Colorado § 10-2-1101 - Effective date - applicability.

§ 10-2-1101. Effective date - applicability.

This article shall take effect January 1, 1995. Insurance agent and broker licenses issued pursuant to part 2 of this article prior to said date shall expire at such time as the commissioner shall determine by rule promulgated under the authority of this article. The holders of such licenses may obtain comparable licenses under this article by complying with the rules promulgated by the commissioner under the authority of this article.

Source: L. 93: Entire article R&RE, p. 1389, § 1, effective January 1, 1995.

REGULATION OF INSURANCE COMPANIES

ARTICLE 3

Regulation of Insurance Companies

PART 1

GENERAL

10-3-101. Formation of insurance companies.

10-3-102. Purpose of organization or admittance.

10-3-103. Names of companies.

10-3-104. Unauthorized companies - penalties.

10-3-105. Certificate of authority to do business - companies prohibited - definitions.

10-3-106. Deemed incorporated under corporation law.

10-3-107. Appointment of registered agent to receive service of process - commissioner required to maintain list - when service of process may be made on commissioner.

10-3-108. File duly certified copy of charter.

10-3-109. Reports, statements, assessments, and maintenance of records - publication - penalties for late filing, late payment, or failure to maintain.

10-3-110. Remuneration of company officials. (Repealed)

10-3-111. Violations - penalty.

10-3-112. Directors - terms - election - conflicts of interest - recovery of profits.

10-3-113. Increase of capital.

10-3-114. Violations - penalty.

10-3-115. License required of foreign companies. (Repealed)

10-3-116. Sale of stock without license - penalty. (Repealed)

10-3-117. License automatically extended - when.

10-3-118. Reinsurance - conditions - credit for reinsurance. (Repealed)

10-3-119. Application for receivership. (Repealed)

10-3-120. Investments of officers, directors, and principal stockholders.

10-3-121. Regulation of proxies, consents, or authorizations.

10-3-122. Duties of foreign companies.

10-3-123. Assessment accident associations.

10-3-124. Advertisement for insurance - requirement. (Repealed)

10-3-125. Redomestication of foreign insurers.

10-3-126. Alien insurers.

10-3-127. Domicile of nonprofit hospital, medical-surgical, and health services corporations.

10-3-128. Domestic insurer - requirement to maintain offices in this state.

10-3-129. Prohibition - display of social security number - insurance companies.

10-3-130. Certificate of authority application process - tracking compliance with uniform process.

10-3-131. Acts of producers - responsibility of insurer - definitions.

PART 2

FINANCIAL AFFAIRS

10-3-201. Cash capital - guaranty fund - deposit.

10-3-202. Surplus ascertained - disposition of.

10-3-203. Additional deposits - withdrawals.

10-3-204. Payment of dividends.

10-3-205. Manner of paying surplus.

10-3-206. Security deposits - certificates.

10-3-207. Fees paid by insurance companies.

10-3-207.5. Funding for insurance fraud investigations and prosecutions - creation of fund. (Repealed)

10-3-208. Financial statements.

10-3-209. Tax on premiums collected - exemptions - penalties - filing system - division to contract with third parties - rules - repeal.

10-3-210. Deposit and safekeeping of securities.

10-3-211. Deposit only admitted assets.

10-3-212. Insolvency or impairment of stock insurance company.

10-3-213. Investments eligible as admitted assets.

10-3-214. Quantitative investment limitations - manner of applying.

10-3-215. Evidences of indebtedness.

10-3-215.5. Investments in medium- and lower-grade obligations.

10-3-216. Mortgage loans.

10-3-217. Federally guaranteed or insured real estate loans.

10-3-218. Real estate for use in company's business.

10-3-219. Real estate acquired in satisfaction of indebtedness.

10-3-220. Real estate for production of income - definition.

10-3-221. Tangible personal property for production of income. (Repealed)

10-3-222. Policy loans. (Repealed)

10-3-223. Accounts in building or savings and loan associations. (Repealed)

10-3-224. Time deposits. (Repealed)

10-3-225. Transportation equipment interests.

10-3-226. Equity interests - definition.

10-3-227. Stock for purpose of reinsurance, consolidation, or merger.

10-3-228. Collateral loans.

