Colorado § 10-3-1502 - Definitions.
Full text of Colorado Colorado Revised Statutes § 10-3-1502 — Definitions., with citation guidance and answers to common questions.
§ 10-3-1502. Definitions.
As used in this part 15, unless the context otherwise requires:
(1) "Insurance group" means, for the purpose of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in section 10-3-801 (5).
(2) "Insurer" has the same meaning as set forth in section 10-3-801 (6) and includes any political subdivision of the state created pursuant to article 45 of title 8, C.R.S.
(3) "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.
(4) "ORSA guidance manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA guidance manual is effective on the January 1 following the calendar year in which the change is adopted by the NAIC.
(5) "ORSA summary report" means a confidential, high-level summary of an insurer's or insurance group's ORSA.
(6) "Own risk and solvency assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks.
Source: L. 2016: Entire part added, (SB 16-029), ch. 32, p. 73, § 2, effective March 18. L. 2023: (3) amended, (HB 23-1301), ch. 303, p. 1817, § 8, effective August 7.
Frequently Asked Questions About Colorado § 10-3-1502
What does Colorado Revised Statutes § 10-3-1502 cover?
Section 10-3-1502 ("Definitions.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 10-3-1502?
A common citation format is "Colorado Revised Statutes § 10-3-1502" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 10-3-1502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.