Colorado § 10-7-404 - Authority to issue variable contracts.
Full text of Colorado Colorado Revised Statutes § 10-7-404 — Authority to issue variable contracts., with citation guidance and answers to common questions.
§ 10-7-404. Authority to issue variable contracts.
(1) No company shall deliver or issue for delivery within this state variable contracts unless it is licensed to do a life insurance or annuity business in this state and the commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner shall consider among other things:
(a) The history and financial condition of the company;
(b) The character, responsibility, and fitness of the officers and directors of the company; and
(c) The law and regulations under which the company is authorized in the state of domicile to issue variable contracts.
(2) If the company is a subsidiary of an admitted life insurance company or affiliated with such company through common management or ownership, it may be deemed by the commissioner to have complied with the provisions of this section if either it or the parent or the affiliated company meets the requirements of this section.
Source: L. 71: p. 713, § 1. C.R.S. 1963: § 72-2-47.
Frequently Asked Questions About Colorado § 10-7-404
What does Colorado Revised Statutes § 10-7-404 cover?
Section 10-7-404 ("Authority to issue variable contracts.") 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 § 10-7-404?
A common citation format is "Colorado Revised Statutes § 10-7-404" (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 § 10-7-404 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.