10-3-228.5. Securities lending - repurchase - reverse repurchase - dollar roll transactions.

10-3-229. Investments for purposes of compliance in other jurisdictions.

10-3-230. Additional investments.

10-3-231. Valuation of investments.

10-3-232. Liens for certain purposes permitted.

10-3-233. Disposition of certain real estate.

10-3-234. Approval and record of investments.

10-3-235. Certain admitted assets deemed securities for deposit purposes.

10-3-236. Assets acquired through merger, consolidation, or reinsurance.

10-3-237. Assets acquired under prior law.

10-3-238. Refunds.

10-3-239. Subordinated indebtedness.

10-3-240. Approval of investments.

10-3-241. Prohibited investments. (Repealed)

10-3-242. Qualified money market funds - definition.

10-3-243. Derivative transactions - definitions - restrictions - rules.

10-3-244. Climate risk disclosure - insurer participation - rules - reporting - definition.

PART 3

UNIFORM GUARANTY DEPOSITS

10-3-301. Definitions.

10-3-302. Deposits required - when.

10-3-303. Deposits with commissioner.

10-3-304. Depositaries - responsibility.

10-3-305. Rights of depositors.

10-3-306. Release of deposits.

10-3-307. Commissioner order release.

PART 4

DELINQUENCIES

10-3-401. Legislative declaration.

10-3-402. Definitions.

10-3-403. Scope of part 4.

10-3-404. Determination of delinquency - procedure.

10-3-405. Direct supervision.

10-3-406. Protest of finding of delinquency.

10-3-407. Costs of direct supervision.

10-3-408. Conservatorship. (Repealed)

10-3-409. Protest of order of conservatorship. (Repealed)

10-3-410. Costs of conservatorship. (Repealed)

10-3-411. Penalties for noncompliance.

10-3-412. Review of action while under direct supervision.

10-3-413. Appeal from final determination or order of commissioner.

10-3-414. Nondisclosure of reports and evidence during period of direct supervision or conservatorship.

PART 5

INSURERS' REHABILITATION AND LIQUIDATION

10-3-501. Legislative declaration - intents and purposes.

10-3-502. Definitions.

10-3-503. Persons covered.

10-3-504. Jurisdiction - venue.

10-3-504.5. Application for receivership - penalty.

10-3-505. Injunctions - orders.

10-3-506. Cooperation of officers, owners, and employees.

10-3-507. Continuation of delinquency proceedings.

10-3-508. Condition on release from delinquency proceedings.

10-3-509. Court's seizure order.

10-3-510. Confidentiality of hearings.

10-3-511. Grounds for rehabilitation.

10-3-512. Rehabilitation orders.

10-3-513. Powers and duties of rehabilitator.

10-3-514. Actions by and against rehabilitator.

10-3-514.5. Immunity and indemnification of receiver and employees - applicability.

10-3-515. Termination of rehabilitation.

10-3-516. Grounds for liquidation.

10-3-517. Liquidation orders.

10-3-518. Continuation of coverage.

10-3-519. Dissolution of insurer.

10-3-520. Powers of liquidator.

10-3-521. Notice to creditors and others.

10-3-522. Duties of agents.

10-3-523. Actions by and against liquidator.

10-3-524. Collection and listing of assets.

10-3-525. Fraudulent transfers prior to petition.

10-3-526. Fraudulent transfer after petition.

10-3-527. Voidable preferences and liens.

10-3-528. Claims of holders of void or voidable rights.

10-3-529. Setoffs - effective date - applicability.

10-3-530. Assessments.

10-3-531. Reinsurers' liability.

10-3-532. Recovery of premiums owed.

10-3-533. Domiciliary liquidator's proposal to distribute assets.

10-3-533.5. Sale of insolvent insurer as a going concern.

10-3-534. Filing of claims.

10-3-535. Proof of claim.

10-3-536. Special claims.

10-3-537. Special provisions for third-party claims.

10-3-538. Disputed claims.

10-3-539. Claims of surety.

10-3-540. Secured creditors' claims.

10-3-540.5. Qualified financial contracts - definitions.

10-3-541. Priority of distribution - definitions.

10-3-542. Liquidator's recommendations to the court.

