a) A contract seller shall not enter into a preneed contract or accept any funds or other consideration without a license from the commissioner. To be valid, an application for an initial license must be in writing, signed by the applicant, and duly verified on forms furnish…
Colo. Rev. Stat. § 10-15-103.5 Scope of article - exemptions
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(1) This article does not apply to a person providing a developed final resting place within a designated cemetery approved for the interment, entombment, or inurnment of human remains. (2) (a) A person providing an undeveloped final resting place is exempt from this article if t…
Colo. Rev. Stat. § 10-15-104 Annual report
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Each contract seller shall file with the commissioner a report, on a calendar year basis, on a form provided by the commissioner. In the report, each contract seller that is required to deposit funds with a trustee shall state the name of each trustee where trust funds are on dep…
Colo. Rev. Stat. § 10-15-105 Contract requirements - refund - full performance
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(1) (a) The preneed contract shall bind the contract seller, or the heirs, assigns, or duly authorized representatives of the contract seller, to provide the services or merchandise contained in the preneed contract. (b) (I) The contract seller shall certify pursuant to subparagr…
Colo. Rev. Stat. § 10-15-106 Preexisting contracts
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This article shall not be construed so as to impair or affect the obligation of any preexisting lawful contract. Source: L. 95: Entire article R&RE, p. 1041, � 1, effective May 25. Editor's note: This section is similar to former � 10-15-106 as it existed prior to 1995.
Colo. Rev. Stat. § 10-15-107 Deposit of funds with trustee
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(1) If a contract seller enters into a preneed contract in which the consideration is funds, the contract seller shall deposit not less than seventy-five percent of the total preneed contract price with a trustee. The contract seller shall deposit all funds in excess of twenty-fi…