C.R.S. § 10-16-705.7 — CO Code / Title 10 / Article 16 / Part 7 / Section 10-16-705.7
10-16-705.7. Timely credentialing of physicians by carriers - notice of receipt required - no
Status: in_force

10-16-705.7. Timely credentialing of physicians by carriers - notice of receipt required - notice of incomplete applications required - delegated credentialing agreements - discrepancies - denials of claims prohibited - disclosures - recredentialing - enforcement - rules - definitions. (1) As used in this section, unless the context otherwise requires:

(a) "Applicant" means a physician who submits an application to a carrier to become a participating physician in the carrier's network.

(b) "Application" means an applicant's application to become credentialed by a carrier as a participating physician in at least one of the carrier's provider networks.

(c) "Carrier credentialing alliance" means an organization of carriers that share activities or responsibilities pertaining to credentialing.

(d) "Credentialing" or "credential" means the process by which a carrier or its designee collects information concerning an applicant; assesses whether the applicant satisfies the relevant licensing, education, and training requirements to become a participating physician; verifies the assessment; and approves or disapproves the applicant's application.

(e) "Delegated credentialing agreement" means an agreement between a carrier and a designee by which the carrier delegates to the designee activities or responsibilities pertaining to credentialing.

(f) "Designee" means a third party to which a carrier delegates activities or responsibilities pertaining to credentialing.

(g) "Health-care facility" means a facility licensed or certified by the department of public health and environment pursuant to section 25-1.5-103.

(h) "Participating physician" means a physician who is credentialed by a carrier or its designee to provide health-care items or services to covered persons in at least one of the carrier's provider networks.

(i) "Physician" means a physician who is licensed pursuant to article 240 of title 12.

(j) "Recredentialing" or "recredential" means the process by which a carrier or its designee confirms that a participating physician is in good standing and continues to satisfy the carrier's requirements for participating physicians.

(2) (a) Within seven calendar days after a carrier receives an application, the carrier shall provide the applicant a receipt in written or electronic form.

(b) Upon receiving an application, a carrier shall promptly determine whether the application is complete. If the carrier determines that the application is incomplete, the carrier shall notify the applicant in writing or by electronic means that the application is incomplete within ten calendar days after the date the carrier received the application. The notice must describe the items that are required to complete the application.

(c) If a carrier receives a completed application but fails to provide the applicant a receipt in written or electronic form within seven calendar days after receiving the application, as required by subsection (2)(a) of this section, the carrier shall consider the applicant a participating physician, effective no later than fifty-three calendar days following the carrier's receipt of the application.

(3) (a) A carrier shall conclude the process of credentialing an applicant within sixty calendar days after the carrier receives the applicant's completed application.

(b) A carrier shall provide each applicant written or electronic notice of the outcome of the applicant's credentialing within ten calendar days after the conclusion of the credentialing process.

(c) After concluding the credentialing process for an applicant and making a determination regarding the applicant's application, a carrier shall provide to the applicant, at the applicant's request and as allowed by law, all nonproprietary information pertaining to the application and to the final decision regarding the application.

(4) Notwithstanding any other provision of this section:

(a) A carrier that enters into and complies with the requirements of a delegated credentialing agreement with a health-care facility, which agreement imposes equivalent or higher requirements than those described in this section, is deemed to be in compliance with the requirements of this section with regard to an applicant who works for that facility.

(b) A carrier that participates in and complies with the requirements of a carrier credentialing alliance that imposes equivalent or higher requirements than those described in this section is deemed to be in compliance with the requirements of this section.

(5) A carrier shall correct discrepancies in its provider or network directory within thirty calendar days after receiving a report of the discrepancy from a participating physician. A participating physician shall notify a carrier of any change in the physician's name, address, telephone number, business structure, or tax identification number within fifteen business days after making the change.

(6) A carrier may not deny a claim for a medically necessary covered service provided to a covered person if the service:

(a) Is a covered benefit under the covered person's health coverage plan; and

(b) Is provided by a participating physician who is in the provider network for the carrier's health coverage plan and has concluded the carrier's credentialing process.

(7) A carrier shall make the following nonproprietary information available to all applicants and shall post the information on its website:

(a) The carrier's credentialing policies and procedures;

(b) A list of the information required to be included in an application;

(c) A checklist of materials that must be submitted in the credentialing process;

(d) Designated contact information, including a designated point of contact, an e-mail address, and a telephone number, to which an applicant may address any credentialing inquiries; and

(e) The requirements described in subsection (2) of this section and the authority of the commissioner to enforce the requirements and impose penalties for violations, as described in subsection (10) of this section.

(8) (a) A carrier or its designee may recredential a participating physician if such recredentialing is:

(I) Required by federal or state law or by the carrier's accreditation standards; or

(II) Permitted by the carrier's contract with the participating physician.

(b) A carrier shall not require a participating physician to submit an application or participate in a contracting process in order to be recredentialed.

(c) Nothing in this subsection (8) affects the contract termination rights of a carrier or a participating physician.

(9) Except as described in subsection (8) of this section and as may be provided in a contract between a carrier and a participating physician, a carrier shall allow a participating physician to remain credentialed and include the participating physician in the carrier's health coverage plan provider network unless the carrier discovers information indicating that the participating physician no longer satisfies the carrier's guidelines for participation, in which case the carrier shall satisfy the requirements described in section 10-16-705 (5) before terminating the participating physician's participation in the provider network.

(9.5) A carrier shall not refuse to credential an applicant or terminate a participating physician's participation in a provider network based solely on the applicant's or participating physician's provision of, or assistance in the provision of, a legally protected health-care activity, as defined in section 12-30-121 (1)(d), in this state, so long as the care provided did not violate Colorado law.

(10) The commissioner shall enforce this section and may promulgate such rules as are necessary for the implementation of this section. Upon receiving more than one complaint from an applicant or a participating physician alleging a violation of this section by a carrier, the commissioner shall investigate the complaints. A carrier that fails to comply with this section or with any rules adopted pursuant to this section is subject to such civil penalties as the commissioner may order pursuant to section 10-1-310.
C.R.S. § 10-7-619 — CO Code / Title 10 / Article 7 / Part 6 / Section 10-7-619
10-7-619. Viatical settlements cash fund - created
Status: in_force

10-7-619. Viatical settlements cash fund - created. All direct and indirect expenditures of the commissioner and the division in administering this part 6 shall be paid from the viatical settlements cash fund, which fund is hereby created in the state treasury. All fees collected pursuant to this part 6 shall be transmitted to the state treasurer, who shall credit them to the viatical settlements cash fund. All moneys credited to the viatical settlements cash fund shall be used as provided in this section, shall not be deposited in or transferred to the general fund of this state or to any other fund, and shall be subject to annual appropriation by the general assembly for the purpose of defraying the expenses of the commissioner and the division in administering this part 6. All interest derived from the deposit and investment of moneys in the viatical settlements cash fund shall be credited to the viatical settlements cash fund.
C.R.S. § 10-3-1104.7 — CO Code / Title 10 / Article 3 / Part 11 / Section 10-3-1104.7
10-3-1104.7. Genetic testing - legislative declaration - definitions - limitations on disclos
Status: in_force

10-3-1104.7. Genetic testing - legislative declaration - definitions - limitations on disclosure of information - liability. (1) The general assembly hereby finds and determines that recent advances in genetic science have led to improvements in the diagnosis, treatment, and understanding of a significant number of human diseases. The general assembly further declares that:

(a) Genetic information is the unique property of the individual to whom the information pertains;

(b) Any information concerning an individual obtained through the use of genetic techniques may be subject to abuses if disclosed to unauthorized third parties without the willing consent of the individual to whom the information pertains;

(c) To protect individual privacy and to preserve individual autonomy with regard to the individual's genetic information, it is appropriate to limit the use and availability of genetic information;

(d) The intent of this section is to prevent information derived from genetic testing from being used to deny access to group disability insurance or long-term care insurance coverage.

(2) For the purposes of this section:

(a) "Entity" means any entity that provides group disability insurance or long-term care insurance coverage and is subject to the jurisdiction of the commissioner of insurance.

(b) "Genetic testing" means any laboratory test of human DNA, RNA, or chromosomes that is used to identify the presence or absence of alterations in genetic material which are associated with disease or illness. "Genetic testing" includes only such tests as are direct measures of such alterations rather than indirect manifestations thereof.

(3) (a) Information derived from genetic testing shall be confidential and privileged. Any release, for purposes other than diagnosis, treatment, or therapy, of genetic testing information that identifies the person tested with the test results released requires specific written consent by the person tested.

(b) Any entity that receives information derived from genetic testing may not seek, use, or keep the information for any nontherapeutic purpose or for any underwriting purpose connected with the provision of group disability insurance or long-term care insurance coverage.

(4) Notwithstanding the provisions of subsection (3) of this section, in the course of a criminal investigation or a criminal prosecution, and to the extent allowed under the federal or state constitution, any peace officer, district attorney, or assistant attorney general, or a designee thereof, may obtain information derived from genetic testing regarding the identity of any individual who is the subject of the criminal investigation or prosecution for use exclusively in the criminal investigation or prosecution without the consent of the individual being tested.

(5) Notwithstanding the provisions of subsection (3) of this section, any research facility may use the information derived from genetic testing for scientific research purposes so long as the identity of any individual to whom the information pertains is not disclosed to any third party; except that the individual's identity may be disclosed to the individual's physician if the individual consents to such disclosure in writing.

(6) This section does not limit the authority of a court or any party to a parentage proceeding to use information obtained from genetic testing for purposes of determining parentage pursuant to section 13-25-126, C.R.S.

(7) This section does not limit the authority of a court or any party to a proceeding that is subject to the limitations of part 5 of article 64 of title 13, C.R.S., to use information obtained from genetic testing for purposes of determining the cause of damage or injury.

(8) This section does not limit the authority of the state board of parole to require any offender who is involved in a sexual assault to submit to blood tests and to retain the results of such tests on file as authorized under section 17-2-201 (5)(g), C.R.S.

(9) This section does not limit the authority granted the state department of public health and environment, the state board of health, or local departments of health pursuant to section 25-1-122, C.R.S.

(10) Notwithstanding any provision of this section to the contrary, the only requirements that shall apply to an insurer in connection with life insurance or individual disability insurance are as follows:

(a) Except as otherwise specifically authorized or required by another section of state or federal law, an insurer shall not require the performance of or perform a genetic test without first receiving the specific, written, informed consent of the subject of the test who has the capacity to consent or, if the person subject to the test lacks the capacity to consent, of a person authorized by law to consent on behalf of the subject of the test. Written consent shall be in a form prescribed by the commissioner.

(b) The results of a genetic test performed pursuant to this subsection (10) are privileged and confidential and shall not be released to any person except as specifically authorized under applicable state or federal law.

(11) Any violation of this section is an "unfair practice", as defined in section 10-3-1104 (1), and is subject to the provisions of sections 10-3-1106 to 10-3-1113.

(12) Any individual who is injured by an entity's violation of this section may recover in a court of competent jurisdiction the following remedies:

(a) Equitable relief, which may include a retroactive order, directing the entity to provide group disability insurance or long-term care insurance coverage, whichever is appropriate, to the injured individual under the same terms and conditions as would have applied had the violation not occurred; and

(b) The greater of:

(I) An amount equal to any actual damages suffered by the individual as a result of the violation; or

(II) Ten thousand dollars per violation.

(13) The prevailing party in an action under this section may recover costs and reasonable attorney fees.
C.R.S. § 10-16-165 — CO Code / Title 10 / Article 16 / Part 1 / Section 10-16-165
10-16-165. Dental coverage plans - dental loss ratio - rules - definitions
Status: in_force

10-16-165. Dental coverage plans - dental loss ratio - rules - definitions. (1) As used in this section, unless the context otherwise requires:

(a) "Community benefit expenditure" means an expenditure for an activity or program, or to an organization that seeks to achieve the objectives of improving access to dental services and enhancing dental public health. This includes an activity that:

(I) Is available broadly to the public and serves low-income consumers;

(II) Reduces geographic, financial, or cultural barriers to accessing dental services, and, if the activity ceased to exist, would result in access problems;

(III) Addresses oral health workforce shortages, such as advancing education and training of oral health professionals; or

(IV) Leverages or enhances dental public health activities.

(b) "Dental coverage plan" means a health coverage plan that includes coverage for the costs of dental care services. "Dental coverage plan" includes a plan issued by a prepaid dental plan organization that has a certificate of authority to operate pursuant to part 5 of this article 16.

(c) (I) "Dental loss ratio" means the percentage of premium dollars collected each year for a dental coverage plan that the dental coverage plan incurs on dental services provided to an enrollee, separate from overhead and administrative costs.

(II) The dental loss ratio is calculated by dividing the numerator by the denominator, where:

(A) The numerator is the sum of the amount incurred for clinical dental services provided to enrollees, the amount incurred on activities that improve dental care quality, and the amount of claims payments identified through fraud reduction efforts; and

(B) The denominator is the total amount of premium revenue, excluding federal and state taxes, licensing and regulatory fees paid, nonprofit community benefit expenditures, and any other payments required by federal law.

(2) (a) The commissioner shall define by rule:

(I) Expenditures for clinical dental services;

(II) Activities that improve dental care quality;

(III) Overhead and administrative cost expenditures; and

(IV) Nonprofit community benefit expenditures that are aligned with exclusion parameters and limits outlined in 45 CFR 158.162; except that the commissioner shall ensure that only expenditures that improve access to dental services or enhance dental health, and no overhead or administrative costs, are reported under this section.

(b) The definitions promulgated by rule pursuant to this section must be consistent with similar definitions that are used for the reporting of medical loss ratios by carriers offering health benefit plans in the state. Overhead and administrative costs must not be included in the numerator as described in subsection (1)(c)(II)(A) of this section.

(3) (a) On or before July 31, 2024, and on or before July 31 each year thereafter, a carrier that issues, sells, renews, or offers a dental coverage plan shall file a dental loss ratio form electronically with the division for the preceding calendar year in which dental coverage was provided by the dental coverage plan. The commissioner may create a new reporting form or use an existing reporting form to facilitate data collection. The commissioner shall ensure that fields are reported consistently by carriers. The filing must:

(I) Report the calculated dental loss ratio according to the formula in subsection (1)(c)(II) of this section;

(II) Separately report each data element described in subsection (1)(c) of this section;

(III) Report additional data that includes the number of enrollees, the plan cost-sharing and deductible amounts, the annual maximum coverage limit, and the number of enrollees who meet or exceed the annual coverage limit;

(IV) Report data by market segment and product type, as defined by rule of the commissioner; and

(V) Be in a form and manner as prescribed by rule of the commissioner.

(b) For the report to be submitted on or before July 31, 2024, a carrier shall also submit the information required in subsection (3)(a) of this section for the plan years 2021 through 2024.

(c) If the commissioner deems that data verification of a carrier's dental loss ratio for a dental coverage plan is necessary, the commissioner shall give the carrier at least thirty days' notification prior to beginning the verification process with the carrier.

(d) (I) By January 1 of the year after the division receives the dental loss ratio information collected pursuant to subsection (3)(a) of this section, the division shall make the information, including the aggregate dental loss ratio and the data reported pursuant to subsections (3)(a)(II) and (3)(a)(III) of this section, available to the public in a searchable format on a public website that allows members of the public to compare dental loss ratios among carriers by plan type by:

(A) Posting the information on the division's website; or

(B) Providing the information to the administrator of the all-payer health claims database established pursuant to section 25.5-1-204. If the division provides the information to the administrator, the administrator shall make the information available to the public in a format determined by the division.

(II) The division shall report the data in subsection (3)(a) of this section and, if available, subsection (4)(a) of this section to the general assembly during the "State Measurement for Accountable, Responsive, and Transparent (SMART) Government Act" hearings held pursuant to part 2 of article 7 of title 2.

(4) (a) Once the division has collected the data pursuant to subsection (3) of this section for two calendar years, the commissioner shall promulgate rules that create a process to identify any carriers that significantly deviate from average dental loss ratios and to investigate the causes of the deviation. Such process shall include:

(I) Calculating an average dental loss ratio for each market segment using aggregate data for a three-year period, consisting of data for the dental loss ratio reporting year that is being reported and the data for the two prior dental loss ratio reporting years;

(II) Identifying as outliers the dental coverage plans that fall outside of a set number of standard deviations from the average dental loss ratio, as determined by rule of the commissioner based on review of the data and consideration of the impact of nonprofit community benefit expenditures on any outlier calculation.

(b) The commissioner may apply more restrictive standard deviation metrics over time to prevent declines in the average dental loss ratio in a market segment and may establish by rule additional criteria for use in identifying outliers.

(5) (a) The commissioner may enforce compliance with the reporting requirements in this section and impose a penalty or remedy against a person who violates this section.

(b) The commissioner may investigate or take enforcement actions against carriers that are determined to be outliers pursuant to subsection (4) of this section and rules adopted pursuant to said subsection (4) and impose a penalty or remedy against a person who violates this section.

(6) The commissioner may promulgate rules to implement this section.
C.R.S. § 10-7-511 — CO Code / Title 10 / Article 7 / Part 5 / Section 10-7-511
10-7-511. Rule-making authority
Status: in_force

10-7-511. Rule-making authority. The commissioner may adopt rules to implement this part 5.
C.R.S. § 10-3-233 — CO Code / Title 10 / Article 3 / Part 2 / Section 10-3-233
10-3-233. Disposition of certain real estate
Status: in_force

10-3-233. Disposition of certain real estate. Any parcel of real estate qualifying as an admitted asset under section 10-3-218 or 10-3-219 at the time of its acquisition by the company and which has not been transferred to qualification as an admitted asset under any other section of this part 2 shall be sold within five years after such acquisition or within five years after its use for the accommodation of the company's business has entirely ceased, whichever is later, unless the company procures a certificate from the commissioner that the company's interests will suffer by such a sale, in which event the time may be extended as the commissioner shall direct in such certificate.
C.R.S. § 10-16-1406 — CO Code / Title 10 / Article 16 / Part 14 / Section 10-16-1406
10-16-1406. Colorado prescription drug affordability review board - affordability reviews of
Status: repealed

10-16-1406. Colorado prescription drug affordability review board - affordability reviews of prescription drugs - repeal. (1) [Editor's note: This version of the introductory portion to subsection (1) is effective until January 1, 2025.] The board may conduct affordability reviews of prescription drugs in accordance with this section. The board shall identify, for purposes of determining whether to conduct an affordability review, any prescription drug that is:

(1) [Editor's note: This version of the introductory portion to subsection (1) is effective January 1, 2025.] The board may conduct affordability reviews of prescription drugs in accordance with this section. The board shall identify, for purposes of determining whether to conduct an affordability review:

(a) [Editor's note: This version of subsection (1)(a) is effective until January 1, 2025.] A brand-name drug or biological product that, as adjusted annually for inflation, has:

(I) An initial wholesale acquisition cost of thirty thousand dollars or more for a twelve-month supply or for a course of treatment that is less than twelve months in duration; or

(II) An increase in the wholesale acquisition cost of ten percent or more during the immediately preceding twelve months for a twelve-month supply or for a course of treatment that is less than twelve months in duration;

(a) [Editor's note: This version of subsection (1)(a) is effective January 1, 2025.] Any prescription drug that has:

(I) A wholesale acquisition cost of three thousand dollars or more;

(I.5) An increase of three hundred dollars or more above the wholesale acquisition cost for the prescription drug in the preceding twelve months;

(II) An increase of two hundred percent or more above the wholesale acquisition cost for the prescription drug in the preceding twelve months; or

(III) A current wholesale acquisition cost for an average course of treatment per person per year of thirty thousand dollars or more; and

(b) [Editor's note: This version of subsection (1)(b) is effective until January 1, 2025.] A biosimilar drug that has an initial wholesale acquisition cost that is not at least fifteen percent lower than the corresponding biological product; or

(b) [Editor's note: This version of subsection (1)(b) is effective January 1, 2025.] Any biosimilar drug that has an initial wholesale acquisition cost that is not at least fifteen percent lower than the wholesale acquisition cost of the corresponding biological product.

