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

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

(1) For purposes of the minimum capital or guaranty fund deposit required by section 10-3-201, the following admitted assets shall be deemed to be securities eligible for such deposit: Any asset qualified as an admitted asset under sections 10-3-215 to 10-3-217 and 10-3-225.

(2) For purposes of optional reserve deposits permitted by section 10-7-101 (3) or other deposits permitted but not required by this title (except article 15) and article 14 of title 24, C.R.S., the following admitted assets, in addition to those referred to in subsection (1) of this section, shall be deemed to be securities eligible for such deposits: Any asset qualified as an admitted asset under section 10-3-220 or 10-3-226 to 10-3-228, and any life insurance policy, to the extent of the company's interest in the cash value thereof.

(3) If a company deposits the stock of a wholly owned insurance subsidiary with the commissioner as an optional reserve deposit, the value of such stock for purposes of such deposit shall be reduced by the value of any cash or securities owned by the subsidiary and on deposit with the commissioner or with the duly authorized officer in any other jurisdiction as a deposit of the subsidiary required or permitted by law.

(4) For purposes of all deposits required or permitted by this title (except article 15) and article 14 of title 24, C.R.S., assets shall be valued at their fair market value; except that, for purposes of optional reserve deposits permitted by section 10-7-101 (3), or other deposits permitted but not required by said references, bonds and mortgages shall be valued at their current book values under the methods used in determining admitted asset values for annual statement purposes.

Source: L. 69: p. 499, § 5. C.R.S. 1963: § 72-2-42. L. 92: (2) and (4) amended, p. 1550, § 43, effective May 20. L. 2002: (1) and (2) amended, p. 1013, § 7, effective June 1. L. 2004: (2) and (4) amended, p. 901, § 18, effective May 21. L. 2012: (2) and (4) amended, (HB 12-1266), ch. 280, p. 1506, § 32, effective July 1.