10-3-543. Distribution of assets.

10-3-544. Unclaimed and withheld funds.

10-3-545. Termination of proceedings.

10-3-546. Reopening liquidation.

10-3-547. Disposition of records during and after termination of liquidation.

10-3-548. External audit of receiver's books.

10-3-549. Conservation of property of foreign or alien insurers found in this state.

10-3-550. Liquidation of property of foreign or alien insurers found in this state.

10-3-551. Domiciliary liquidators in other states.

10-3-552. Ancillary formal proceedings.

10-3-553. Ancillary summary proceedings.

10-3-554. Claims of nonresidents against insurers domiciled in this state.

10-3-555. Claims of residents against insurers domiciled in reciprocal states.

10-3-556. Attachment, garnishment, and levy of execution.

10-3-557. Interstate priorities.

10-3-558. Subordination of claims for noncooperation.

10-3-559. Severability.

PART 6

EXCHANGE OF INSURANCE SECURITIES ACT

10-3-601. Short title.

10-3-601.5. Definitions.

10-3-602. Exchange of securities.

10-3-603. Acquiring corporation - definition. (Repealed)

10-3-604. Procedure for exchange.

10-3-605. Filing plan of exchange.

10-3-606. Effect of exchange.

10-3-607. Authorized insurance business and regulatory authority.

10-3-608. Domestic company and acquiring corporation separate and distinct entities.

10-3-609. Examination.

10-3-610. Application of this part 6.

PART 7

CREDIT FOR REINSURANCE MODEL ACT

10-3-701. Purpose.

10-3-702. Credit allowed to a domestic ceding insurer - rules - definitions.

10-3-703. Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 10-3-702.

10-3-704. Qualified United States financial institutions.

10-3-705. Rules - definitions.

10-3-706. Reinsurance agreements affected.

PART 8

INSURANCE HOLDING COMPANY SYSTEMS

10-3-801. Definitions.

10-3-802. Subsidiaries of insurers.

10-3-803. Acquisition of control of or merger with domestic insurer - definitions.

10-3-803.5. Acquisitions involving insurers not otherwise covered - definitions.

10-3-804. Registration of insurers - rules - group capital calculation - liquidity stress test - exemptions.

10-3-805. Standards and management of an insurer within an insurance holding company system - rules.

10-3-806. Examination.

10-3-807. Supervisory colleges.

10-3-807.5. Group-wide supervision of internationally active insurance groups - information collection - cooperation - rules.

10-3-808. Confidential treatment.

10-3-809. Rules.

10-3-810. Injunctions - prohibitions against voting securities - sequestration of voting securities.

10-3-811. Criminal proceedings - civil penalties - definition.

10-3-812. Receivership.

10-3-813. Revocation, suspension, or nonrenewal of insurer's license.

10-3-814. Judicial review - mandamus.

10-3-815. Recovery of distributions or payments.

10-3-816. Conflict with other laws.

PART 9

UNAUTHORIZED INSURANCE

10-3-901. Short title.

10-3-902. Legislative declaration.

10-3-903. Definition of transacting insurance business.

10-3-903.5. Jurisdiction over providers of health-care benefits - rules.

10-3-904. Commissioner may enjoin unauthorized company.

10-3-904.5. Emergency cease-and-desist orders - issuance - rules - definition.

10-3-904.6. Emergency cease-and-desist orders - hearings - judicial review - violations.

10-3-904.7. Failure to pay penalties or restitution.

10-3-905. Service of process upon unauthorized company.

10-3-906. Validity of insurance contracts - liability under insurance contract.

10-3-907. Investigation and disclosure of insurance contracts.

10-3-908. Reporting of unauthorized insurance.

10-3-909. Unauthorized insurance premium tax.

10-3-910. Application of this part 9.

PART 10

UNAUTHORIZED INSURERS PROCESS ACT

10-3-1001. Short title.

10-3-1002. Legislative declaration.

10-3-1003. Service of process upon unauthorized insurer.

10-3-1004. Defense of action by unauthorized insurer.

10-3-1005. Attorney fees.

PART 11

UNFAIR COMPETITION - DECEPTIVE PRACTICES

10-3-1101. Legislative declaration.

10-3-1102. Definitions.