(c) A generic drug:

(I) That, as adjusted annually for inflation, has a wholesale acquisition cost of one hundred dollars or more for:

(A) A thirty-day supply based on the recommended dosage approved for labeling by the FDA;

(B) A supply that lasts less than thirty days based on the recommended dosage approved for labeling by the FDA; or

(C) One dose of the generic drug if the labeling approved by the FDA does not recommend a finite dosage; and

(II) For which the wholesale acquisition cost increased by two hundred percent or more during the immediately preceding twelve months, as determined by comparing the current wholesale acquisition cost to the average wholesale acquisition cost reported during the immediately preceding twelve months.

(1.1) Subsection (1)(c) and this subsection (1.1) are repealed, effective January 1, 2025.

(2) [Editor's note: This version of the introductory portion to subsection (2) is effective until January 1, 2025.] After identifying prescription drugs as described in subsection (1) of this section, the board shall determine whether to conduct an affordability review for each identified prescription drug by:

(2) [Editor's note: This version of the introductory portion to subsection (2) is effective January 1, 2025.] After identifying prescription drugs as described in subsection (1) of this section, the board shall determine whether to conduct an affordability review for an identified prescription drug by:

(a) Evaluating the class of the prescription drug and whether any therapeutically equivalent prescription drugs are available for sale;

(b) Evaluating aggregated data;

(c) Seeking and considering input from the advisory council about the prescription drug;

(d) Considering the average patient's out-of-pocket cost for the prescription drug; and

(e) Considering whether the drug has an approved orphan drug designation for one or more rare diseases and no other indications and, if so, considering input from consumers and the Colorado rare disease advisory council created in section 25-1-1503.

(3) If the board conducts an affordability review of a prescription drug, the affordability review must determine whether use of the prescription drug consistent with the labeling approved for the prescription drug by the FDA or with standard medical practice is unaffordable for Colorado consumers.

(4) In performing an affordability review, to the extent practicable, the board shall consider:

(a) The wholesale acquisition cost of the prescription drug;

(b) The cost and availability of therapeutic alternatives to the prescription drug in the state;

(c) The effect of the price on Colorado consumers' access to the prescription drug;

(d) The relative financial effects on health, medical, or social services costs, as the effects can be quantified and compared to baseline effects of existing therapeutic alternatives to the prescription drug;

(e) The patient copayment or other cost sharing that is associated with the prescription drug and typically required pursuant to health benefit plans issued by carriers in the state;

(f) The impact on safety net providers if the prescription drug is available through section 340B of the federal "Public Health Service Act", Pub.L. 78-410;

(g) Orphan drug status;

(h) Input from:

(I) Patients and caregivers affected by the condition or disease that is treated by the prescription drug that is under review by the board;

(II) Individuals who possess scientific or medical training with respect to a condition or disease treated by the prescription drug that is under review by the board; and

(III) The Colorado rare disease advisory council created in section 25-1-1503;

(i) Any other information that a manufacturer, carrier, pharmacy benefit management firm, or other entity chooses to provide; and

(j) Any other factors as determined by rules promulgated by the board pursuant to section 10-16-1403 (5).

(5) Trade-secret, confidential, or proprietary information obtained by the board pursuant to this section may be accessed only by board members and staff or by a qualified independent third party that has contracted with the division pursuant to section 10-16-1403 (3) and is subject to a nondisclosure agreement prohibiting disclosure of such information. Any person with access to such information shall protect the information from direct or indirect publication or release to any person.

(6) In performing an affordability review of a prescription drug, the board may consider any documents and information relating to the manufacturer's selection of the introductory price or price increase of the prescription drug, including documents and information relating to:

(a) Life-cycle management;

(b) The average cost of the prescription drug in the state;

(c) Market competition and context;

(d) Projected revenue;

(e) The estimated cost-effectiveness of the prescription drug; and

(f) Off-label usage of the prescription drug.

(7) (a) To the extent practicable, the board may access pricing information for prescription drugs by:

(I) Accessing publicly available pricing information from a state to which manufacturers report pricing information;

(II) Accessing available pricing information from the all-payer health claims database and from state entities; and

(III) Accessing information that is available from other countries.

(b) To the extent that there is no publicly available information with which to conduct an affordability review, the board may request that a manufacturer, carrier, or pharmacy benefit management firm provide pricing information for any prescription drug identified pursuant to subsection (1) of this section. The failure of an entity to provide pricing information to the board for an affordability review does not affect the authority of the board to conduct the affordability review, as described in this section.

(8) [Editor's note: Subsection (8) is effective January 1, 2025.] The board shall issue a report summarizing, to the extent permitted by section 10-16-1404 (3), the data that the board considered in making the board's determination as to whether a prescription drug is unaffordable. The board shall make the report available on its public web page.
C.R.S. § 10-4-632 — CO Code / Title 10 / Article 4 / Part 6 / Section 10-4-632
10-4-632. Reduction in rates for drivers aged fifty-five years or older who complete drive
Status: in_force

10-4-632. Reduction in rates for drivers aged fifty-five years or older who complete driver's education course - legislative declaration. (1) (a) (I) The general assembly finds and determines that motor vehicle accidents cause a substantial economic impact in lost wages, medical bills, legal fees, rehabilitation costs, and higher insurance rates.

(II) The general assembly also finds that the motor vehicle accident rate creates an additional societal burden in the form of taxes for medicaid, for the medically indigent, and for other hospital-related costs.

(III) The general assembly further finds that the number of such accidents and injuries is positively affected when drivers fifty-five years of age or older take driver's education courses.

(b) Therefore, the general assembly declares that it is appropriate and beneficial to all the people of Colorado that drivers fifty-five years of age or older with recent training and good driving records pay experience-based insurance premiums.

(c) A financial incentive in the form of lower premiums will prompt drivers fifty-five years of age or older to take driver's education courses and will further the goal of the general assembly to reduce accident-related injuries and fatalities in Colorado.

(2) All rates, rating schedules, and rating manuals for liability and collision coverages of a motor vehicle insurance policy submitted to or filed with the commissioner under this part 6 shall provide for an appropriate reduction in premium charges based on justifiable data when the vehicle is a covered vehicle and when the principal operator is fifty-five years of age or older and has successfully completed a driver's education course taught by a driving school regulated pursuant to part 6 of article 2 of title 42 or by a nonprofit corporation subject to articles 121 to 137 of title 7, if such course has been preapproved by the department of revenue. Any discount used by an insurer shall be presumed appropriate unless credible data demonstrates otherwise. Insurers shall provide the commissioner with data reflecting the claims experience of drivers who have received reductions in premium charges compared with the claims experience of drivers who have not received such reductions.

(3) Each person who successfully completes a driver's education course taught by a commercial driving school regulated pursuant to part 6 of article 2 of title 42 shall be issued a certificate by the commercial driving school offering the course, which certificate shall be evidence of qualification for the premium discount required by this section.

(4) Each person who successfully completes a driver's education course taught by a nonprofit corporation subject to articles 121 to 137 of title 7, C.R.S., if such course has been preapproved by the department of revenue, shall be issued a certificate by the nonprofit corporation offering the course, which certificate shall be evidence of qualification for the premium discount required by this section.

(5) The premium reduction required by this section shall be effective for an insured for a three-year period after successful completion of the approved course. However, the insurer may require, as a condition of providing and maintaining such discount, that the insured, during the three-year period after course completion, not be involved in an accident for which the insured is held at fault.

(6) An insured may renew qualification for the discount provided by this section by:

(a) (I) Retaking a driver's education course taught by a commercial driving school regulated pursuant to part 6 of article 2 of title 42; or

(II) Retaking a driver's education course taught by a nonprofit corporation subject to articles 121 to 137 of title 7, C.R.S., if such course has been preapproved by the department of revenue; and

(b) Not being involved in an accident for which the insured is held at fault.

(7) This section shall not apply where an insured driver is taking a driver's education course as a result of an order of a court or other governmental entity resulting from a moving traffic violation.
C.R.S. § 10-6-115 — CO Code / Title 10 / Article 6 / Section 10-6-115
10-6-115. Grounds and procedure for suspension or revocation of certificate - review by co
Status: in_force

10-6-115. Grounds and procedure for suspension or revocation of certificate - review by commissioner. (1) The certificate of authority of a captive insurance company to do business in this state may be revoked or suspended by the commissioner for any violation of this article, including without limitation the following:

(a) Insolvency or impairment;

(b) Failure to meet the requirements of section 10-6-116;

(c) Refusal or failure to submit an annual report, as required by section 10-6-114, or any other report required by law or by lawful order of the commissioner;

(d) Failure to comply with the provisions of its own charter, other organizational documents, bylaws, or approved plan of operation, if such failure renders its operation hazardous to the public or to its policyholders;

(e) Failure to submit to examination;

(f) Refusal or failure to pay the cost of examination, required premium taxes, or other penalty or fee assessed as authorized by law;

(g) Use of methods which, although not otherwise specifically proscribed by law, render its operation hazardous or its condition unsound;

(h) Refusal or failure otherwise to comply with this article or any other laws of this state.

(2) If the commissioner finds upon examination, hearing, or other evidence that any captive insurance company has committed any of the acts specified in subsection (1) of this section, the commissioner may, after notice and hearing in accordance with article 4 of title 24, C.R.S., suspend or revoke such certificate of authority. The commissioner may issue an order appointing a supervisor to monitor the operations of the company if the commissioner deems it in the best interest of the public or of the policyholders of the company. The commissioner may commence a delinquency action pursuant to part 4 of article 3 of this title or a liquidation or rehabilitation action pursuant to part 5 of article 3 of this title.

(3) Any final decision of the commissioner on any matter pursuant to this section shall be subject to judicial review by the court of appeals pursuant to section 24-4-106 (11), C.R.S.
C.R.S. § 10-4-408 — CO Code / Title 10 / Article 4 / Part 4 / Section 10-4-408
10-4-408. Rating organization - study of workers' compensation rates - premium reductions
Status: in_force

10-4-408. Rating organization - study of workers' compensation rates - premium reductions - adoption of rules. (1) A corporation, an unincorporated association, a partnership, or an individual, whether located within or outside this state, may make application to the commissioner for a license as a rating organization for such kinds of insurance or subdivisions thereof as are specified in its application and shall file therewith:

(a) A copy of its constitution, its articles of agreement or association or its certificate of incorporation, and its bylaws, rules, and regulations governing the conduct of its business;

(b) A list of its members and subscribers;

(c) The name and address of a resident of this state upon whom notices or orders of the commissioner or process affecting such rating organization may be served; and

(d) A statement of its qualifications as a rating organization.

(2) If the commissioner finds that the applicant is competent, trustworthy, and otherwise qualified to act as a rating organization and that its constitution, articles of agreement or association or its certificate of incorporation, and its bylaws, rules, and regulations governing the conduct of its business conform to the requirements of law, the commissioner shall issue a license specifying the kinds of insurance or subdivisions thereof for which the applicant is authorized to act as a rating organization. Every such application shall be granted or denied in whole or in part by the commissioner within sixty days after the date of its filing. Licenses issued pursuant to this section shall remain in effect for three years unless sooner suspended or revoked by the commissioner. The fee for said license shall be twenty-five dollars; except that the commissioner by rule or as otherwise provided by law may reduce the amount of the fee if necessary pursuant to section 24-75-402 (3), C.R.S., to reduce the uncommitted reserves of the fund to which all or any portion of the fee is credited. After the uncommitted reserves of the fund are sufficiently reduced, the commissioner by rule or as otherwise provided by law may increase the amount of the fee as provided in section 24-75-402 (4), C.R.S.

(3) Licenses issued pursuant to this section may be suspended or revoked by the commissioner, after hearing upon notice, in the event the rating organization ceases to meet the requirements of this section.

(4) Every rating organization shall notify the commissioner promptly of every change in:

(a) Its constitution, its articles of agreement or association or its certificate of incorporation, and its bylaws, rules, and regulations governing the conduct of its business;

(b) Its list of members and subscribers;

(c) The name and address of the resident of this state designated by it upon whom notices or orders of the commissioner or process affecting such rating organization may be served.

(5) (a) The commissioner shall organize a working group composed of representatives of employer and employee organizations, regulatory agencies, and the insurance industry including, but not limited to, representatives of businesses insured for worker's compensation in the state of Colorado and an insurance actuary to study issues concerning workers' compensation rates, including, but not limited to, definitions of excessive, inadequate, and discriminatory rates, profits, expenses, and loss-ratio standards for insurance companies, and powers the commissioner should have concerning the rate-setting process.

(b) The commissioner and the working group shall also review the appropriateness of allowing insurance carriers to provide up-front premium discounts as opposed to providing only premium dividends to insureds based on participation in risk-management programs.

(c) The commissioner shall promulgate rules and regulations which establish standards for risk-management services which shall be offered by community, technical, or local district colleges or by insurance carriers offering workers' compensation insurance pursuant to articles 40 to 47 of title 8, C.R.S. Business entities which accept such risk-management services and comply with the standards established by the commissioner shall be entitled to a premium dividend if any such business entity's loss experience under the risk-management program indicates such premium dividend is warranted. In developing such rules and regulations, the commissioner shall consider the information developed by the workers' compensation cost-containment board. In such rules and regulations, the commissioner shall require insurance carriers to inform policyholders in a clear and conspicuous manner of the availability of cost containment certification by the workers' compensation cost containment board pursuant to section 8-14.5-107, C.R.S.

(d) The commissioner shall promulgate rules and regulations which establish that all insurance companies in this state offering workers' compensation insurance pursuant to articles 40 to 47 of title 8, C.R.S., shall provide a premium differential on all policies when the policyholder has selected an authorized treating physician or physicians. Such premium differential shall be clearly stated to all policyholders in an appropriate communication medium on an annual basis.

(e) On or before October 1, 1994, the commissioner shall promulgate rules which establish, for purposes of section 8-44-115, C.R.S., standards for determining:

(I) When a motor vehicle accident has not been caused, wholly or in part, by an employee or the employer of such employee;

(II) A loss limitation to be included in the calculation of workers' compensation insurance experience modifications when a motor vehicle accident has not been caused, wholly or in part, by an employee or the employer of such employee;

(III) The distribution, among workers' compensation classifications, of any loss remaining after deduction of the loss limitation established under subparagraph (II) of this paragraph (e); and

(IV) (A) When the use of a motor vehicle is an integral part of an employer's business.

(B) Rules promulgated pursuant to this subparagraph (IV) shall be based on the job classification system for workers' compensation insurance in use on January 1, 1994.
C.R.S. § 10-4-409 — CO Code / Title 10 / Article 4 / Part 4 / Section 10-4-409
10-4-409. Rates furnished - cooperation among organizations
Status: in_force

10-4-409. Rates furnished - cooperation among organizations. (1) Subject to rules and regulations which are approved by the commissioner as reasonable, each rating organization shall permit any insurer, not a member, to be a subscriber to its rating services for any kind of insurance or subdivision thereof for which it is authorized to act as a rating organization. Notice of proposed changes in such rules and regulations shall be given to subscribers. Each rating organization shall furnish its rating services without discrimination to its members and subscribers. The reasonableness of any rule or regulation in its application to subscribers or the refusal of any rating organization to admit an insurer as a subscriber, at the request of any subscriber or any such insurer, shall be reviewed by the commissioner at a hearing held upon at least ten days' written notice to such rating organization and to such subscriber or insurer. If the commissioner finds that such rule or regulation is unreasonable in its application to subscribers, he shall order that such rule or regulation shall not be applicable to subscribers. If the rating organization fails to grant or reject an insurer's application for subscribership within thirty days after it is made, the insurer may request a review by the commissioner as if the application has been rejected. If the commissioner finds that the insurer has been refused admittance to the rating organization as a subscriber without justification, he shall order the rating organization to admit the insurer as a subscriber. If he finds that the action of the rating organization is justified, he shall make an order affirming its action.

(2) No rating organization shall adopt any rule the effect of which would prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers.

(3) Cooperation among rating organizations or among rating organizations and insurers in rate-making or in other matters within the scope of this part 4 is authorized, if the rates resulting from such cooperation are subject to all the provisions of this part 4 which are applicable to rates generally. The commissioner may review such cooperative activities and practices and if, after a hearing, he finds that any such activity or practice is unfair or unreasonable or otherwise inconsistent with the provisions of this part 4, he may issue a written order specifying in what respects such activity or practice is unfair or unreasonable or otherwise inconsistent with the provisions of this part 4 and requiring the discontinuance of such activity or practice.
C.R.S. § 10-23-105 — CO Code / Title 10 / Article 23 / Section 10-23-105
10-23-105. Qualification bond - forfeiture
Status: in_force

10-23-105. Qualification bond - forfeiture. (1) Each cash-bonding agent shall post a cash qualification bond of fifty thousand dollars with the division. The bond must be to the people of the state of Colorado in favor of any court in this state, whether municipal, county, district, or other court, and to the division for the purposes of this section. In the event of a forfeiture of a cash-bonding agent's qualification bond, the division has priority over all other claimants. To comply with this subsection (1), the bond must be conditioned upon full and prompt payment into the court ordering the bond forfeited. Cash-bonding agents shall not issue bonds except in accordance with section 16-4-104 (1)(c)(III), C.R.S. In the event of a qualification bond forfeiture, a cash-bonding agent shall not write new bail bonds until the qualification bond is restored to fifty thousand dollars.

