Colorado § 10-1-202 - Definitions.

§ 10-1-202. Definitions.

As used in this part 2, unless the context otherwise requires:

(1) "Company" means any person or group of persons engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to any administrative, regulatory, or taxing authority of the commissioner as well as any advisory organization or rating organization as defined in section 10-4-402.

(2) "Examination" means a formal financial examination, as well as informal examinations, conducted by the commissioner for the purpose of determining compliance with the law.

(3) "Examiner" means any individual or firm authorized by the commissioner to conduct an examination under this part 2.

(4) "Informal examination" means all inquiries by the division into the financial condition of a company, other than the formal financial examination of a company that must be conducted once every five years pursuant to section 10-1-203 (1).

(5) "Insurance department" means the commissioner or other government official or agency of a state other than Colorado exercising powers and duties substantially equivalent to those of the commissioner or the division.

(6) "Insurer" means any person, firm, corporation, association, or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization, or conservation by, the commissioner or any equivalent insurance supervisory official of another state.

(7) "NAIC" or "national association of insurance commissioners" means the organization of insurance regulators from the fifty states, the District of Columbia, and the five United States territories.

(8) "Person" means any individual, aggregation of individuals, trust, association, partnership, or corporation, or any agent or affiliate thereof.

Source: L. 2003: Entire article RC&RE, p. 605, § 1, effective July 1. L. 2006: (1.5), (1.7), and (8) to (19) added and (7) amended, p. 960, § 3, effective January 1, 2007. L. 2017: Entire section amended, (HB 17-1231), ch. 284, p. 1553, § 2, effective January 1, 2018. L. 2023: (7) amended, (HB 23-1301), ch. 303, p. 1816, § 5, effective August 7.

Editor's note: This section is similar to former § 10-1-202 as it existed prior to 2002.

Cross references: For the legislative declaration contained in the 2006 act enacting subsections (1.5), (1.7), and (8) to (19) and amending subsection (7), see section 1 of chapter 211, Session Laws of Colorado 2006.