Colorado § 10-4-502 - Legislative declaration.
Full text of Colorado Colorado Revised Statutes § 10-4-502 — Legislative declaration., with citation guidance and answers to common questions.
§ 10-4-502. Legislative declaration.
The purposes of this part 5 are to provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to provide an association to assess the cost of such protection among insurers.
Source: L. 71: p. 756, § 1. C.R.S. 1963: § 72-34-2.
ANNOTATION
Intent to protect the public. In enacting the CIGA, the general assembly intended to protect the public and did not intend to hinder or foreclose its recovery by requiring a claimant to litigate to recover the full amount of the uninsured motorist coverage rather than entering into a settlement. The public and judicial policies in Colorado favor the settlement of such disputes. Colo. Ins. Guar. Ass'n v. Harris, 827 P.2d 1139 (Colo. 1992).
Penalties are not "covered claims"; and, therefore, statutory penalties otherwise available to claimants under the workers' compensation law may not be assessed against the association. Mosley v. Indus. Claim Appeals Office, 119 P.3d 576 (Colo. App. 2005).
Frequently Asked Questions About Colorado § 10-4-502
What does Colorado Revised Statutes § 10-4-502 cover?
Section 10-4-502 ("Legislative declaration.") 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 § 10-4-502?
A common citation format is "Colorado Revised Statutes § 10-4-502" (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 § 10-4-502 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.