(2) Each professional cash-bail agent shall post a cash qualification bond of no less than fifty thousand dollars with the division. The bond shall be to the people of the state of Colorado in favor of any court in this state, whether municipal, county, district, or other court, and to the division for the purposes of this section. A professional cash-bail agent shall not furnish a single bail greater than twice the amount of the bond posted with the division. In the event of a forfeiture of a professional cash-bail agent's qualification bond, the division has priority over all other claimants to the bond. To comply with this subsection (2), the bond must be conditioned upon full and prompt payment into the court ordering the bond forfeited. Professional cash-bail agents shall not issue bonds except in accordance with section 16-4-104 (1)(c)(III), C.R.S. In the event of a qualification bond forfeiture, a professional cash-bail agent shall not write new bail bonds until the qualification bond is restored to at least fifty thousand dollars.

(3) To comply with this section, the division must be designated as an authorized signatory with right of survivorship on any bank account, certificate of deposit, commercial instrument, or security that funds the bond required by this section. The right of survivorship terminates on the later of the date on which any liability covered by the bond is satisfied or released or the third anniversary of the death of the professional cash-bail agent or cash-bonding agent. When the right of survivorship terminates, the division shall release the bond to the agent's estate or, if the estate has been settled, to the heirs of the agent.

(4) To qualify under this section:

(a) A bank account, certificate of deposit, commercial instrument, or security must be in the legal name of the professional cash-bail or cash-bonding agent and not a trade name or other business name;

(b) The qualification bond must consist of assets that are solely owned and in the name of the professional cash-bail or cash-bonding agent and be immediately available for liquidation by the commissioner or the division;

(c) The qualification bond must be worth fifty thousand dollars net of any penalty for withdrawal or liquidation;

(d) The professional cash-bail or cash-bonding agent may receive interest thereon, unless the principal amount of the qualification bond falls below the required fifty thousand dollars, if the qualification bond is an interest-bearing instrument;

(e) The terms of the loan, promissory note, and financial arrangement must be submitted to the division if the qualification bond is funded by the proceeds from a loan, promissory note, or other financial arrangement; and

(f) The agreement must terminate at a fixed time and any rate of return is an annual percentage rate and not tied to any premium or collateral or any other direct function from which an agent makes a profit if the qualification bond consists of moneys from a loan, promissory note, or other financial arrangement.

(5) Upon request by the person who posted the qualification bond to be registered under this article, the commissioner shall release the bond if the person has not been registered or licensed to write a bond as a professional cash-bail agent or cash-bonding agent within the last seven years. Neither the commissioner nor the division are liable to any other party for releasing the qualification bond in accordance with this section.
C.R.S. § 10-12-406 — CO Code / Title 10 / Article 12 / Part 4 / Section 10-12-406
10-12-406. Lines of business
Status: in_force

10-12-406. Lines of business. When permitted by its articles of incorporation, a company may be organized under this part 4 to make insurance to the same extent and for the same purposes as permitted for domestic insurance companies under section 10-3-102 or for captive insurance companies under section 10-6-107.
C.R.S. § 10-3-610 — CO Code / Title 10 / Article 3 / Part 6 / Section 10-3-610
10-3-610. Application of this part 6
Status: in_force

10-3-610. Application of this part 6. Nothing contained in this part 6 shall be construed to prohibit the consummation of a plan of exchange of the kind described in section 10-3-602, without compliance with the provisions of this part 6, and, if any such plan of exchange is consummated other than in compliance with this part 6, none of the provisions of sections 10-3-604 to 10-3-606 shall be applicable to such plan of exchange.
C.R.S. § 10-16-602 — CO Code / Title 10 / Article 16 / Part 6 / Section 10-16-602
10-16-602. Definitions
Status: in_force

10-16-602. Definitions. As used in this part 6, unless the context otherwise requires:

(1) "Doctor" means a person licensed as a doctor under title 12, C.R.S., to provide health care to a patient.

(2) "Insurer" means a sickness and accident insurer and any health maintenance organization; fraternal benefit society; nonprofit hospital, medical-surgical, and health services corporation; prepaid health plans; or other entity providing health-care coverage or health benefits or health-care services, whether as a principal, indemnitor, surety, or contractor, authorized by the commissioner to conduct business in Colorado. "Insurer" also includes a self-insurer providing any health coverage or health benefit or health-care services certificate, agreement, contract, policy, or plan; except that the term "insurer" under this part 6 shall apply only to this part 6 and shall not include an insurer or self-insured employer under articles 40 to 47 of title 8, C.R.S.

(3) "Patient" means an individual covered by, or denoted as an insured, subscriber, enrollee, or purchaser under any health coverage or health benefit or health-care services certificate, agreement, contract, policy, or plan. "Patient" also includes a covered employee or dependent of an insured person.
C.R.S. § 10-3.5-105 — CO Code / Title 10 / Article 3.5 / Section 10-3.5-105
10-3.5-105. Premium tax credit
Status: in_force

10-3.5-105. Premium tax credit. (1) Any certified investor that makes an investment of certified capital pursuant to an allocation of premium tax credits as set forth in section 10-3.5-106 shall, during the year of investment, earn a vested credit against state premium tax liability equal to one hundred percent of the certified investor's investment of certified capital. With respect to investments of certified capital made after January 31, 2002, but before January 31, 2004, a certified investor shall be entitled to take up to ten percent of the vested premium tax credit each year beginning in tax year 2003 and continuing thereafter for ten years or, if the credit is carried forward pursuant to subsection (2) of this section, until the credit is fully utilized.

(2) The credit to be applied against state premium tax liability in any one year shall not exceed the state premium tax liability of the certified investor for such taxable year. All unused credits against state premium tax liability may be carried forward for up to ten years from the date on which the credit may first be utilized.

(3) A certified investor claiming a credit against state premium tax liability earned through an investment in a certified capital company shall not be required to pay any additional or retaliatory tax as a result of claiming such credit.
C.R.S. § 10-16-136 — CO Code / Title 10 / Article 16 / Part 1 / Section 10-16-136
10-16-136. Wellness and prevention programs - individual and small group health coverage pl
Status: repealed

10-16-136. Wellness and prevention programs - individual and small group health coverage plans - voluntary participation - incentives or rewards - rules - definitions - legislative declaration - repeal. (Repealed)
C.R.S. § 10-1-218 — CO Code / Title 10 / Article 1 / Part 2 / Section 10-1-218
10-1-218. Additional duties of commissioner
Status: repealed

10-1-218. Additional duties of commissioner.

(1) Repealed.

(2) (a) The commissioner shall designate a specific person or persons within the division whose responsibilities shall include the receipt of information from employees of insurers and licensed entities concerning violations of laws or rules by insurers. The designated person or persons shall be provided with proper training on the handling of the information, including procedures to maintain the confidentiality of the communication for purposes of this section.

(b) The information received pursuant to this subsection (2) is a confidential communication and is not public information.
C.R.S. § 10-7-701 — CO Code / Title 10 / Article 7 / Part 7 / Section 10-7-701
10-7-701. Short title
Status: in_force

10-7-701. Short title. This part 7 shall be known and may be cited as the "Insurable Interest Act".
C.R.S. § 10-16-105.2 — CO Code / Title 10 / Article 16 / Part 1 / Section 10-16-105.2
10-16-105.2. Small employer health insurance availability program
Status: repealed

10-16-105.2. Small employer health insurance availability program. (1) (a) Except as provided in paragraphs (b) and (d) of this subsection (1), this article applies to any health benefit plan that provides coverage to the employees of a small employer in this state if any of the following conditions are met:

(I) Any portion of the premium or benefit is paid by or on behalf of a small employer;

(II) An eligible employee or dependent is reimbursed, whether through wage adjustments or otherwise, by or on behalf of a small employer for any portion of the premium;

(III) The health benefit plan is treated by the employer or any of the eligible employees or dependents as part of a plan or program for the purposes of section 106, 125, or 162 of the federal "Internal Revenue Code of 1986", as amended, except as provided in paragraph (d) of this subsection (1); or

(IV) The plan is marketed to individual employees through an employer or at a place of business, except as otherwise allowed by rule. The division of insurance shall promulgate a rule to allow, with the permission of or at the request of the employer:

(A) Agents to market health benefit plans through an employer or at an employer's place of business to such employer's ineligible employees;

(B) Small employer carriers to market individual health benefit plans through an employer or at an employer's place of business to such employer's ineligible employees and to dependents of eligible employees when the carrier has group coverage in place with the employer.

(b) The provisions of this article shall not apply to a multiple employer health trust, as set forth in section 10-3-903.5 (7)(b), or a multiple employer welfare arrangement, as set forth in section 10-3-903.5 (7)(c).

(c) Repealed.

(d) A plan shall not be subject to the small group provisions of this article if the premium for the plan is paid for through a section 125 plan or program of the federal "Internal Revenue Code of 1986", as amended, the employer makes no contribution to the section 125 plan or program, the employer does not have in place an employer-sponsored health benefit plan, and the employer does not pay for any portion of the premium or benefit paid.

(1.5) Notwithstanding any other provision of law, a small employer that does not have, and has not had in the previous twelve months, a small group health benefit plan providing coverage to its employees under this article may reimburse an employee, whether through wage adjustments or health reimbursement arrangements, for any portion of the premium for a health coverage plan.

(2) (a) Except as provided in paragraph (b) of this subsection (2), carriers that are affiliated companies or that are eligible to file a consolidated tax return shall be treated as one carrier and any restrictions or limitations imposed by this article shall apply as if all health benefit plans delivered or issued for delivery to small employers in this state by such affiliated carriers were issued by one carrier.

(b) An affiliated carrier that is a health maintenance organization having a certificate of authority under this article may be considered to be a separate carrier for purposes of this subsection (2).

(c) Part 7 of article 3 of this title applies if a small employer carrier cedes or assumes all of the insurance obligation or risk with respect to one or more health benefit plans delivered or issued for delivery to small employers in this state.

(3) and (4) Repealed.
C.R.S. § 10-12-411 — CO Code / Title 10 / Article 12 / Part 4 / Section 10-12-411
10-12-411. Conversion of domestic mutual insurer to domestic stock or other form of insurer
Status: in_force

10-12-411. Conversion of domestic mutual insurer to domestic stock or other form of insurer. (1) Any domestic mutual insurer may submit to the commissioner a petition and plan to convert, without reincorporation, into a domestic stock or other form of insurer pursuant to the requirements of this section.

(2) The petition and plan shall set forth with specificity the terms and conditions of the proposed conversion and shall do all of the following:

(a) Certify that the plan has been adopted by a majority vote of the board of directors of the insurer;

(b) Certify that the plan and the proposed conversion will not be prejudicial to the policyholders of the insurer;

(c) Specify the method and basis for the issuance of the capital stock of the converted stock or other form of insurer; and

(d) Provide copies of proposed amendments to the insurer's articles of incorporation and bylaws or other documents of organization to effectuate the conversion.

(3) The commissioner shall preliminarily approve the conversion after receiving the information provided in subsection (2) of this section.

(4) After receiving preliminary approval from the commissioner, the insurer shall do all of the following:

(a) Give notice, either personally or through mailing at least twenty-one days before the time fixed for the meeting, to the last-known postal address of each policyholder that the question of the conversion will be voted upon at a regular or special meeting of the policyholders. Such notice shall fairly but briefly describe the proposed conversion plan.

(b) Approve the conversion plan and any necessary amendments to the insurer's articles of incorporation and bylaws or other documents of organization, at the regular or a special meeting held in pursuance of the call and notice, by the affirmative vote of not less than two-thirds of the policyholders voting in person or by proxy; and

(c) Submit the conversion plan, together with proper proof that it has been approved by the policyholders as provided in this section, to the commissioner for final approval. The conversion plan shall not become effective until the commissioner issues an amended certificate of authority to the petitioner.

(5) Upon the issuance of the amended certificate of authority, the conversion shall be effective and the mutual insurer shall immediately become a stock or other form of insurer rather than a mutual insurer. The conversion into a stock or other form of insurer shall not affect any suits, rights, or contracts of the mutual insurer. In all other respects the rights and properties of the mutual insurer shall continue to be the property of the resulting stock or other form of insurer, which shall remain bound by all the obligations and liabilities of the mutual insurer. The stock or other form of insurer shall be deemed to have been organized at the time the converted mutual insurer was originally organized.

(6) Notwithstanding the requirements of paragraphs (a) and (b) of subsection (4) of this section, in the event of insolvency of the insurer, its board of directors by a majority vote may, in its petition, request that the commissioner waive the requirements of notice to and approval by the policyholders before submitting the petition and plan of conversion. Such petition shall specify both of the following:

(a) The method and basis for the issuance of the converted insurer's shares of its capital stock or other indication of ownership to an independent party in connection with an investment by such independent party in an amount sufficient to restore the insurer to a sound financial condition; and

(b) That the conversion shall be accomplished without distribution to the past, present, or future policyholders, if the commissioner finds that the value of the insurer, due to insolvency, is insufficient to warrant any such distribution.

(7) If the commissioner, upon review of the plan of conversion and the financial examination, finds that the domestic mutual insurer meets statutory requirements with respect to capital, surplus fund, and assets, the commissioner may, by a written order, waive the requirements of paragraphs (a) and (b) of subsection (4) of this section.

(8) A domestic mutual insurer may, by a majority vote of its directors and upon approval of the commissioner, abandon such plan for conversion at any time before the issuance of the final order of the commissioner. Upon such abandonment, all rights and obligations arising out of the plan shall terminate and the insurer shall continue to conduct its business as a domestic mutual insurer as though no such plan had ever been adopted.
C.R.S. § 10-16-429 — CO Code / Title 10 / Article 16 / Part 4 / Section 10-16-429
10-16-429. Termination of contract
Status: in_force

10-16-429. Termination of contract. A health maintenance organization shall not retroactively terminate a policy or contract issued pursuant to this part 4 except for fraud or intentional misrepresentation. For any termination other than for fraud or intentional misrepresentation, the health maintenance organization shall provide notice thirty days in advance of the cancellation of the policy or contract.
C.R.S. § 10-4-1701 — CO Code / Title 10 / Article 4 / Part 17 / Section 10-4-1701
10-4-1701. Definitions
Status: in_force

10-4-1701. Definitions. As used in this part 17, unless the context otherwise requires:

(1) "Business entity" includes an individual working for or acting on behalf of the self-storage retailer.

(2) "Insurer" means an admitted company or authorized company, as defined in section 10-1-102 (3), approved to transact insurance in this state.

(3) "Occupant" means a person or his or her lessee, successor, or assignee entitled to the use of a self-storage space at a self-service storage facility, to the exclusion of others, under a self-storage rental agreement.

(4) "Offer and disseminate" means to provide general information about self-storage insurance, including a description of the coverage and price, as well as processing the application, collecting premiums, and performing other nonlicenseable activities permitted by the state.

(5) "Self-service storage facility" means real property designed and used for the sole purpose of renting or leasing individual storage space to occupants who are given access to a self-storage space for the sole purpose of storing and removing personal property.

(6) "Self-storage insurance" means insurance coverage for property loss incidental to the rental of a self-storage space at a self-service storage facility.

(7) "Self-storage rental agreement" means a written agreement setting forth the terms and conditions governing the use of a self-storage space provided by a self-service storage facility for rent or lease.

(8) "Self-storage retailer" means a business entity that rents self-storage units and may offer and disseminate self-storage insurance as a service to its customers on behalf of and under the direction of a supervising entity.

(9) "Self-storage space" means a designated storage unit or other designated space at a self-service storage facility.

(10) "Supervising entity" means a business entity or person that is a limited line producer, as that term is defined in section 10-2-103 (7.3), authorized by an insurer to supervise a self-storage retailer.
C.R.S. § 10-1-140 — CO Code / Title 10 / Article 1 / Part 1 / Section 10-1-140
10-1-140. Subpoena authority
Status: in_force

10-1-140. Subpoena authority. The division may issue subpoenas, administer oaths, and examine under oath any person as to any matter relevant to the regulatory authority of the division. Upon the failure or refusal of a person to obey a subpoena, the division may petition a court of competent jurisdiction for an order, which order is enforceable through contempt proceedings, compelling the person to appear and testify or produce documentary evidence. The commissioner may arrange for the services of an administrative law judge appointed pursuant to part 10 of article 30 of title 24 to take evidence and to make findings and report them to the commissioner.
C.R.S. § 10-4-1403 — CO Code / Title 10 / Article 4 / Part 14 / Section 10-4-1403
10-4-1403. Exemption from rate filing, approval, and form certification requirements
Status: in_force

10-4-1403. Exemption from rate filing, approval, and form certification requirements. (1) The requirements of sections 10-4-107, 10-4-108, 10-4-109, 10-4-109.5, 10-4-109.7, 10-4-110, 10-4-113, 10-4-403, 10-4-404, 10-4-404.5, 10-4-414, 10-4-419, and 10-4-421 shall not apply to insurers of exempt commercial policyholders.

(2) If the commissioner determines, after providing an opportunity for comment and a public hearing, that a line of insurance is anticompetitive, as described in section 10-4-415, or is not being adequately serviced by insurers, the commissioner may require that the rate for that particular line of insurance be filed pursuant to section 10-4-401 and enforced under section 10-4-418.

(3) The commissioner shall review annually any line of insurance found previously to be anticompetitive, as described in section 10-4-415, to determine whether rate filing and approval requirements may again be eliminated because the line has subsequently become competitive. Such review shall include the opportunity for comment and a public hearing.
C.R.S. § 10-1-124 — CO Code / Title 10 / Article 1 / Part 1 / Section 10-1-124
10-1-124. Reporting of podiatric malpractice claims
Status: in_force

10-1-124. Reporting of podiatric malpractice claims. (1) Each insurance company licensed to do business in this state and engaged in the writing of malpractice insurance for licensed podiatrists shall send to the Colorado podiatry board, in the form prescribed by the commissioner, information relating to each malpractice claim against a licensed podiatrist that is settled or in which judgment is rendered against the insured.

(2) Such information shall include any information deemed necessary by the Colorado podiatry board to conduct a further investigation and hearing.
C.R.S. § 10-4-107 — CO Code / Title 10 / Article 4 / Part 1 / Section 10-4-107
10-4-107. Cancellation of medical malpractice policies
Status: in_force

10-4-107. Cancellation of medical malpractice policies. (1) A notice of cancellation of a medical malpractice policy shall be valid only if it is based on one or more of the following reasons:

(a) Nonpayment of premiums; or

(b) The license of the insured health-care provider has been suspended or revoked by the appropriate state regulatory authority; or

(c) The insured knowingly made a false statement on the application for insurance; or

(d) There has been a substantial change in the exposure or risk other than that indicated in the application and underwritten as of the effective date of the policy unless the insured has notified the insurer of the change and the insurer accepts such change.