10-3-1103. Unfair methods of competition - unfair or deceptive acts or practices - prohibited.

10-3-1104. Unfair methods of competition - unfair or deceptive practices - rules - definitions.

10-3-1104.5. HIV testing - legislative declaration - definitions - requirements for testing - limitations on disclosure of test results - penalty.

10-3-1104.6. Genetic information - limitations on disclosure of information - liability - definitions - legislative declaration.

10-3-1104.7. Genetic testing - legislative declaration - definitions - limitations on disclosure of information - liability.

10-3-1104.8. Domestic abuse discrimination - prohibited.

10-3-1104.9. Insurers' use of external consumer data and information sources, algorithms, and predictive models - unfair discrimination prohibited - rules - stakeholder process required - investigations - definitions.

10-3-1105. Favored agent or insurer - coercion of debtors.

10-3-1106. Power of commissioner.

10-3-1107. Hearings.

10-3-1108. Orders.

10-3-1109. Penalty for violation of cease-and-desist orders.

10-3-1110. Rules.

10-3-1111. Provisions of part 11 additional to existing law.

10-3-1112. Immunity from prosecution.

10-3-1113. Information to trier of fact in civil actions.

10-3-1114. Construction of part 11.

10-3-1115. Improper denial of claims - prohibited - definitions - severability.

10-3-1116. Remedies for unreasonable delay or denial of benefits - required contract provision - frivolous actions - severability - definition - rules.

10-3-1117. Required disclosures - liability - definition.

10-3-1118. Failure-to-cooperate defense.

10-3-1119. Policy documents - language consistent with advertisement for product - definitions. (Repealed)

PART 12

SYSTEMS FOR HOLDING AND TRANSFERRING SECURITIES

10-3-1201. Legislative declaration.

10-3-1202. Definitions.

10-3-1203. Book-entry system.

PART 13

MODEL QUALITY REPLACEMENT PARTS ACT

10-3-1301. Short title.

10-3-1302. Legislative declaration.

10-3-1303. Definitions.

10-3-1304. Identification of parts.

10-3-1305. Disclosure.

10-3-1306. Unfair and deceptive acts.

10-3-1307. Liability.

PART 14

MODEL RISK RETENTION ACT

10-3-1401. Short title.

10-3-1402. Purpose.

10-3-1403. Authority of commissioner.

PART 15

OWN RISK AND SOLVENCY ASSESSMENT (ORSA)

10-3-1501. Purpose and scope - applicability - legislative declaration.

10-3-1502. Definitions.

10-3-1503. Risk management framework.

10-3-1504. ORSA requirement.

10-3-1505. ORSA summary report.

10-3-1506. Exemption.

10-3-1507. Contents of ORSA summary report.

10-3-1508. Confidentiality.

10-3-1509. Sanctions.

10-3-1510. Rules.

10-3-1511. Effective date.

PART 16

CORPORATE GOVERNANCE ANNUAL DISCLOSURES

10-3-1601. Purpose and scope - applicability - legislative declaration.

10-3-1602. Definitions.

10-3-1603. Disclosure requirement.

10-3-1604. Contents of corporate governance annual disclosure - rules.

10-3-1605. Confidentiality.

10-3-1606. Retention of third-party consultants - information sharing.

10-3-1607. Sanctions.

10-3-1608. Rules.

PART 17

DOMESTIC STOCK INSURER DIVISION

10-3-1701. Definitions.

10-3-1702. Plan of division - general requirements.

10-3-1703. Plan of division - dividing insurer to survive division.

10-3-1704. Plan of division - dividing insurer to not survive division.

10-3-1705. Amending plan of division.

10-3-1706. Abandoning plan of division.

10-3-1707. Approval of plan of division - articles of incorporation and bylaws.

10-3-1708. Commissioner approval of plan of division.

10-3-1709. Confidentiality - records.

10-3-1710. Certificate of division.

10-3-1711. After division is effective.

10-3-1712. Resulting insurers' liability for allocated assets and debts.

10-3-1713. Shareholder appraisal rights.

10-3-1714. Rules.

10-3-1715. Enforcement by commissioner.

10-3-1716. Merger or consolidation effective with division.

PART 1

GENERAL