Colorado § 10-5-101.1 - Legislative declaration.
Full text of Colorado Colorado Revised Statutes § 10-5-101.1 — Legislative declaration., with citation guidance and answers to common questions.
§ 10-5-101.1. Legislative declaration.
(1) The general assembly finds and declares that disability, property, and casualty insurance transactions with nonadmitted insurers are so affected with a public interest as to require regulation, taxation, supervision, and control of such transactions and matters relating thereto, as provided in this article 5, in order to:
(a) Protect the insureds and claimants of this state in transactions involving the purchase of insurance from insurers not authorized to transact business in this state;
(b) Provide for the public, except for transactions related to the diligent effort requirements of this article for exempt commercial policyholders, as defined pursuant to section 10-4-1402 and rules adopted by the commissioner pursuant to that section, to the extent that insurance is not procurable from admitted insurers, orderly, reasonable, and regulated access to such insurance from eligible nonadmitted insurers through qualified, licensed, and supervised surplus line agents and brokers;
(c) Protect the revenues of this state;
(d) Protect regulated, admitted insurers from unregulated and unfair competition by nonadmitted insurers;
(e) Regulate and supervise the effectuation of surplus lines insurance in accordance with the laws of this state and federal law, including the federal "McCarran-Ferguson Act"; and
(f) Maintain reliable insurance markets.
Source: L. 81: Entire section added, p. 537, § 1, effective January 1, 1982. L. 95: IP(1), (1)(b), and (1)(e) amended, p. 491, § 7, effective May 16. L. 99: (1)(b) amended, p. 388, § 9, effective January 15, 2000. L. 2012: (1)(b) amended, (HB 12-1215), ch. 104, p. 355, § 9, effective August 8. L. 2017: IP(1) amended, (SB 17-274), ch. 334, p. 1788, § 1, effective August 9.
Cross references: For the McCarran-Ferguson Act, see 59 Stat. 33, 15 U.S.C. §§ 1011 to 1015.
Frequently Asked Questions About Colorado § 10-5-101.1
What does Colorado Revised Statutes § 10-5-101.1 cover?
Section 10-5-101.1 ("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 § 10-5-101.1?
A common citation format is "Colorado Revised Statutes § 10-5-101.1" (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 § 10-5-101.1 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.