(2) This section shall not apply to any policy or coverage which has been in effect less than sixty days at the time the notice of cancellation is mailed or delivered by the insurer, unless it is a renewal policy.

(3) This section shall not apply to nonrenewal of a policy.

(4) This section shall not apply to insurers providing coverage for exempt commercial policyholders, as defined pursuant to section 10-4-1402 and rules adopted by the commissioner pursuant to that section.
C.R.S. § 10-3-205 — CO Code / Title 10 / Article 3 / Part 2 / Section 10-3-205
10-3-205. Manner of paying surplus
Status: in_force

10-3-205. Manner of paying surplus. Every policyholder on all participating policies issued shall be permitted at the time the first dividend is declared to select from among the options set forth in the policy the manner and method of the payment of the surplus to be annually apportioned to his policy.
C.R.S. § 10-4-1503 — CO Code / Title 10 / Article 4 / Part 15 / Section 10-4-1503
10-4-1503. Requirements for sale of portable electronics insurance
Status: in_force

10-4-1503. Requirements for sale of portable electronics insurance. (1) At every location where portable electronics insurance is offered to customers, the vendor shall make brochures or other written materials available to a prospective customer that:

(a) Disclose that portable electronics insurance may provide a duplication of coverage already provided by a customer's homeowner's insurance policy, renter's insurance policy, or other source of coverage;

(b) State that the enrollment by the customer in a portable electronics insurance program is not required in order to purchase or lease portable electronics or services;

(c) Summarize the material terms of the insurance coverage, including:

(I) The identity of the insurer;

(II) The identity of the supervising entity;

(III) The amount of any applicable deductible and how it is to be paid;

(IV) Benefits of the coverage; and

(V) Key terms and conditions of coverage, such as whether portable electronics may be repaired or replaced with similar make and model reconditioned or nonoriginal manufacturer parts or equipment;

(d) Summarize the process for filing a claim, including a description of how to return portable electronics and the maximum fee applicable if the customer fails to comply with any equipment return requirements; and

(e) State that an enrolled customer may cancel enrollment for coverage under a portable electronics insurance policy at any time, and that the person paying the premium will receive a refund of any applicable unearned premium.

(2) An insurer may offer portable electronics insurance on a month-to-month or other periodic basis as a group or master commercial inland marine policy issued to a vendor of portable electronics for its enrolled customers.

(3) A policy of insurance provides primary coverage in the event of a covered loss under more than one policy.

(4) Each insurer shall establish eligibility and underwriting standards for customers electing to enroll in coverage for each portable electronics insurance program.
C.R.S. § 10-3-503 — CO Code / Title 10 / Article 3 / Part 5 / Section 10-3-503
10-3-503. Persons covered
Status: in_force

10-3-503. Persons covered. (1) The proceedings authorized by this part 5 may be applied to:

(a) All insurers who are doing, or have done, an insurance business in this state and against whom claims arising from that business may exist now or in the future;

(b) All insurers who purport to do an insurance business in this state;

(c) All insurers who have insureds resident in this state;

(d) All other persons organized or in the process of organizing with the intent to do an insurance business in this state;

(e) All fraternal benefit societies and beneficial societies subject to article 14 of this title;

(f) All title insurance companies subject to the "Title Insurance Code of Colorado", article 11 of this title;

(g) All health-care plans subject to parts 1, 4, and 5 of article 16 of this title 10; and

(h) All employers' self-insurance pools created pursuant to section 8-44-205, C.R.S.
C.R.S. § 10-3-1702 — CO Code / Title 10 / Article 3 / Part 17 / Section 10-3-1702
10-3-1702. Plan of division - general requirements
Status: in_force

10-3-1702. Plan of division - general requirements. (1) A domestic stock insurer may, in accordance with this part 17, divide into two or more resulting insurers pursuant to a plan of division. A domestic stock insurer's plan of division must include:

(a) The name of the domestic stock insurer seeking to divide;

(b) The name of each resulting insurer created by the proposed division and, for each resulting insurer, a copy of the resulting insurer's:

(I) Proposed articles of incorporation; and

(II) Proposed bylaws;

(c) The manner of allocating assets and liabilities, including policy liabilities, between or among all resulting insurers;

(d) The manner of distributing shares in the resulting insurers to the dividing insurer or the dividing insurer's shareholders;

(e) A reasonable description of all liabilities and all assets that the dividing insurer proposes to allocate to each resulting insurer, including the manner by which the dividing insurer proposes to allocate all reinsurance contracts;

(f) All terms and conditions required by the laws of this state and the articles of incorporation and bylaws of the dividing insurer; and

(g) All other terms and conditions required by the division.
C.R.S. § 10-3-403 — CO Code / Title 10 / Article 3 / Part 4 / Section 10-3-403
10-3-403. Scope of part 4
Status: in_force

10-3-403. Scope of part 4. In addition to, and not to the exclusion of, any remedies or powers otherwise available to him, the commissioner may elect to take action against any insurance company formed or incorporated under the laws of this state or doing business in this state, whether authorized or not, which commits or suffers a delinquency according to the provisions of this part 4.
C.R.S. § 10-4-633 — CO Code / Title 10 / Article 4 / Part 6 / Section 10-4-633
10-4-633. Certification of policy and notice forms
Status: in_force

10-4-633. Certification of policy and notice forms. (1) All insurers providing automobile insurance and who are authorized by the commissioner to conduct business in Colorado shall submit an annual report to the commissioner listing any policy forms, endorsements, cancellation notices, renewal notices, disclosure forms, notices of proposed premium increases, notices of proposed reductions in coverage, and such other forms as may be requested by the commissioner issued or delivered to any policyholder in Colorado. Such listing shall be submitted no later than July 1 of each year and shall contain a certification by an officer of the organization that to the best of the officer's knowledge each policy form, endorsement, or notice form in use complies with Colorado law. The necessary elements of the certification shall be determined by the commissioner.

(2) All insurers providing automobile insurance and who are authorized by the commissioner to conduct business in Colorado shall also submit to the commissioner a list of any new policy form, endorsement, cancellation notice, renewal notice, disclosure form, notice of proposed premium increase, notice of proposed reductions in coverage, and any other form as may be requested by the commissioner at least thirty-one days before using such policy form, endorsement, cancellation notice, renewal notice, disclosure form, notice of proposed premium increase, notice of proposed reductions in coverage, and any other form as may be requested by the commissioner. Such listing shall also contain a certification by an officer of the organization that to the best of the officer's knowledge each new policy form, endorsement, or notice form proposed to be used complies with Colorado law. The necessary elements of the certification shall be determined by the commissioner.

(3) The commissioner shall have the power to examine and investigate insurers authorized to conduct business in Colorado to determine whether automobile policy forms, endorsements, cancellation notices, renewal notices, disclosure forms, notices of proposed premium increases, notices of proposed reductions in coverage, and such other forms as may be requested by the commissioner comply with the certification of the organization and statutory mandates.
C.R.S. § 10-3-1201 — CO Code / Title 10 / Article 3 / Part 12 / Section 10-3-1201
10-3-1201. Legislative declaration
Status: in_force

10-3-1201. Legislative declaration. The purpose of section 10-3-210 (2) and this part 12 is to authorize domestic insurance companies to utilize modern systems for holding and transferring securities without physical delivery of securities certificates, subject to appropriate regulations of the commissioner.
C.R.S. § 10-16-415 — CO Code / Title 10 / Article 16 / Part 4 / Section 10-16-415
10-16-415. Powers of insurers and nonprofit hospital, medical-surgical, and health service
Status: in_force

10-16-415. Powers of insurers and nonprofit hospital, medical-surgical, and health service corporations. (1) An insurance company licensed in this state, or a nonprofit hospital, medical-surgical, and health service corporation authorized to do business in this state, may either directly or through a subsidiary or affiliate, organize and operate a health maintenance organization under the provisions of part 1 of this article and this part 4. Notwithstanding any other law which may be inconsistent, any two or more such insurance companies, nonprofit hospital, medical-surgical, and health service corporations, or subsidiaries or affiliates thereof, may jointly organize and operate a health maintenance organization. An insurance company shall not be considered in violation of the laws regulating insurance by the providing of health care by a health maintenance organization owned or operated by an insurer or a subsidiary thereof.

(2) Notwithstanding any other provision of law, an insurer or a nonprofit hospital, medical-surgical, and health service corporation may contract with a health maintenance organization to provide insurance or similar protection against the cost of care provided through health maintenance organizations and to provide coverage in the event of the failure of the health maintenance organization to meet its obligations. The enrollees of a health maintenance organization constitute a permissible group under such laws. Among other things, under such contracts, the insurer or nonprofit hospital, medical-surgical, and health service corporation may make benefit payments to health maintenance organizations for health-care services rendered by providers pursuant to contracts with health maintenance organizations.
C.R.S. § 10-7-313.3 — CO Code / Title 10 / Article 7 / Part 3 / Section 10-7-313.3
10-7-313.3. Valuation manual for policies issued on or after the operative date of the valua
Status: in_force

10-7-313.3. Valuation manual for policies issued on or after the operative date of the valuation manual - rules. (1) For policies issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 10-7-101 (2)(a)(IV), except as provided under subsection (5) or (7) of this section.

(2) The operative date of the valuation manual is January 1 of the first calendar year following the first July 1 as of which all of the following have occurred:

(a) The valuation manual has been adopted by the NAIC by an affirmative vote of at least forty-two members, or three-fourths of the members voting, whichever is greater.

(b) The "Standard Valuation Law", as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, has been enacted by states representing greater than seventy-five percent of the direct premiums written as reported in the following annual statements submitted for 2008: Life, accident, and health annual statements; health annual statements; or fraternal annual statements.

(c) The "Standard Valuation Law", as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, has been enacted by at least forty-two of the following fifty-five jurisdictions: The fifty states of the United States, American Samoa, the American Virgin Islands, the District of Columbia, Guam, and Puerto Rico.

(3) Unless a change in the valuation manual specifies a later effective date, changes to the valuation manual are effective on January 1 following the date when the change to the valuation manual has been adopted by the NAIC by an affirmative vote representing:

(a) At least three-fourths of the members of the NAIC voting, but not less than a majority of the total membership; and

(b) Members of the NAIC representing jurisdictions totaling greater than seventy-five percent of the direct premiums written as reported in the following annual statements most recently available prior to the vote in paragraph (a) of this subsection (3): Life, accident, and health annual statements; health annual statements; or fraternal annual statements.

(4) The valuation manual must specify all of the following:

(a) Minimum valuation standards for and definitions of the policies or contracts subject to section 10-7-101 (2)(a)(IV). The minimum valuation standards must be:

(I) The commissioners reserve valuation method for life insurance contracts, other than annuity contracts, subject to section 10-7-101 (2)(a)(IV);

(II) The commissioners annuity reserve valuation method for annuity contracts subject to section 10-7-101 (2)(a)(IV); and

(III) Minimum reserves for all other policies or contracts subject to section 10-7-101 (2)(a)(IV).

(b) Which policies or contracts or types of policies or contracts that are subject to the requirements of a principle-based valuation in section 10-7-313.4 (1) and the minimum valuation standards consistent with those requirements;

(c) For policies and contracts subject to a principle-based valuation under section 10-7-313.4:

(I) Requirements for the format of reports to the commissioner under section 10-7-313.4 (2)(c), which reports must include information necessary to determine whether the valuation is appropriate and in compliance with this part 3;

(II) Assumptions for risks over which the company does not have significant control or influence;

(III) Procedures for corporate governance and oversight of the actuarial function, and a process for appropriate waiver or modification of the procedures;

(d) For policies not subject to a principle-based valuation under section 10-7-313.4, the minimum valuation standard must either:

(I) Be consistent with the minimum standard of valuation prior to the operative date of the valuation manual; or

(II) Develop reserves that quantify the benefits, guarantees, and funding associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring;

(e) Other requirements, including those relating to reserve methods, models for measuring risk, generation of economic scenarios, assumptions, margins, use of company experience, risk measurement, disclosure, certifications, reports, actuarial opinions and memorandums, transition rules, and internal controls; and

(f) The data and form of the data required under section 10-7-313.6, to whom the data must be submitted, and the valuation manual may specify other requirements including data analyses and reporting of analyses.

(5) In the absence of a specific valuation requirement or if a specific valuation requirement in the valuation manual is not, in the opinion of the commissioner, in compliance with this part 3, then the company shall, with respect to such requirements, comply with minimum valuation standards prescribed by the commissioner by rule.

(6) The commissioner may engage a qualified actuary, at the expense of the company, to perform an actuarial examination of the company and opine on the appropriateness of any reserve assumption or method used by the company or to review and opine on a company's compliance with any requirement set forth in this part 3. The commissioner may rely upon the opinion, regarding provisions contained within this part 3, of a qualified actuary engaged by the commissioner of another state, district, or territory of the United States. As used in this subsection (6), the term "engage" includes employment and contracting.

(7) The commissioner may require a company to change any assumption or method that in the opinion of the commissioner is necessary in order to comply with the requirements of the valuation manual or this part 3, and the company shall adjust the reserves as required by the commissioner. The commissioner may take other disciplinary action as permitted under this title.
C.R.S. § 10-16-305 — CO Code / Title 10 / Article 16 / Part 3 / Section 10-16-305
10-16-305. Directors
Status: in_force

10-16-305. Directors. (1) The property and lawful business of every such corporation subject to the provisions of part 1 of this article and this part 3 shall be held and managed by a board of trustees or directors with such powers and authority as shall be necessary or incidental to the complete execution of the purposes of each such corporation as limited by its articles or the bylaws. No such board shall be composed of less than ten nor more than twenty-four members. Every such corporation with annual gross subscription income exceeding one million dollars shall have a majority of its board consisting of persons who are not:

(a) Members of the medical or nursing profession; or

(b) Employed by a hospital or clinic or employed by a corporation subject to part 1 of this article and to this part 3; or

(c) Otherwise directly or indirectly connected with hospitals or licensed health-care institutions or purveyors of health services in this state.

(2) It is the duty of all members of a board of trustees or directors to represent the interests of the subscribers or members of health service plans of such corporation.

(3) Any such corporation subject to the provisions of part 1 of this article and this part 3 shall keep correct and complete books and records of account and shall keep minutes of the proceedings of its board of trustees or directors and committees having authority of the board of trustees, and shall keep at its registered office or principal office in this state a record of the names and addresses of its subscribers or members of the health service plans of such corporation. All books and records, excluding privileged medical records and personal records of subscribers or members, of such corporation may be inspected by any subscriber, or his agent or attorney at the registered or principal office of the corporation, for any proper purpose at any reasonable time.
C.R.S. § 10-3-510 — CO Code / Title 10 / Article 3 / Part 5 / Section 10-3-510
10-3-510. Confidentiality of hearings
Status: in_force

10-3-510. Confidentiality of hearings. In all proceedings and judicial reviews thereof under section 10-3-509, all records of the insurer, other documents, and all division files and court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remain confidential except as is necessary to obtain compliance therewith, unless and until the court, after hearing arguments from the parties in chambers, shall order otherwise or unless the insurer requests that the matter be made public. Until such court order, all papers filed with the clerk of the court shall be held in a confidential file.
C.R.S. § 10-2-909 — CO Code / Title 10 / Article 2 / Part 9 / Section 10-2-909
10-2-909. Duties of reinsurers utilizing the services of a reinsurance intermediary-manage
Status: in_force

10-2-909. Duties of reinsurers utilizing the services of a reinsurance intermediary-manager. (1) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as an RM on its behalf unless such person is licensed as required by section 10-2-903 (2).

(2) The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which such reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner.

(3) If an RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion shall be in addition to any other required loss reserve certification.

(4) Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM.

(5) Within thirty days of termination of a contract with an RM, the reinsurer shall provide written notification of such termination to the commissioner.

(6) A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder, or subproducer of its RM. This subsection (6) shall not apply to relationships governed by part 8 of article 3 of this title.
C.R.S. § 10-4-401 — CO Code / Title 10 / Article 4 / Part 4 / Section 10-4-401
10-4-401. Purpose - applicability
Status: repealed

10-4-401. Purpose - applicability. (1) The purpose of this part 4 is to promote the public welfare by regulating insurance rates to the end that they not be excessive, inadequate, or unfairly discriminatory, to prohibit price-fixing agreements and other anticompetitive behavior by insurers, to promote price competition among insurers, to provide rates that are responsive to competitive market conditions, and to improve the availability and reliability of insurance. For such purposes, the division of insurance of the department of regulatory agencies and the head of the division, the commissioner of insurance, shall be charged with the execution of this part 4.

(2) This part 4 shall apply to all kinds of insurance except:

(a) Reinsurance other than joint reinsurance as provided in section 10-4-411;

(b) Life insurance and annuities regulated under article 7 of this title;

(c) Sickness and accident insurance regulated under parts 1 and 2 of article 16 of this title;

(d) Nonprofit hospital and health services regulated under parts 1 and 3 of article 16 of this title;

(e) Health maintenance organization services regulated under parts 1 and 4 of article 16 of this title;

(f) (Deleted by amendment, L. 2000, p. 465, § 3, effective August 2, 2000.)

(g) Surplus line insurance regulated under article 5 of this title.

(3) The kinds of insurance subject to this part 4 shall be divided into two classes, as follows:

(a) Type I kinds of insurance, regulated by prior filing and approval of rating information, which shall be subject to all provisions of this part 4 unless specifically excluded by the terms of a section. The following kinds of insurance shall be classified as type I:

(I) Workers' compensation and employer's liability incidental thereto for any pure premium rate filed by a rating organization. With regard to a rate filing submitted by a rating organization, the commissioner shall make available to the public, in a manner deemed appropriate by the commissioner, the aggregate loss and payroll data by class code that the rating organization submits with the rate filing. Such data shall not be used for any commercial purpose.

(II) (Deleted by amendment, L. 2000, p. 465, § 3, effective August 2, 2000.)

(III) Assigned risk motor vehicle insurance;

(IV) and (V) Repealed.

(VI) Such other kinds of insurance as the commissioner shall order classified as type I pursuant to the provisions of section 10-4-403 (5).

