Colorado § 10-3-405 - Direct supervision.
Full text of Colorado Colorado Revised Statutes § 10-3-405 — Direct supervision., with citation guidance and answers to common questions.
§ 10-3-405. Direct supervision.
(1) Any insurance company placed under direct supervision shall remain under direct supervision until all delinquencies are remedied, or until the commissioner deems such direct supervision no longer is necessary or desirable. During the period of direct supervision, the commissioner may appoint a supervisor other than himself to supervise the company and may provide that the company may not take any of the following actions without prior approval in writing of the commissioner or his duly appointed supervisor:
(a) Dispose of, convey, or encumber any of its assets or its business in force;
(b) Withdraw any of its bank accounts;
(c) Lend any of its funds;
(d) Invest any of its property;
(e) Transfer any of its property;
(f) Incur any debt, obligation, or liability;
(g) Merge or consolidate with another company;
(h) Enter into any new reinsurance contract or treaty.
(2) In addition to the power to require prior written approval of any of the actions set forth in subsection (1) of this section, the commissioner or the commissioner's duly appointed supervisor may take any further steps necessary to preserve, protect, and recover any assets or property of an insurance company under direct supervision.
Source: L. 69: p. 546, § 3. C.R.S. 1963: § 72-29-5. L. 92: Entire section amended, p. 1425, § 7, effective July 1.
Frequently Asked Questions About Colorado § 10-3-405
What does Colorado Revised Statutes § 10-3-405 cover?
Section 10-3-405 ("Direct supervision.") 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 § 10-3-405?
A common citation format is "Colorado Revised Statutes § 10-3-405" (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 § 10-3-405 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.