Colorado § 10-5-103 - Conditions for export.
Full text of Colorado Colorado Revised Statutes § 10-5-103 — Conditions for export., with citation guidance and answers to common questions.
§ 10-5-103. Conditions for export.
(1) If certain insurance coverages cannot be procured from admitted insurers, such coverages, designated in this article as "surplus lines", may be procured from nonadmitted insurers, subject to the following conditions:
(a) The insurance must be procured through a licensed broker.
(b) The full amount of insurance required shall not be procurable, after diligent effort has been made to do so, from among admitted insurers authorized to transact and actually transacting that kind of insurance in this state; and placing the insurance with a nonadmitted insurer shall not be for the purpose of securing a lower premium rate than that which would be accepted by an admitted insurer unless the premium rate quoted by the admitted insurer is more than ten percent higher than that quoted by the nonadmitted insurer.
(c) At the time of the procuring of any such insurance, an affidavit setting forth facts referred to in paragraph (b) of this subsection (1) must be executed by the broker. Such affidavit shall be filed with the commissioner within thirty days after the insurance is procured. In lieu thereof, the commissioner may provide for simplified monthly reporting of coverages procured pursuant to this article.
(2) The diligent effort requirements of this section shall not apply to transactions with exempt commercial policyholders, as defined pursuant to section 10-4-1402 and rules adopted by the commissioner pursuant to that section.
Source: L. 49: p. 467, § 2. CSA: C. 87, § 319. CRS 53: § 72-14-2. C.R.S. 1963: § 72-13-2. L. 81: Entire section R&RE, p. 538, § 2, effective January 1, 1982. L. 95: IP(1) and (1)(b) amended, p. 492, § 10, effective May 16. L. 99: (2) added, p. 388, § 10, effective January 15, 2000.
Frequently Asked Questions About Colorado § 10-5-103
What does Colorado Revised Statutes § 10-5-103 cover?
Section 10-5-103 ("Conditions for export.") 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 § 10-5-103?
A common citation format is "Colorado Revised Statutes § 10-5-103" (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 § 10-5-103 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.