(b) Type II kinds of insurance, regulated by open competition between insurers, including fire, casualty, inland marine, title, credit, workers' compensation and employer's liability incidental thereto and written in connection therewith for rates filed by insurers, and all other kinds of insurance that are subject to this part 4 and not specified in paragraph (a) of this subsection (3), including the expense and profit components of workers' compensation insurance, which shall be subject to all the provisions of this part 4 except for sections 10-4-405 and 10-4-406. Type II insurers shall file rating data, as provided in section 10-4-403, with the commissioner; except that credit life and credit accident and health insurers shall file schedules of premium rates pursuant to sections 10-10-109 and 10-10-110. A rate filing summary for a type II kind of insurance subject to this part 4, except for workers' compensation insurance, shall be posted on the division's website in order to provide notice to the public. The public notice shall include the rate standards that apply pursuant to section 10-4-403 (1). Nothing in this section shall be construed to limit the right of the public to inspect a rate filing and any supporting information pursuant to part 2 of article 72 of title 24, C.R.S., or to impair the commissioner's ability to review rates and determine that the rates are not excessive, inadequate, or unfairly discriminatory.

(4) Except for type I kinds of insurance as defined in paragraph (a) of subsection (3) of this section, prior approval of rates, schedules of rates, rating plans, rating classifications and territories, rating rules, and rate manuals with the commissioner, or his prior approval thereof, shall not be required. In lieu thereof, the provisions of paragraph (b) of subsection (3) of this section and sections 10-4-413, 10-4-414, and 10-4-418 regarding the availability of such items, the review thereof, and hearings and judicial review thereof are applicable.

(5) Rate filings for insurance subject to this part 4 shall be filed electronically in a format made available by the division, unless exempted by rule for an emergency situation as determined by the commissioner.
C.R.S. § 10-20-118 — CO Code / Title 10 / Article 20 / Section 10-20-118
10-20-118. Stay of proceedings - reopening default judgments
Status: in_force

10-20-118. Stay of proceedings - reopening default judgments. All proceedings in which the impaired or insolvent insurer is a party in any court in this state shall be stayed for one hundred eighty days after the date an order of conservation, rehabilitation, or liquidation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict, or finding based on default, the association may apply to have the judgment set aside by the same court that issued the judgment and shall be permitted to defend against such suit on the merits.
C.R.S. § 10-7-608 — CO Code / Title 10 / Article 7 / Part 6 / Section 10-7-608
10-7-608. Disclosures
Status: in_force

10-7-608. Disclosures. (1) With each application for a viatical settlement contract, a viatical settlement provider or life insurance producer shall provide the viator with at least the following information, in a separate document signed by the viator and the viatical settlement provider or life insurance producer, no later than the time the application for the viatical settlement contract is signed by all parties:

(a) That there exist possible alternatives to a viatical settlement contract, including any accelerated death benefits or policy loans offered under the viator's life insurance policy;

(b) That some or all of the proceeds of the viatical settlement contract may be taxable under federal income tax and state franchise and income taxes, and assistance may be sought from a professional tax advisor;

(c) That proceeds of the viatical settlement contract may be subject to the claims of creditors;

(d) That receipt of the proceeds of a viatical settlement contract may adversely affect the viator's eligibility for medicaid or other government benefits or entitlements, and advice may be obtained from the appropriate government agencies;

(e) That the viator has the right to rescind a viatical settlement contract before the earlier of thirty calendar days after the date upon which the viatical settlement contract is executed by all parties or fifteen calendar days after the receipt of the viatical settlement proceeds by the viator. Rescission, if exercised by the viator, is effective only if both notice of the rescission is given and repayment of all proceeds and any premiums, loans, and loan interest to the viatical settlement provider is made within forty-five days after the end of the rescission period. If the insured dies during the rescission period, the viatical settlement contract is deemed to have been rescinded, subject to repayment of all viatical settlement proceeds and any premiums, loans, and loan interest being made to the viatical settlement provider within the rescission period.

(f) That funds must be sent to the viator within three business days after the viatical settlement provider has received the insurer's or group administrator's acknowledgment that ownership of the viaticated policy has been transferred and the beneficiary has been designated;

(g) That entering into a viatical settlement contract may cause other rights or benefits, including conversion rights and waiver of premium benefits that may exist under the policy, to be forfeited by the viator, and that the viator may seek assistance from an independent financial adviser;

(h) The following statement: "All medical, financial, or personal information solicited or obtained by a viatical settlement provider or a life insurance producer about an insured, including the insured's identity or the identity of family members, a spouse, or a significant other, may be disclosed as necessary to effect the viatical settlement contract between the viator and the viatical settlement provider. If you are asked to provide this information, you will be asked to consent to the disclosure. The information may be provided to someone who buys the policy or provides funds for the purchase. You may be asked to renew your permission to share information every two years."

(i) That the insured may be contacted by either the viatical settlement provider or its authorized representative for the purpose of determining the insured's health status. This contact is limited to once every three months if the insured has a life expectancy of more than one year, and no more than once each month if the insured has a life expectancy of one year or less.

(2) In addition to the information described in subsection (1) of this section, the disclosure to a viator shall include distribution of a brochure, approved by the commissioner, describing the process of viatical settlements.

(3) No later than the date the viatical settlement contract is signed by all parties, the viatical settlement provider shall provide the viator with at least the following information, displayed conspicuously in the viatical settlement contract or in a separate document signed by the viator and the viatical settlement provider:

(a) The affiliation, if any, between the viatical settlement provider and the issuer of the insurance policy to be acquired pursuant to the viatical settlement contract;

(b) The name, address, and telephone number of the viatical settlement provider;

(c) If a policy to be acquired pursuant to a viatical settlement contract has been issued as a joint policy or involves family riders or any coverage of a life other than the insured under the policy to be acquired pursuant to a viatical settlement contract, the viator shall be informed of the possible loss of coverage on the other lives under the policy and advised to consult with his or her insurance producer or the insurer issuing the policy for advice on the proposed viatical settlement contract;

(d) The dollar amount of the current death benefit payable to the viatical settlement provider under the policy. If known, the viatical settlement provider shall also disclose the availability of additional guaranteed insurance benefits, the dollar amount of accidental death and dismemberment benefits under the policy or certificate, and the viatical settlement provider's interest in those benefits.

(e) The name, business address, and telephone number of the independent third-party escrow agent, and the fact that the viator may inspect or receive copies of the relevant escrow or trust agreements or documents.

(4) If the viatical settlement provider transfers ownership or changes the beneficiary of the policy, the viatical settlement provider shall communicate the change in ownership or beneficiary to the insured within twenty days after the change.
C.R.S. § 10-16-139 — CO Code / Title 10 / Article 16 / Part 1 / Section 10-16-139
10-16-139. Access to care - rules - definitions
Status: in_force

10-16-139. Access to care - rules - definitions. (1) Access to obstetricians and gynecologists. A health benefit plan that is delivered, issued, renewed, or reinstated in this state on or after January 1, 2014, that provides coverage for reproductive health or gynecological care shall not be delivered, issued, renewed, or reinstated unless the plan provides a woman covered by the plan direct access to an obstetrician, a gynecologist, a physician assistant authorized under section 12-240-107 (6), an advanced practice registered nurse who is a certified nurse midwife pursuant to section 12-255-111, or a certified midwife licensed pursuant to section 12-255-111.5, participating and available under the plan for her reproductive health care or gynecological care.

(2) Eye care services. (a) A health coverage plan or managed care plan that provides coverage for eye care services shall not be issued or renewed after January 1, 2001, by any entity subject to part 2, 3, or 4 of this article unless the health coverage plan or managed care plan:

(I) Provides a covered person direct access to any eye care provider participating and available under the plan or through its eye care services intermediary for eye care services;

(II) Ensures that all eye care providers on a health coverage plan or managed care plan are annually included on any publicly accessible list of participating providers for the health coverage plan or managed care plan; and

(III) Allows each eye care provider on a health coverage plan or managed care plan panel to furnish covered eye care services to covered persons without discrimination between classes of eye care providers and to provide the services as permitted by their license.

(b) A carrier offering a health coverage plan or managed care plan shall not:

(I) Impose a deductible or coinsurance for eye care services that is greater than the deductible or coinsurance imposed for other medical services under the health coverage plan or managed care plan;

(II) Require an eye care provider to hold hospital privileges as a condition of participation as a provider under the health coverage plan or managed care plan, unless an eye care provider is licensed pursuant to article 240 of title 12; or

(III) Impose penalties upon primary care providers as a result of the direct access provisions of this section.

(c) This subsection (2) does not:

(I) Create coverage for any health-care service that is not otherwise covered under the terms of the health coverage plan or managed care plan;

(II) Require a health coverage plan or managed care plan to include as a participating provider every willing provider or health professional who meets the terms and conditions of the health coverage plan or managed care plan;

(III) Prevent a covered person from seeking eye care services from the covered person's primary care provider in accordance with the terms of the covered person's health coverage plan or managed care plan;

(IV) Increase or decrease the scope of the practice of optometry as defined in section 12-275-103;

(V) Require eye care services to be provided in a hospital or similar medical facility; or

(VI) Prohibit a health coverage plan or managed care plan from requiring a covered person to receive a referral or prior authorization from a primary care provider for any subsequent surgical procedures.

(d) As used in this subsection (2), unless the context otherwise requires:

(I) "Eye care provider" means a participating provider who is an optometrist licensed to practice optometry pursuant to article 275 of title 12 or an ophthalmologist licensed to practice medicine pursuant to article 240 of title 12.

(II) "Eye care services" means those health-care services related to the examination, diagnosis, treatment, and management of conditions and diseases of the eye and related structures that a health coverage plan or managed care plan is obligated to pay, reimburse, arrange, or provide for covered persons or organizations as specified by a health coverage plan or managed care plan, excluding those health-care services rendered in conjunction with a routine vision examination or the filling of prescriptions for corrective eyewear.

(3) Treatment of intractable pain. (a) A service or indemnity contract issued or renewed on or after January 1, 1998, by any entity subject to part 2, 3, or 4 of this article 16 shall disclose in the contract and in information on coverage presented to consumers whether the health coverage plan or managed care plan provides coverage for treatment of intractable pain. If the contract is silent on coverage of intractable pain, the contract is presumed to offer coverage for the treatment of intractable pain. If the contract is silent or if the plan specifically includes coverage for the treatment of intractable pain, the plan shall provide access to the treatment for any individual covered by the plan either:

(I) By a primary care physician or physician assistant authorized under section 12-240-107 (6), so long as the physician or physician assistant has demonstrated interest and documented experience in pain management and has a practice that includes up-to-date pain treatment;

(II) By providing direct access to a pain management specialist located within this state and participating in and available under the plan; or

(III) By having procedures in place that ensure that, if the individual requests a timely referral for intractable pain management to a pain management specialist participating in and available under the plan, the carrier shall not unreasonably deny the request for referral.

(b) The commissioner may promulgate rules to implement and administer this subsection (3) that include the following issues:

(I) What constitutes a timely referral;

(II) Circumstances, practices, policies, contract provisions, or actions that constitute an undue or unreasonable interference with the ability of an individual to secure a referral or reauthorization for continuing care;

(III) The process for issuing a denial of a request, including the means by which an individual may receive notice of a denial and the reasons for the denial in writing;

(IV) Actions that constitute improper penalties imposed upon a primary care physician or physician assistant authorized under section 12-240-107 (6) as a result of referrals made pursuant to this section; and

(V) Such other issues as the commissioner deems necessary.

(c) For purposes of this subsection (3), "intractable pain" means a pain state in which the cause of the pain cannot be removed and for which, in the generally accepted course of medical practice, relief or cure of the cause of the pain is impossible or has not been found after reasonable efforts, including evaluation by the attending physician or physician assistant authorized under section 12-240-107 (6) and one or more physicians specializing in the treatment of the area, system, or organ of the body perceived as the source of the pain.

(4) Access to pediatric care. (a) If a carrier offering an individual or small employer health benefit plan requires or provides for the designation of a participating primary health-care professional, the carrier shall permit the parent or legal guardian of each covered person who is a child to designate any participating physician or physician assistant authorized under section 12-240-107 (6) who specializes in pediatrics as the child's primary health-care professional if the pediatrician or physician assistant is available to accept the child.

(b) The provisions of paragraph (a) of this subsection (4) do not waive any exclusions of coverage under the terms and conditions of the health benefit plan with respect to coverage of pediatric care.

(5) Annual behavioral health screenings. A health benefit plan that is issued or renewed in this state on or after January 1, 2020, that provides coverage for an annual physical examination as a preventive health-care service pursuant to section 10-16-104 (18) shall include coverage and reimbursement for behavioral health screenings using a validated screening tool for behavioral health, which coverage and reimbursement is no less extensive than the coverage and reimbursement for the annual physical examination.
C.R.S. § 10-1-303 — CO Code / Title 10 / Article 1 / Part 3 / Section 10-1-303
10-1-303. Market analysis - market conduct surveillance
Status: in_force

10-1-303. Market analysis - market conduct surveillance. (1) The commissioner may perform market analysis by gathering and analyzing information from data currently available to the commissioner, information from surveys, data calls, or reports that are submitted regularly to the commissioner, information collected by the NAIC, and information from a variety of other sources in both the public and private sectors in order to develop a baseline understanding of the marketplace and to identify for further review companies or practices that deviate from the norm or that may pose a potential risk to the insurance consumer. The commissioner shall use the Market Regulation Handbook as a guide in performing the market analysis.

(2) (a) If the commissioner determines that further inquiry into a particular company or practice is needed, the commissioner may consider the continuum of other types of market conduct surveillance as specified in this subsection (2)(a). The commissioner shall inform the company in writing of the type of market conduct surveillance selected if it involves company participation or response. The types of market conduct surveillance include:

(I) Correspondence with the company;

(II) Company interviews;

(III) Information gathering;

(IV) Policy and procedure reviews;

(V) Interrogatories;

(VI) Review of company self-evaluations and voluntary compliance programs;

(VII) Self-audits; and

(VIII) Market conduct examinations.

(b) (I) The commissioner shall take steps reasonably necessary to eliminate requests for information that duplicate information provided as part of a company's financial statement, the NAIC's market conduct annual statement, or other required surveys, data calls, or reports that are submitted regularly to the commissioner.

(II) The commissioner may coordinate the market conduct surveillance and findings of this state with market conduct surveillance and findings of other states.

(3) Nothing in this section requires the commissioner to conduct market analysis prior to initiating any other type of market conduct surveillance.
C.R.S. § 10-3-220 — CO Code / Title 10 / Article 3 / Part 2 / Section 10-3-220
10-3-220. Real estate for production of income - definition
Status: in_force

10-3-220. Real estate for production of income - definition. (1) A domestic insurance company may invest in real estate for the production of income, subject to the following provisions:

(a) The aggregate investments by a company which may be admitted assets under this section shall not exceed ten percent of the company's admitted assets.

(b) The investment in any single parcel of real estate which may be an admitted asset under this section shall not exceed five percent of the company's admitted assets.

(c) Real estate qualifying as an admitted asset under section 10-3-218 or 10-3-219 may, at the option of the company, be an admitted asset under this section if such real estate is otherwise eligible under the provisions of this section.

(2) (a) "Real estate", as used in this section, means real property; interests in real property, such as leaseholds; minerals and oil and gas that have not been severed from the fee interest; and improvements and fixtures located on or in real property.

(b) "Real estate" does not include mineral estates that have been severed from the fee interest.
C.R.S. § 10-4-1506 — CO Code / Title 10 / Article 4 / Part 15 / Section 10-4-1506
10-4-1506. Termination of portable electronics insurance
Status: in_force

10-4-1506. Termination of portable electronics insurance. (1) Notwithstanding any other provision of law:

(a) (I) Except as specified in subparagraphs (II) and (III) of this paragraph (a), an insurer may terminate or otherwise change the terms and conditions of a policy of portable electronics insurance only upon providing the vendor and enrolled customers with at least thirty days' notice.

(II) An insurer may terminate an enrolled customer's enrollment under a portable electronics insurance policy upon fifteen days' notice for nonpayment of premium or for discovery of fraud or material misrepresentation in obtaining coverage or in the presentation of a claim under the policy.

(III) An insurer may immediately terminate an enrolled customer's enrollment under a portable electronics insurance policy:

(A) If the enrolled customer ceases to have an active service with the vendor of portable electronics; or

(B) If an enrolled customer exhausts the aggregate limit of liability, if any, under the terms of the portable electronics insurance policy and the insurer sends notice of termination to the enrolled customer within thirty calendar days after exhaustion of the limit. If notice is not timely sent, enrollment continues notwithstanding the aggregate limit of liability until the insurer sends notice of termination to the enrolled customer.

(b) If the insurer changes the terms and conditions, then the insurer shall provide the vendor with a revised policy or endorsement and shall provide each enrolled customer with a revised certificate, endorsement, updated brochure, or other evidence indicating that a change in the terms and conditions has occurred and a summary of the material changes;

(c) When a vendor terminates a portable electronics insurance policy, the vendor shall mail or deliver written notice to each enrolled customer advising the enrolled customer of the termination of the policy and the effective date of termination. The insurer shall mail or deliver written notice to the enrolled customer at least thirty days before the termination.

(d) (I) Whenever notice or correspondence with respect to a policy of portable electronics insurance is required pursuant to this part 15 or is otherwise required by law, the insurer, vendor, or other person shall send it in writing within the notice period, if any, specified within the statute or rule requiring the notice or correspondence. Notwithstanding any other provision of law, an insurer, vendor, or other person may send notices and correspondence by either mail or electronic means.

(II) If the notice or correspondence is mailed, the insurer shall send it to the vendor at the vendor's mailing address specified for such purpose and to its affected enrolled customers' last-known mailing addresses on file with the insurer. The insurer or vendor shall maintain proof of mailing in a form authorized or accepted by the United States postal service or other commercial mail delivery service.

(III) If the notice or correspondence is sent by electronic means, the insurer shall send it to the vendor at the vendor's electronic mail address specified for such purpose and to its affected enrolled customers' last-known electronic mail addresses as provided by each enrolled customer to the insurer or vendor. The insurer or vendor shall maintain proof that the notice or correspondence was sent.

(IV) For purposes of this paragraph (d), an enrolled customer's provision of an electronic mail address to the insurer or vendor is consent to receive notices and correspondence by electronic means.

(e) The supervising entity appointed by the insurer may send notice or correspondence required by this section or otherwise required by law on behalf of an insurer or vendor.
C.R.S. § 10-4-1901 — CO Code / Title 10 / Article 4 / Part 19 / Section 10-4-1901
10-4-1901. Short title
Status: in_force

10-4-1901. Short title. The short title of this part 19 is the "Travel Insurance Model Act".
C.R.S. § 10-3-1707 — CO Code / Title 10 / Article 3 / Part 17 / Section 10-3-1707
10-3-1707. Approval of plan of division - articles of incorporation and bylaws
Status: in_force

10-3-1707. Approval of plan of division - articles of incorporation and bylaws. (1) A dividing insurer shall not file a plan of division with the commissioner until the plan of division has been approved in accordance with all provisions of the dividing insurer's articles of incorporation and bylaws. If the dividing insurer's articles of incorporation and bylaws do not provide for approval of a plan of division, the dividing insurer shall not file the plan of division with the commissioner unless the plan of division has been approved in accordance with all provisions of the dividing insurer's articles of incorporation and bylaws that provide for approval of a merger.

(2) If a provision of a dividing insurer's articles of incorporation or bylaws adopted before September 7, 2021, requires that a specific number or percentage of the board of directors or shareholders propose or adopt a plan of merger or impose other procedures for the proposal or adoption of a plan of merger, the dividing insurer shall adhere to the provision in proposing or adopting a plan of division. If any such provision of the articles of incorporation or bylaws is amended on or after September 7, 2021, the provision applies to a division after September 7, 2021, only in accordance with its express terms.
C.R.S. § 10-4-123 — CO Code / Title 10 / Article 4 / Part 1 / Section 10-4-123
10-4-123. Policy summary of major provisions - choice of language - penalty for insurer no
Status: in_force

10-4-123. Policy summary of major provisions - choice of language - penalty for insurer noncompliance - rules - definitions. (1) (a) (I) On or after January 1, 2026, an insurer that issues insurance policies in this state shall provide a summary document in Spanish and that satisfies the requirements of subsection (1)(a)(II) of this section to:

(A) The named insured under an insurance policy issued in this state, if the named insured completed and returned to the insurer the language selection form in accordance with subsection (2)(c) of this section; or

(B) All named insureds under insurance policies issued in this state in accordance with subsection (2)(d) of this section.

(II) The summary document required by this subsection (1) must:

(A) Provide a general explanation of the coverages and exclusions under the insurance policy, consistent with the requirements of section 10-4-111;

(B) Include the coverages selected by the named insured under the insurance policy;

(C) Include any mandatory coverages rejected by the named insured pursuant to section 10-4-609 or 10-4-635 and any exclusions selected by the named insured pursuant to section 10-4-630; and

(D) Be in the form prescribed by, and in a written or electronic format as determined by, the commissioner by rule.

(III) By December 31, 2024, the commissioner, by rule, shall create and approve a summary document form, including specifying the format, for insurers to use to comply with this subsection (1).

(b) With regard to a summary document that an insurer provides to the named insured:

(I) The summary document is for informational purposes only;

(II) The actual terms of the named insured's insurance policy prevail over the information provided in the summary document;

(III) In the case of a dispute, the insurance policy is controlling, and a court shall rely on the English-language version of the insurance policy to resolve the dispute;

(IV) The information in the summary document does not create rights or obligations on the part of the insurer, the named insured, the producer, or the state; and

(V) The summary document is not intended to be a substitute for the actual insurance policy written in English.

(2) (a) Except as provided in subsection (2)(d) of this section, an insurer that issues insurance policies in this state on or after January 1, 2026, shall:

(I) Offer an applicant for a new or renewal insurance policy a form to select the summary document described in subsection (1) of this section; and

(II) Provide the language selection form in English and Spanish.

(b) For new insurance policies issued on or after January 1, 2026, the insurer shall provide the language selection form described in subsection (2)(a) of this section to the applicant at the time of application for the insurance policy. For renewal insurance policies, the insurer shall offer the language selection form once, at the first renewal of the insurance policy that arises on or after January 1, 2026; except that, if the insurer previously offered the language selection form to the named insured at the time of application for a new insurance policy, the insurer is not required to offer the language selection form at the time of renewal of that insurance policy.

(c) If the applicant for a new or renewal insurance policy returns the language selection form described in subsection (2)(a) of this section to the insurer, the insurer shall provide the summary document described in subsection (1) of this section upon issuance of the initial insurance policy and at every renewal of the insurance policy. If the applicant does not return the language selection form to the insurer within sixty days after the insurer sends the language selection form, the insurer is not required to provide the summary document described in subsection (1) of this section.

(d) Instead of offering an applicant for a new or renewal insurance policy a language selection form pursuant to subsection (2)(a) of this section, an insurer may comply with this section by providing all named insureds under its insurance policies issued in this state the summary document described in subsection (1) of this section.

(e) By December 31, 2024, the commissioner, by rule, shall create and approve a language selection form, in English and Spanish, for insurers to use to comply with this subsection (2).

(3) (a) On and after January 1, 2026, if an insurer fails to comply with the requirements of this section, any written rejections of mandatory coverages pursuant to section 10-4-609 or 10-4-635 or exclusions pursuant to section 10-4-630 are voidable at the named insured's election. If the named insured elects to void the coverage rejection or exclusion:

(I) The named insured may recover reasonable attorney fees and court costs incurred in reinstating or rewriting the coverage; and

(II) The insurer shall not require the named insured to pay any premium during the policy period applicable for the reinstated or rewritten coverage.

(b) If the named insured does not reject coverage in future policy periods, the insurer may charge a premium for the coverage in future policy periods.

(4) As used in this section:

(a) "Insurance policy" means a personal automobile policy of insurance.

(b) "Producer" has the same meaning as "insurance producer" as set forth in section 10-2-103 (6).
C.R.S. § 10-4-109.5 — CO Code / Title 10 / Article 4 / Part 1 / Section 10-4-109.5
10-4-109.5. Notice of intent prior to unilateral increase in premium or decrease in coverage
Status: in_force

10-4-109.5. Notice of intent prior to unilateral increase in premium or decrease in coverage previously provided in medical malpractice policies. (1) No insurer shall increase the premium unilaterally or decrease the coverage benefits previously provided as contained in a medical malpractice policy unless such insurer mails by first-class mail to the named insured, at the last address shown in the insurer's records, at least ninety days' advance notice, accompanied by the reason therefor, of the company's intention to increase the premium unilaterally or decrease the coverage benefits provided on renewal.

(2) A notice of a decrease in coverage benefits previously provided pursuant to this section shall be valid only if it sets forth the reason for the decrease and is based on one or more of the following reasons:

(a) Nonpayment of premium;

(b) A false statement knowingly made by the insured on the application for insurance;

(c) A substantial change in the exposure or risk other than that indicated in the application and underwritten as of the effective date of the policy unless the insured has notified the insurer of the change and the insurer accepts such change.

(3) This section shall not apply to insurers providing coverage for exempt commercial policyholders, as defined pursuant to section 10-4-1402 and rules adopted by the commissioner pursuant to that section.
C.R.S. § 10-16-157 — CO Code / Title 10 / Article 16 / Part 1 / Section 10-16-157
10-16-157. Alternative payment model parameters - parameters to include an aligned quality
Status: in_force

10-16-157. Alternative payment model parameters - parameters to include an aligned quality measure set - primary care providers - requirement for carriers to submit alternative payment models to the division - legislative declaration - report - rules - definitions. (1) Legislative declaration. The general assembly hereby finds and declares that:

(a) Fee-for-service health-care payment models have long been criticized for incentivizing a higher volume of health-care services rather than a greater value, perpetuating health disparities by failing to meet the needs of patients with the highest barriers to care;

(b) Underinvestment in primary care has created barriers to access that have deterred patients from seeking timely preventive care and made it more difficult for providers to expand team-based, comprehensive care models that improve health outcomes and reduce downstream costs;

(c) Numerous efforts have been made to move our health-care system from a fee-for-service model to a value-based payment model, including comprehensive primary care plus, patient-centered medical homes, the state innovation model, the multi-payer collaborative, the health-care payment learning and action network, and the primary care payment reform collaborative;

(d) Value-based payment models also have not always recognized the unique nature of pediatrics, which requires approaches that reflect specific needs in pediatric populations;

(e) Colorado is part of the center for medicare and medicaid innovation's state transformation collaborative project, which creates an opportunity for alignment between medicare, medicaid, and commercial insurance plans;

(f) By establishing aligned parameters for primary care alternative payment models, including quality metrics and prospective payments, it is the intent of the general assembly to:

(I) Improve health-care quality and outcomes in a manner that reduces health disparities and actively advances health equity;

(II) Increase the number of Coloradans who receive the right care in the right place at the right time at an affordable cost;

(III) Encourage more primary care practices to participate in alternative payment models; provide consistent expectations; reduce administrative burdens; and help small, rural, and independent practices stay independent;

(IV) Support collaboration between physical and behavioral health-care services and local public health agencies and human services departments to improve population health; and

(V) Facilitate practice transformation toward integrated, whole-person care, so practices can coordinate care and address social determinants of health such as housing stability, social support, and food insecurity.

(2) As used in this section:

(a) "Aligned quality measure set" means any set of nationally recognized, evidence-based quality measures developed for primary care provider contracts that incorporate quality measures into the payment terms.

(b) "Alternative payment model" means a health-care payment method that uses financial incentives, including shared-risk payments, population-based payments, and other payment mechanisms, to reward providers for delivering high-quality and high-value care.

(c) "Primary care" or "primary care services" means the provision of integrated, equitable, and accessible health-care services by clinicians who are accountable for addressing a large majority of personal health-care needs, developing a sustained partnership with patients, and practicing in the context of family and community.

(d) "Primary care payment reform collaborative" means the primary care payment reform collaborative convened pursuant to section 10-16-150.

(e) "Primary care provider" or "provider" means the following providers, when the provider is practicing general primary care in an outpatient setting:

(I) Family medicine physicians;

(II) General pediatric physicians and adolescent medicine physicians;

(III) Geriatric medicine physicians;

(IV) Internal medicine physicians, excluding internists who specialize in areas such as cardiology, oncology, and other common internal medicine specialties beyond the scope of general primary care;

(V) Obstetrics and gynecology physicians;

(VI) Advanced practice registered nurses and physician assistants;

(VII) Behavioral health providers, including psychiatrists, providing mental health and substance use disorder services when integrated into a primary care setting; and

(VIII) Other provider types specified by the commissioner by rule.

(f) "Prospective payment" means a payment made in advance of services that is determined using a methodology intended to facilitate care delivery transformation by paying providers according to a formula based on an attributed patient population to provide predictable revenue and flexibility to manage care within a budget to optimize patient outcomes and better manage population health.

(g) "Risk adjustment" means an adjustment to the payment for primary care services that is determined by quantifying a patient's complexity based on observable data, addressing the time and effort primary care providers spend in caring for patients of different anticipated health needs, and including social factors such as housing instability, behavioral health issues, disability, and neighborhood-level stressors.

(3) (a) (I) The division shall develop alternative payment model parameters by rule for primary care services offered through health benefit plans.

(II) The division shall develop the primary care alternative payment model parameters in partnership with the department of health care policy and financing, the department of personnel, the department of public health and environment, the primary care payment reform collaborative, and carriers and providers participating in alternative payment models in order to optimize and create positive incentives for alignment between health benefit plans offered by carriers and public payers and achieve the following objectives:

(A) Increased access to high-quality primary care services;

(B) Improved health outcomes and reduced health disparities;

(C) Improved patient and family engagement and satisfaction;

(D) Increased provider satisfaction and retention; and

(E) Increased primary care investment that results in increased health-care value.

(III) At a minimum, the alternative payment model parameters must:

(A) Include transparent risk adjustment parameters that ensure that primary care providers are not penalized for or disincentivized from accepting vulnerable, high-risk patients and are rewarded for caring for patients with more severe or complex health conditions and patients who have inadequate access to affordable housing, healthy food, or other social determinants of health;

(B) Utilize patient attribution methodologies that are transparent and reattribute patients on a regular basis, which must ensure that population-based payments are made to a patient's primary care provider rather than other providers who may only offer sporadic primary care services to the patient and include a process for correcting misattribution that minimizes the administrative burden on providers and patients;

(C) Include a set of core competencies around whole-person care delivery that primary care providers should incorporate in practice transformation efforts to take full advantage of various types of alternative payment models; and

(D) Require an aligned quality measure set that considers the quality measures and the types of quality reporting that carriers and providers are engaging in under current state and federal law and includes quality measures that are patient-centered and patient-informed and address: Pediatric, perinatal, and other critical populations; the prevention, treatment, and management of chronic diseases; and the screening for and treatment of behavioral health conditions.

(IV) The division shall annually consider the recommendations on the alternative payment model parameters and positive carrier incentive arrangements provided by the primary care payment reform collaborative and by carriers and providers participating in alternative payment models but not participating in the primary care payment reform collaborative.

(V) The alternative payment models must also:

(A) Ensure that any risk or shared savings arrangements minimize significant financial risk for providers when patient costs exceed what can be predicted;

(B) Incentivize the integration of behavioral health-care services through local partnerships or the hiring of in-house behavioral health staff;

(C) Include prospective payments to providers for health promotion, care coordination, health navigation, care management, patient education, and other services designed to prevent and manage chronic conditions and address social determinants of health;

(D) Recognize the various levels of advancement of alternative payment models and preserve options for carriers and providers to negotiate models suited to the competencies of each individual primary care practice; and

(E) Support evidence-based models of integrated care that focus on measurable patient outcomes.

(b) (I) Except as provided in subsection (3)(b)(II) of this section, for health benefit plans that are issued or renewed on or after January 1, 2025, a carrier shall ensure that any alternative payment models for primary care incorporate the parameters established in this subsection (3).

(II) For managed care plans that are issued or renewed on or after January 1, 2025, and in which services are primarily offered through one medical group contracted with a nonprofit health maintenance organization, a carrier shall ensure that any alternative payment models for primary care incorporate the aligned quality measure set established in subsection (3)(a)(III)(D) of this section.

(c) By December 1, 2023, the commissioner shall promulgate rules detailing the requirements for alternative payment model parameters alignment. The division shall allow carriers the flexibility to determine which network providers and products are best suited to achieve the goals and incentives set by the division in this section.

(4) Once the division has five years of data, the division shall analyze the data and, subject to available appropriations, produce a report on the data that aggregates data across all carriers. The division shall present the findings to the general assembly during the department of regulatory agencies' presentation to legislative committees at hearings held pursuant to the "State Measurement for Accountable, Responsive, and Transparent (SMART) Government Act", part 2 of article 7 of title 2.

(5) The division shall retain a third-party contractor to design an evaluation plan for the implementation of primary care alternative payment models by carriers. The plan must include alternative payment models implemented by carriers and providers prior to January 1, 2025. In designing the evaluation plan, the contractor shall, to the extent practicable:

(a) Report on the effects of the alternative payment models on populations that have historically faced systemic barriers to health access;

(b) Report on the effects of the alternative payment models on primary care providers, primary care practices, and primary care practices' ability to stay independent, including the effects on primary care providers' administrative burdens; and

(c) Consider and identify any available data sources or data limitations that should be included or addressed in the evaluation plan to allow for measurement and reporting on the effects of the primary care payment model parameters on such populations, including the collection or analysis of data that is disaggregated, at a minimum, by race, ethnicity, sex, gender, and age.

(6) To support the implementation of aligned primary care alternative payment model parameters by carriers, the division shall retain a third-party contractor to provide technical assistance to carriers. The division shall work with carriers to determine the nature and scope of the technical assistance and other supports that will best facilitate the implementation of aligned primary care alternative payment model parameters.

(7) The commissioner may promulgate rules necessary to implement this section.

(8) Any information submitted to the division in accordance with this section is subject to public inspection only to the extent allowed under the "Colorado Open Records Act", part 2 of article 72 of title 24. The division shall not disclose any trade secret or confidential or proprietary information to any person who is not otherwise authorized to access the information, including any confidential or proprietary contractual information between carriers and providers.
C.R.S. § 10-19-113.3 — CO Code / Title 10 / Article 19 / Section 10-19-113.3
10-19-113.3. Incontestability period
Status: in_force

10-19-113.3. Incontestability period. (1) With respect to a policy or certificate that has been in force for less than six months, an insurer may rescind a long-term care insurance policy or certificate or deny a long-term care insurance claim under such a policy upon a showing of misrepresentation that is material to the acceptance for coverage.

(2) With respect to a policy or certificate that has been in force for at least six months but less than two years, an insurer may rescind a long-term care insurance policy or certificate or deny an otherwise valid long-term care insurance claim upon a showing of misrepresentation that is both material to the acceptance for coverage and pertains to the condition for which benefits are sought. A policy or certificate that has been in force for two years shall not be contested solely on the grounds of misrepresentation. Such a policy or certificate may be contested only upon a showing that the insured knowingly and intentionally misrepresented relevant facts relating to the insured's health.

(3) No long-term care insurance policy or certificate may be field issued based on medical or health status. For purposes of this subsection (3), "field issued" means a policy or certificate is issued by a producer or third-party administrator pursuant to the underwriting authority granted to the producer or third-party administrator by a carrier and using the insurer's underwriting guidelines.

(4) If an insurer has paid benefits under the long-term care insurance policy or certificate, the benefit payment may not be recovered by the insurer in the event that the policy or certificate is rescinded.

(5) In the event of the death of the insured, this section shall not apply to the remaining death benefit of a life insurance policy that accelerates benefits for long-term care. In that situation, the remaining death benefits under the policies shall be governed by sections 10-7-102 and 10-7-202. In all other situations, this section shall apply to life insurance policies that accelerate benefits for long-term care.
C.R.S. § 10-7-801 — CO Code / Title 10 / Article 7 / Part 8 / Section 10-7-801
10-7-801. Short title
Status: in_force

10-7-801. Short title. The short title of this part 8 is the "Unclaimed Life Insurance Benefits Act".
C.R.S. § 10-3-703 — CO Code / Title 10 / Article 3 / Part 7 / Section 10-3-703
10-3-703. Asset or reduction from liability for reinsurance ceded by a domestic insurer to
Status: in_force

10-3-703. Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 10-3-702. (1) An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 10-3-702 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The reduction must be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations under the reinsurance contract if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer or, in the case of a trust, held in a qualified United States financial institution, as defined in section 10-3-704 (2). This security may be in the form of:

(a) Cash;

(b) Securities listed by the securities valuation office of the national association of insurance commissioners, including those deemed exempt from filing as defined by the purposes and procedures manual of the securities valuation office, and qualifying as admitted assets;

(c) (I) Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution, as defined in section 10-3-704 (1), effective no later than December 31 of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement;

(II) Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance or confirmation, notwithstanding the issuing or confirming institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification, or amendment, whichever first occurs; or

(d) Any other form of security acceptable to the commissioner.
C.R.S. § 10-7-110 — CO Code / Title 10 / Article 7 / Part 1 / Section 10-7-110
10-7-110. Minor's capacity to contract for life insurance and annuities and to exercise ri
Status: repealed

10-7-110. Minor's capacity to contract for life insurance and annuities and to exercise rights concerning same. (Repealed)
C.R.S. § 10-2-301 — CO Code / Title 10 / Article 2 / Part 3 / Section 10-2-301
10-2-301. Continuing education requirement - rules
Status: repealed

10-2-301. Continuing education requirement - rules. (1) Producers not exempt from the requirements of this section shall satisfactorily complete up to twenty-four hours of instruction by attending courses or programs of instruction approved by the commissioner. At least three of the twenty-four hours of continuing education must be for courses in ethics. For producers authorized to sell property or personal insurance lines of business, at least three of the twenty-four hours of continuing education must be for courses in homeowner's insurance coverage. The commissioner may adopt rules concerning testing requirements as a part of the certified continuing education. The producer shall complete the required hours of instruction within twenty-four months after the date the producer's license renews, beginning with renewal dates on or after January 1, 1993. A producer may accumulate no more than twelve carry-over credit hours during the one hundred twenty days before the licensing continuation date. Carry-over credits apply to the next continuing education period. If a producer has more than one license to sell insurance in this state, the producer shall complete the required hours of instruction within twenty-four months after the date of renewal of the first license. For good cause shown, the commissioner may grant an extension of time, not exceeding one additional year, within which to comply with this section. An instructor of an approved course of instruction qualifies for the same number of hours of continuing education as a person attending and successfully completing the course or program, but an instructor shall not receive credit more than once for a course or program given more than once during the twenty-four-month period described in this subsection (1).

(2) Any producer who is subject to the requirements of this section shall furnish in a form satisfactory to the commissioner written proof of compliance with the requirements of this section. The requirements of this section are mandatory for any person specified in subsection (3)(a) of this section, and if any such person holds more than one license which is described in subsection (3) of this section, such person shall be required to complete the hours of instruction required under this section only once. For purposes of this section, the term "person" shall include any holder of a license to sell insurance under the laws of this state.

(3) (a) The requirements of this section shall apply to any resident person licensed to solicit and sell the following types of insurance in this state:

(I) Life insurance and annuity contracts, including variable life and annuity contracts;

(II) Sickness, accident and health insurance;

(III) Property and casualty insurance; and

(IV) Any other type of insurance for which the state requires an examination for licensure.

(b) This section shall not apply to any person holding a limited or restricted license if such license is in good standing with the division and no complaints have been filed against the licensee.

(3.5) (a) An individual who holds a public adjuster license and who is not exempt under paragraph (b) of this subsection (3.5) shall satisfactorily complete continuing education courses as required by the commissioner under this section.

(b) Licensees holding nonresident public adjuster licenses who have met the continuing education requirements of their home state and whose home state gives credit to residents of this state on the same basis meet the requirements of this section.

(4) Written certification of any course of instruction completed shall be executed by or on behalf of the sponsoring organization, in a form satisfactory to the commissioner.

(5) Any person who fails to comply with the requirements of this section, or is found after a hearing before the division to have submitted a false or fraudulent certificate of compliance to the commissioner, shall have his or her license suspended until such person satisfactorily demonstrates to the commissioner that all of the requirements of this section, and any other applicable licensing requirement or other statute, have been met.

(6) (a) The commissioner shall be responsible for administering the continuing insurance education requirements under this article and approving courses of instruction that qualify for such purposes. The commissioner shall promulgate such rules as the commissioner deems necessary to administer the continuing education requirements, including the provisions and requirements of this section. The commissioner shall also promulgate rules requiring that producers be required to provide to a continuing education administrator proof of compliance with the continuing education requirements as a condition of license renewal. For persons licensed pursuant to section 10-11-116 (1)(c), compliance with the continuing legal education credits requirements of the Colorado supreme court shall be deemed to meet the requirements of this section.

(b) The position of continuing education administrator shall be established by the commissioner either within the division of insurance or through a contractual arrangement with an outside service provider. All costs of such administrator shall be paid from continuing insurance education fees paid by producers in the manner provided by this section. In no event may the commissioner delegate course approval responsibilities to the continuing education administrator.

(c) Each producer licensed under this article is responsible for paying to the continuing education administrator a reasonable biennial fee for the operation of the continuing education programs, which fee is used to administer the provisions of this section.

(6.5) (a) Continuing education course instruction, content, outline, and course providers are subject to initial approval by the commissioner and, at the discretion of the commissioner, are subject to periodic review for continuation.

(b) If, upon review, the commissioner determines that a continuing education course or program is not in compliance with all applicable standards, as set forth by rule, the commissioner may order the course or program to be discontinued or revoke approval of the course provider, or both.

(7) Repealed.
C.R.S. § 10-1-202 — CO Code / Title 10 / Article 1 / Part 2 / Section 10-1-202
10-1-202. Definitions
Status: in_force

10-1-202. Definitions. As used in this part 2, unless the context otherwise requires:

(1) "Company" means any person or group of persons engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to any administrative, regulatory, or taxing authority of the commissioner as well as any advisory organization or rating organization as defined in section 10-4-402.

(2) "Examination" means a formal financial examination, as well as informal examinations, conducted by the commissioner for the purpose of determining compliance with the law.

(3) "Examiner" means any individual or firm authorized by the commissioner to conduct an examination under this part 2.

(4) "Informal examination" means all inquiries by the division into the financial condition of a company, other than the formal financial examination of a company that must be conducted once every five years pursuant to section 10-1-203 (1).

(5) "Insurance department" means the commissioner or other government official or agency of a state other than Colorado exercising powers and duties substantially equivalent to those of the commissioner or the division.

(6) "Insurer" means any person, firm, corporation, association, or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization, or conservation by, the commissioner or any equivalent insurance supervisory official of another state.

(7) "NAIC" or "national association of insurance commissioners" means the organization of insurance regulators from the fifty states, the District of Columbia, and the five United States territories.

(8) "Person" means any individual, aggregation of individuals, trust, association, partnership, or corporation, or any agent or affiliate thereof.
C.R.S. § 10-15-120 — CO Code / Title 10 / Article 15 / Section 10-15-120
10-15-120. Rule against perpetuities inapplicable
Status: in_force

10-15-120. Rule against perpetuities inapplicable. No trust created pursuant to the provisions of this article, nor any interest therein, shall be deemed to be invalid by any existing law or rule against perpetuities or accumulations or suspension of the power of alienation and such trust and any interest therein may continue for such time as may be necessary to accomplish the purposes for which it may be created.
C.R.S. § 10-5-105 — CO Code / Title 10 / Article 5 / Section 10-5-105
10-5-105. Surplus line insurance valid
Status: in_force

10-5-105. Surplus line insurance valid. Insurance contracts procured as surplus line coverage from nonadmitted insurers in accordance with this article shall be fully valid and enforceable as to all parties and shall be given recognition in all matters and respects to the same effect as like contracts issued by admitted insurers.
C.R.S. § 10-5-101 — CO Code / Title 10 / Article 5 / Section 10-5-101
10-5-101. Short title
Status: in_force

10-5-101. Short title. This article shall be known and may be cited as the "Nonadmitted Insurance Act".
C.R.S. § 10-7-401 — CO Code / Title 10 / Article 7 / Part 4 / Section 10-7-401
10-7-401. Sales not prohibited
Status: in_force

10-7-401. Sales not prohibited. The provisions of section 10-3-1104 shall not prohibit the sale and issuance by life insurance companies of contracts providing for payments which vary directly according to investment experience in connection with the sale and issuance by such life insurance companies of other forms of life insurance and annuities as are provided for in this title.
C.R.S. § 10-7-302 — CO Code / Title 10 / Article 7 / Part 3 / Section 10-7-302
10-7-302. Compulsory policy provisions
Status: in_force

10-7-302. Compulsory policy provisions. (1) On and after the operative date of this part 3, no policy of life insurance, except as stated in section 10-7-307, shall be delivered or issued for delivery in this state by any foreign or domestic life insurance company unless it contains in substance the following provisions or corresponding provisions which, upon findings of fact by the commissioner, are at least as favorable to the defaulting or surrendering policyholder as are the minimum requirements specified in this section, and are essentially in compliance with section 10-7-306.1:

(a) That, in the event of default in any premium payment after premiums have been paid for at least one full year, the company will grant, upon proper election and notice thereof to the company not later than sixty days after the due date of the premium in default, a paid-up nonforfeiture benefit on a plan stipulated in the policy, effective as of such due date, of such amount as may be specified in this part 3. In lieu of such stipulated paid-up nonforfeiture benefit, the company may substitute, upon proper request not later than sixty days after the due date of the premium in default, an actuarially equivalent alternative paid-up nonforfeiture benefit which provides a greater amount or longer period of death benefits or, if applicable, a greater amount or earlier payment of endowment benefits.

(b) That, upon surrender of the policy within sixty days after the due date of any premium payment in default after premiums have been paid for at least three full years in the case of ordinary insurance or five full years in the case of industrial insurance, the company will pay, in lieu of any paid-up nonforfeiture benefit, a cash surrender value of such amount as may be specified in this part 3;

(c) That a specified paid-up nonforfeiture benefit shall become effective as specified in the policy unless the person entitled to make such election elects another available option not later than sixty days after the due date of the premium in default;

(d) That, if the policy becomes paid-up by completion of all premium payments or if it is continued under any paid-up nonforfeiture benefit which became effective on or after the third policy anniversary in the case of ordinary insurance or the fifth policy anniversary in the case of industrial insurance, the company will pay, upon surrender of the policy within thirty days after any policy anniversary, a cash surrender value of such amount as may be specified in this part 3;

(e) In the case of policies which cause on a basis guaranteed in the policy unscheduled changes in benefits or premiums, or which provide an option for changes in benefits or premiums other than a change to a new policy, a statement of the mortality table, interest rate, and method used in calculating cash surrender values and the paid-up nonforfeiture benefits available under the policy. In the case of all other policies, a statement of the mortality table and interest rate used in calculating the cash surrender values and the paid-up nonforfeiture benefits available under the policy, together with a table showing the cash surrender value, if any, and paid-up nonforfeiture benefits, if any, available under the policy on each policy anniversary either during the first twenty policy years or during the term of the policy, whichever is shorter, such values and benefits to be calculated upon the assumption that there are no dividends or paid-up additions credited to the policy and that there is no indebtedness to the company on the policy.

(f) A statement that the cash surrender values and the paid-up nonforfeiture benefits available under the policy are not less than the minimum values and benefits required by or pursuant to the insurance laws of the state in which the policy is delivered; an explanation of the manner in which the cash surrender values and the paid-up nonforfeiture benefits are altered by the existence of any paid-up additions credited to the policy or any indebtedness to the company on the policy; if a detailed statement of the method of computation of the values and benefits shown in the policy is not stated therein, a statement that such method of computation has been filed with the insurance supervisory official of the state in which the policy is delivered; and a statement of the method to be used in calculating the cash surrender value and paid-up nonforfeiture benefit available under the policy on any policy anniversary beyond the last anniversary for which such values and benefits are consecutively shown in the policy;

(g) A notice prominently printed on the first page of the policy or attached thereto stating in substance that the policyholder shall have the right to return the policy within fifteen days of its delivery and to have any premium refunded if, after examination of the policy, the policyholder is not satisfied for any reason and, in the case of a variable life insurance policy, the amount refunded shall be the account value calculated as of the date the policy is returned plus any policy fee or charge deducted from the policy. Any refund made pursuant to this paragraph (g) shall be paid directly to the policyholder by the insurer in a timely manner.

(2) Any of the foregoing provisions or portions of this section not applicable by reason of the plan of insurance, to the extent inapplicable, may be omitted from the policy.

(3) The company shall reserve the right to defer the payment of any cash surrender value for a period of six months after demand therefor with surrender of the policy.
C.R.S. § 10-3.5-108 — CO Code / Title 10 / Article 3.5 / Section 10-3.5-108
10-3.5-108. Distributions - remittance of portion of proceeds
Status: in_force

10-3.5-108. Distributions - remittance of portion of proceeds. (1) Subject to section 10-3.5-109 (2)(a), a certified capital company may make qualified distributions at any time.

(2) (a) Subject to section 10-3.5-109 (2)(a) and paragraph (b) of this subsection (2), in order to make a distribution occurring on or after May 27, 2004, out of proceeds or gains from qualified investments, proceeds or gains from any other use of certified capital, equity capitalization contributions paid into the certified capital company on or after May 27, 2004, or certified capital allocated to its certified investors on a particular allocation date other than a qualified distribution or a distribution pursuant to paragraph (b) of this subsection (2), a certified capital company shall:

(I) Have made qualified investments in an amount cumulatively equal to:

(A) One hundred percent of the certified capital allocated to its certified investors on such allocation date and have met the six-month requirement stated in section 10-3.5-107 (3)(a); and

(B) At least one-third of the certified capital allocated to its certified investors under section 10-3.5-106 (2)(a)(II) in qualified businesses that are in the seed or early stage. Seed or early stage investments of certified capital allocated under section 10-3.5-106 (2)(a)(II) and section 10-3.5-106 (2)(a)(I) shall both count toward meeting the requirement of this sub-subparagraph (B).

(II) Have proposed a distribution amount and calculated the amount of the transfers identified in subsection (3) of this section pursuant to rules promulgated by the office; and

(III) Make the transfers to the entities designated in paragraphs (c) and (d) of subsection (3) of this section.

(b) A certified capital company may make repayments of principal and interest on its indebtedness without any restriction whatsoever, including repayments of indebtedness of the certified capital company on which certified investors earned premium tax credits. A certified capital company may make a distribution:

(I) Without any restriction whatsoever to pay any projected increase in federal or state taxes, including penalties and interest related to federal and state income taxes, of the equity owners of a certified capital company resulting from operations or ownership of the certified capital company; or

(II) To return any equity capitalization paid into the certified capital company before May 27, 2004, from any equity capitalization contributions paid into the certified capital company before May 27, 2004, proceeds or gains from qualified investments, or proceeds or gains from any other use of certified capital.

(3) (a) (I) Subject to subparagraphs (II) and (III) of this paragraph (a), distributions out of proceeds or gains from qualified investments, proceeds or gains from any other use of certified capital, proceeds or gains from equity capitalization contributions, equity capitalization contributions, and certified capital allocated to certified investors on a particular allocation date shall be specifically examined as part of the annual review conducted pursuant to section 10-3.5-109. On the basis of such review, the office shall determine pursuant to rules whether the aggregate total of such distributions, when combined with all tax credits allocated on such allocation date and utilized pursuant to this article, have resulted in an annual internal rate of return exceeding ten percent on the certified capital allocated to the certified investors of the certified capital company on such allocation date plus any additional equity capital contributions to the certified capital company. Equity capital contributions shall not be deemed to include proceeds or gains from:

(A) Qualified investments;

(B) Any other use of certified capital; or

(C) Equity capital contributions.

(II) Qualified distributions shall not be subject to the review conducted pursuant to subparagraph (I) of this paragraph (a).

(III) The following types of distribution shall specifically be subject to the review conducted pursuant to subparagraph (I) of this paragraph (a):

(A) A distribution to pay any projected increase in federal or state taxes of the equity owners of a certified capital company resulting from operations or ownership of the certified capital company;

(B) Repayments of principal and interest on a certified capital company's indebtedness, including repayments of indebtedness of the certified capital company on which certified investors earned premium tax credits;

(C) A distribution to return any equity capitalization paid into the certified capital company before May 28, 2004;

(D) A distribution to return any equity capitalization paid into the certified capital company on or after May 28, 2004; and

(E) Any other distribution other than a qualified distribution.

(b) (I) If the annual internal rate of return determined in accordance with paragraph (a) of this subsection (3) exceeds ten percent, then the certified capital company shall annually:

(A) Report to the division of housing in the department of local affairs the amount of money equal to twenty percent of any further distributions, from an item subject to subparagraph (I) or (III) of paragraph (a) of this subsection (3), above the amount required to produce such ten percent return; except that distributions for items described specifically in sub-subparagraph (A), (B), or (C) of subparagraph (III) of paragraph (a) of this subsection (3) shall either be reported to the division of housing or accrued for reporting at a later date as determined by the economic development commission; and except that in no event shall this sub-subparagraph (A) restrict a certified capital company's ability to make repayments of indebtedness, including making repayments of indebtedness of the certified capital company on which certified investors earned premium tax credits; and

(B) Make the transfers required pursuant to paragraphs (c) and (d) of this subsection (3).

(II) If the annual internal rate of return determined in accordance with paragraph (a) of this subsection (3) does not exceed ten percent, then the certified capital company shall annually:

(A) Report to the division of housing in the department of local affairs the amount of money equal to fifteen percent of the proposed distribution amount other than qualified distributions and distributions described in sub-subparagraphs (A), (B), and (C) of subparagraph (III) of paragraph (a) of this subsection (3);

(B) Make the transfers required pursuant to paragraphs (c) and (d) of this subsection (3); and

(C) Continue the fifteen percent distribution until the certified capital company's internal rate of return exceeds ten percent. At that time, all future transfer amounts shall be calculated using the method described in subparagraph (I) of this paragraph (b). Amounts previously transferred by the certified capital company shall be taken into consideration when determining the net amount of future transfers.

(III) The office shall promulgate rules to establish the procedures by which the internal rate of return is calculated and to govern other items such as the timing of distributions and the amount and timing of future capital contributions to the certified capital company to ensure that the calculation of the internal rate of return is accurately calculated.

(c) Upon the approval of the state housing board within the division of housing in accordance with rules promulgated by the board, the division shall direct each certified capital company that reports to the division pursuant to paragraph (b) of this subsection (3) to transfer to one or more local housing authorities, public nonprofit corporations, or private nonprofit corporations an amount of money equal to one-half of the amount identified in such report for:

(I) Development or redevelopment costs incurred prior to the completion or occupancy of low- or moderate-income housing, as defined in section 24-32-717 (4)(b), C.R.S., or for the rehabilitation of such housing;

(II) Providing incentives for the additional acquisition, construction, rehabilitation, or renovation of affordable housing that is made available to households of very low incomes and to households of senior citizens and that addresses the special needs of members of these communities, especially in connection with the availability of rental housing;

(III) Providing mixed-income housing to better ensure economic integration;

(IV) Ensuring the affordability of housing over the long term and helping to preserve project-based federally-authorized rental units;

(V) Allowing the state or a local government or any of their agencies to leverage federal, local, and private resources such as low-income housing tax credits, private activity bonds, mortgage revenue bonds, community development block grants, McKinney funds, home funds, private grants, and land donations to increase the pool of capital available to finance the provision of affordable housing;

(VI) Providing resources to local governments and other appropriate entities that result in the operation, construction, and renovation of emergency shelters and direct services linked to housing; or

(VII) Providing resources to local governments to assist home buyers with the financing of down payments or closing costs.

(d) The executive director of the department of human services shall direct each certified capital company that reports to the division pursuant to paragraph (b) of this subsection (3) to transfer to one or more approved community mental health clinics or approved community mental health centers, as defined in section 27-66-101, C.R.S., an amount of money equal to one-half of the amount identified in such report to be used solely for the purposes identified in sections 27-66-103 and 27-66-104 (3), C.R.S., taking into account the standards contained in section 27-66-105, C.R.S.
C.R.S. § 10-16-162 — CO Code / Title 10 / Article 16 / Part 1 / Section 10-16-162
10-16-162. Prohibition on discrimination for coverage based solely on natural medicine cons
Status: in_force

10-16-162. Prohibition on discrimination for coverage based solely on natural medicine consumption - definitions. (1) A carrier that offers, issues, or renews a health benefit plan shall not, solely on the basis of a person's consumption of natural medicine or natural medicine product:

(a) Decline or limit coverage of a person; or

(b) Penalize a covered person or reduce or limit coverage for a person.

(2) A carrier that offers, issues, or renews a health benefit plan that provides coverage for anatomical gifts, organ transplants, or related treatments or services shall not, solely on the basis of a covered person's consumption of natural medicine or natural medicine product:

(a) Deny coverage to a covered person for an organ transplant or related treatment or services;

(b) Decline or limit coverage of a covered person solely for the purpose of avoiding the requirements of this section; or

(c) Penalize a covered person or reduce or limit coverage for a covered person for health-care services related to organ transplantation, as determined in consultation with the attending physician and the covered person or the covered person's representative.

(3) This section does not require a health benefit plan to provide coverage for the donation of an anatomical gift, an organ transplant, or related treatment or services.

(4) As used in this section, unless the context otherwise requires:

(a) "Anatomical gift" means the donation of part of a human body for the purpose of transplantation to another person.

(b) (I) "Natural medicine" means the following substances:

(A) Dimethyltryptamine;

(B) Mescaline;

(C) Ibogaine;

(D) Psilocybin; or

(E) Psilocin.

(II) "Natural medicine" does not mean a synthetic or synthetic analog of the substances listed in this subsection (4)(b), including a derivative of a naturally occurring compound of natural medicine that is produced using chemical synthesis, chemical modification, or chemical conversion.

(c) "Natural medicine product" means a product infused with natural medicine that is intended for consumption.
C.R.S. § 10-7-205 — CO Code / Title 10 / Article 7 / Part 2 / Section 10-7-205
10-7-205. Exemption from execution
Status: in_force

10-7-205. Exemption from execution. No policy of group insurance, nor the proceeds thereof, when paid to any employee thereunder, shall be liable to attachment, garnishment, or other process, or be seized, taken, appropriated, or applied by any legal or equitable process or operation of law, to pay any debt or liability of such employee, or his beneficiary, or any other person who may have a right thereunder, either before or after payment, nor shall the proceeds thereof, where not made payable to a named beneficiary, constitute a part of the estate of the employee for the payment of his debts.
C.R.S. § 10-16-105.9 — CO Code / Title 10 / Article 16 / Part 1 / Section 10-16-105.9
10-16-105.9. Health benefit plan - carrier insolvency - covered persons - deductible amounts
Status: in_force

10-16-105.9. Health benefit plan - carrier insolvency - covered persons - deductible amounts - rules - definition. [Editor's note: This section is effective January 1, 2025.] (1) As used in this section:

(a) "Out-of-pocket expenses" means expenses paid toward a health benefit plan:

(I) Deductible for medical services and prescription drugs that were credited under the covered person's health benefit plan; and

(II) Out-of-pocket maximum for medical services and prescription drugs that were credited under the person's health benefit plan, including any coinsurance amounts.

(b) "Out-of-pocket expenses" does not include premium payments made for a health benefit plan.

(2) For individual health benefit plans, if a covered person has paid any out-of-pocket expenses for services covered by a health benefit plan in a given plan year, and the carrier that provides the health benefit plan to the covered person exits the health insurance market and can no longer provide health insurance benefits to that person during the same plan year, a carrier of a new health benefit plan that covers the person during the same plan year shall credit all of the out-of-pocket expenses paid by the covered person to the new health benefit plan.

(3) If a covered person's out-of-pocket expenses credited to the new health benefit plan in accordance with subsection (2) of this section for coverage under the original health benefit plan are greater than the amount of out-of-pocket expenses required by the new health benefit plan, the new carrier is not required to apply the amount in excess to the new health benefit plan.

(4) The commissioner shall promulgate rules to implement this section that include protocols for each carrier to follow when crediting out-of-pocket expenses paid by a covered person to a new health benefit plan and protocols for the division to follow to ensure that the necessary data to determine the amount of the out-of-pocket expenses credit for each new member is delivered to each carrier in a timely and accurate manner by the commissioner. The commissioner shall collect the necessary data from the carriers for the division's determination of the amount of the out-of-pocket expense credits. The protocols must be based on the out-of-pocket maximum amounts, as described in section 10-16-161, from the division. The commissioner shall consult with the exchange to develop the protocols.

(5) The new health benefit plan is required only to credit out-of-pocket expenses toward the deductible and the out-of-pocket maximum, which are reported by the previous health benefit plan, the health benefit plan's conservatorship, or the division in a time and manner determined by the commissioner.

(6) (a) The new carrier may file a claim for the amount of the credited out-of-pocket expenses as a result of this section with the estate of the original health benefit plan carrier.

(b) (I) A carrier may recoup, over a reasonable length of time, a sum equal to the amount of out-of-pocket expenses credited to covered persons, in accordance with this section. The amount must be reasonably calculated to recoup these expenses and is subject to review by the commissioner. An amount recouped is not considered a premium for any other purpose, including the computations of gross premium tax or an agent's commission.

(II) A carrier that imposes a surcharge to recoup the amount of out-of-pocket expenses credited pursuant to this section must include the amount of the surcharge as part of the carrier's rate filing pursuant to section 10-16-107 (1). The carrier must show the surcharge in the rate filing as a separate component of the rate and shall include supporting documentation.

(7) A carrier shall not file a claim for the amount of the increase in claims liability due to this section with the estate of the original health benefit plan if the carrier has recouped costs for out-of-pocket expenses credited to covered persons in accordance with subsection (6)(b) of this section.

(8) Subject to approval by the commissioner, a carrier is not required to credit all of the out-of-pocket expenses paid by the covered person to the new health benefit plan in accordance with subsection (2) of this section if doing so would cause the carrier to become insolvent.
C.R.S. § 10-4-1906 — CO Code / Title 10 / Article 4 / Part 19 / Section 10-4-1906
10-4-1906. Sales practices - definition
Status: in_force

10-4-1906. Sales practices - definition. (1) Any person offering travel insurance to residents of this state is subject to part 11 of article 3 of this title 10, except as otherwise provided in this section. In the event of a conflict between this part 19 and other provisions of this title 10 regarding the sale and marketing of travel insurance and travel protection plans, the provisions of this part 19 control.

(2) Offering or selling a travel insurance policy that could never result in payment of any claims for any insured under the policy is an unfair or deceptive practice pursuant to section 10-3-1104.

(3) (a) All documents provided to consumers prior to the purchase of travel insurance, including but not limited to sales materials, advertising materials, and marketing materials, must be consistent with the travel insurance policy itself, including but not limited to forms, endorsements, policies, rate filings, and certificates of insurance.

(b) For travel insurance policies or certificates that contain preexisting condition exclusions, the person offering the policy or certificate shall provide information and an opportunity to learn more about the preexisting condition exclusions at any time prior to the time of purchase and in the coverage's fulfillment materials.

(c) (I) As used in this subsection (3)(c), "delivery" means handing fulfillment materials to the policyholder or certificate holder or sending fulfillment materials by mail or electronic means to the policyholder or certificate holder.

(II) The fulfillment materials and the information described in section 10-2-414.5 (2)(b)(I) to (2)(b)(IV) shall be provided to a policyholder or certificate holder as soon as practicable following the purchase of a travel protection plan.

(III) Unless the insured has either started a covered trip or filed a claim under the travel insurance coverage, a policyholder or certificate holder may cancel a policy or certificate for a full refund of the travel protection plan price from the date of purchase of a travel protection plan until at least:

(A) Fifteen days following the date of delivery of the travel protection plan's fulfillment materials by mail; or

(B) Ten days following the date of delivery of the travel protection plan's fulfillment materials by means other than mail.

(d) An insurer shall disclose in the policy documentation and fulfillment materials whether the travel insurance is primary or secondary to other applicable coverage.

(e) When travel insurance is marketed directly to a consumer through an insurer's website or by others through an aggregator site, it is not an unfair or deceptive practice or other violation of law when an accurate summary or short description of coverage is provided on the web page, so long as the consumer has access to the full provisions of the policy through electronic means.

(4) A person offering, soliciting, or negotiating travel insurance or travel protection plans on an individual or group basis shall not do so by using negative option or opt out, which would require a consumer to take an affirmative action to deselect coverage, such as unchecking a box on an electronic form, when the consumer purchases a trip.

(5) It is an unfair or deceptive practice pursuant to section 10-3-1104 to market blanket travel insurance coverage as free.

(6) Where a consumer's destination jurisdiction requires insurance coverage, it is not an unfair or deceptive practice to require that a consumer choose between the following options as a condition of purchasing a trip or travel package:

(a) Purchasing the coverage required by the destination jurisdiction through the travel retailer or limited lines travel insurance producer supplying the trip or travel package; or

(b) Agreeing to obtain and provide proof of coverage that meets the destination jurisdiction's requirements prior to departure.
C.R.S. § 10-1-104 — CO Code / Title 10 / Article 1 / Part 1 / Section 10-1-104
10-1-104. Commissioner of insurance - other employees
Status: in_force

10-1-104. Commissioner of insurance - other employees. (1) The commissioner of insurance is the head of the division of insurance. The commissioner shall be appointed by, and serve at the pleasure of, the governor, subject to confirmation of the appointment by the senate pursuant to section 23 of article IV of the state constitution. The commissioner shall be a person well versed in insurance, and an elector of the state of Colorado, and shall have no pecuniary interest in any insurance company or agency directly or indirectly other than as a policyholder.

(2) The commissioner shall have such employees as may be required for the transaction of the business of the office of the commissioner. One or more shall be deputy commissioners of insurance who are authorized in all matters to act as and for the commissioner of insurance in the absence of the commissioner. Examiners shall be classified as senior and junior. A senior examiner shall have had three full years' experience in the examination of insurance companies as an employee of a state insurance department. The salary and term of office of the commissioner and the employees of the division shall be fixed pursuant to section 13 of article XII of the state constitution.
C.R.S. § 10-19-102 — CO Code / Title 10 / Article 19 / Section 10-19-102
10-19-102. Legislative declaration
Status: in_force

10-19-102. Legislative declaration. The general assembly hereby declares that the purpose of this article is to promote the public interest and the availability of long-term care insurance policies, to protect applicants for long-term care insurance from unfair or deceptive sales or enrollment practices, to establish standards for long-term care insurance, to facilitate public understanding and comparison of long-term care insurance policies, and to facilitate flexibility and innovation in the development of long-term care insurance coverage.
C.R.S. § 10-3-901 — CO Code / Title 10 / Article 3 / Part 9 / Section 10-3-901
10-3-901. Short title
Status: in_force

10-3-901. Short title. This part 9 shall be known and may be cited as the "Regulation of Unauthorized Insurance Act".
C.R.S. § 10-3-303 — CO Code / Title 10 / Article 3 / Part 3 / Section 10-3-303
10-3-303. Deposits with commissioner
Status: in_force

10-3-303. Deposits with commissioner. In the event any domestic insurer or alien insurer using this state as a state of entry into the United States is required, pursuant to the laws of any other state, country, province, district, or territory, to make a deposit differing in amount or character from the deposit required of domestic insurers by the laws of this state, such insurer may deposit with the commissioner cash or securities of the kind and amount sufficient to enable the insurer to meet such requirement, and the commissioner shall issue a certificate as evidence of such deposit for filing with an official of such other state, country, province, district, or territory.
C.R.S. § 10-6-103 — CO Code / Title 10 / Article 6 / Section 10-6-103
10-6-103. Definitions
Status: in_force

10-6-103. Definitions. As used in this article, unless the context otherwise requires:

(1) "Affiliated company" means any company that directly or indirectly owns or controls a pure captive insurance company and any company owned or controlled, directly or indirectly, by a parent or subsidiary.

(2) "Captive insurance company" means a pure captive insurance company or a group captive insurance company.

(3) "Commissioner" means the commissioner of insurance.

(4) "Group" means any association of individual professional practitioners, corporations, partnerships, limited liability companies, or associations with substantially similar or related risks, the members of which collectively own, control, or hold with power to vote all of the outstanding voting securities or other ownership interest of a group captive insurance company.

(5) "Group captive insurance company" means any domestic insurance company licensed under the provisions of this article for the purpose of making insurance and reinsurance, including any company organized under the federal "Liability Risk Retention Act of 1986", as amended, 15 U.S.C. secs. 3901 to 3905. Such insurance and reinsurance shall be limited to the risks, hazards, and liabilities of its group members and employee benefits coverages.

(6) "Impairment" means that a captive insurance company's permissible assets are less than its liabilities, including as a liability the aggregate amount of any outstanding capital stock, or that its capital and surplus are less than the capital and surplus established pursuant to section 10-6-116.

(7) "Insolvency" means that a captive insurance company's permissible assets are less than all of its liabilities, excluding from such liabilities the aggregate amount of any outstanding capital stock.

(8) "Parent" means a corporation, partnership, or individual who directly or indirectly owns, controls, or holds with power to vote more than fifty percent of the outstanding voting securities or other ownership interest of a pure captive insurance company.

(9) "Pure captive insurance company" means any domestic insurance company licensed under the provisions of this article for the purpose of making insurance and reinsurance. Such insurance and reinsurance shall be limited to the risks, hazards, and liabilities of its parent and affiliated entities along with employee benefits coverages.
C.R.S. § 10-16-1415 — CO Code / Title 10 / Article 16 / Part 14 / Section 10-16-1415
10-16-1415. Exemption - prescription drugs derived from cannabis
Status: in_force

10-16-1415. Exemption - prescription drugs derived from cannabis. Notwithstanding any provision of this part 14 to the contrary, the board has no authority to perform an affordability review of, or to establish an upper payment limit for, any prescription drug that is derived in whole or in part from cannabis.
C.R.S. § 10-16-302 — CO Code / Title 10 / Article 16 / Part 3 / Section 10-16-302
10-16-302. Incorporation and organization - exemptions
Status: in_force

10-16-302. Incorporation and organization - exemptions. (1) Any nonprofit corporation organized under the laws of Colorado for the purpose of establishing, maintaining, and operating a nonprofit plan whereby prepaid hospital care, medical-surgical care, and other health services are made available to persons who become subscribers to the plan under a contract with the corporation, or for the purpose of providing long-term care insurance to persons pursuant to a contract with the corporation is subject to and governed by part 1 of this article 16 and this part 3 and, except as provided in this article 16 and elsewhere in this title 10, is not subject to the laws of this state relating to insurance or insurance companies. The provisions of section 10-3-128; articles 1 and 2 of this title 10; and parts 4, 5, 7, 8, 11, 12, and 16 of article 3 of this title 10, to the extent applicable, govern corporations organized pursuant to this part 3.

(2) The provisions of this part 3 shall not apply to any employer's health plan or services established and maintained solely for its employees and their immediate families, nor to any labor organization's health plan or services established and maintained solely for its members and their immediate families, which plans or services are self-insured, nor to any such health plan or services established, maintained, and insured jointly by any employer and any labor organization.
C.R.S. § 10-7-310 — CO Code / Title 10 / Article 7 / Part 3 / Section 10-7-310
10-7-310. Life and endowment reserves
Status: in_force

10-7-310. Life and endowment reserves. (1) Except as otherwise provided in sections 10-7-310.5 and 10-7-313, reserves, according to the commissioners reserve valuation method for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of uniform premiums, shall be the excess, if any, of the present value, at the date of valuation, of such future guaranteed benefits provided for by such policies over the then present value of any future modified net premiums therefor. The modified net premiums for any such policy shall be such uniform percentage of the respective contract premiums for such benefits that the present value, at the date of issue of the policy, of all such modified net premiums shall be equal to the sum of the then present value of such benefits provided for by the policy and the excess of paragraph (a) of this subsection (1) over paragraph (b) of this subsection (1), as follows:

(a) A net level annual premium equal to the present value, at the date of issue, of such benefits provided for after the first policy year, divided by the present value, at the date of issue, of an annuity of one per annum payable on the first and each subsequent anniversary of such policy on which a premium falls due; except that such net level annual premium shall not exceed the net level annual premium on the nineteen-year premium whole life plan for insurance of the same amount at an age one year higher than the age at issue of such policy;

(b) A net one-year term premium for such benefits provided for in the first policy year.

(1.5) For any life insurance policy issued on or after January 1, 1985, for which the contract premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for such excess and which provides an endowment benefit, a cash surrender value, or a combination thereof in an amount greater than such excess premium, the reserve according to the commissioners reserve valuation method as of any policy anniversary occurring on or before the assumed ending date, which for the purposes of this subsection (1.5), means the first policy anniversary on which the sum of any endowment benefit and any cash surrender value then available is greater than such excess premium, shall, except as otherwise provided in section 10-7-313, be the greater of the reserve as of such policy anniversary calculated as described in the introductory portion to and paragraphs (a) and (b) of subsection (1) of this section and the reserve as of such policy anniversary calculated as described in said portion and paragraphs of said subsection (1), but with:

(a) The value defined in said paragraph (a) being reduced by fifteen percent of the amount of such excess first year premium;

(b) All present values of benefits and premiums being determined without reference to premiums or benefits provided for by the policy after the assumed ending date;

(c) The policy being assumed to mature on such date as an endowment; and

(d) The cash surrender value provided on such date being considered as an endowment benefit. In making the comparison the mortality and interest bases stated in sections 10-7-309 and 10-7-309.5 shall be used.

(2) Reserves according to the commissioners reserve valuation method for life insurance policies providing for a varying amount of insurance or requiring the payment of varying premiums, group annuity and pure endowment policies purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the federal "Internal Revenue Code of 1986", as now or hereafter amended, disability and accidental death benefits in all policies and contracts, and all other benefits, except life insurance and endowment benefits in life insurance policies and benefits provided by all other annuity and pure endowment contracts, shall be calculated by a method consistent with the principles of subsection (1) of this section; except that any extra premiums charged because of impairments or special hazards shall be disregarded in the determination of modified net premiums.