CO Code § 10-3-102 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 1 - General|§ 10-3-102. Purpose of Organization or Admittance

  Any domestic insurance company having the required amount of capital or guaranty fund and surplus, when permitted by its articles of incorporation or charter, may be authorized and licensed by the commissioner to make insurance under one of the following paragraphs:   To make insurance or reinsurance on dwelling houses, stores, and all kinds of buildings and household furniture, and other property against loss or damage, including loss of use or occupancy, by fire, lightning, windstorm, tornado, cyclone, earthquake, hail, bombardment, invasion, insurrection, riot, civil war or commotion, military or usurped power, and by explosion whether fire ensues or not; also against loss or damage by water or other fluid to any goods or premises arising from the breakage or leakage of sprinklers, pumps, or other apparatus erected for extinguishing fires or of other conduits or containers or by waters entering through leaks or openings in buildings and of water pipes, and against accidental injury to such sprinklers, pumps, apparatus, conduits, containers, or water pipes, and upon vessels, boats, cargoes, goods, merchandise, freights, and other property against loss or damage by any of the risks of lake, river, canal, inland, and ocean navigation and transportation, including all personal property floater risks and including insurance upon automobiles and all types of aircraft, whether stationary or being operated under their own power, which include all of the hazards of fire, explosion, transportation, collision, loss by legal liability for damage to persons and to property resulting from the maintenance and use of automobiles, and airplanes, seaplanes, dirigibles, or other aircraft, and loss by burglary or theft, vandalism, or malicious mischief, or the wrongful conversion, disposal, or concealment of automobiles, and all types of aircraft, whether held under conditional sale contract or subject to chattel mortgages or any one or more of such hazards;    To make insurance or reinsurance upon the lives of persons, and every insurance pertaining thereto or connected therewith, including health and accident insurance, and to grant, purchase, or dispose of annuities, group annuities, unallocated annuities, guaranteed investment contracts, and funding agreement contracts;    To make any of the following kinds of insurance, or reinsurance:   Upon the health of persons;    Against injury, disablement, or death of persons, resulting from traveling or from accidents by land or water;    Upon the lives of horses, cattle, and other livestock;    Upon plate glass against breakage;    Upon steam boilers, flywheels, and other forms of liability insurance, against explosion and against loss by damage to life or property resulting therefrom;    Against loss by burglary or theft or both;    To engage in the business of suretyship, and guaranteeing the fidelity of persons holding places of trust, public or private;    Full coverage for motor vehicles;    All forms of casualty insurance, including all personal property floater risks;       To make insurance or reinsurance upon any of the risks set forth in paragraphs (a) and (c) of this subsection (1);    To make title insurance or reinsurance.       Any foreign or alien insurance company having the required amount of capital or guaranty fund, surplus, and deposit, when permitted by its articles of incorporation or charter and by the proper insurance supervisory authority of its domiciliary jurisdiction, may be authorized and licensed by the commissioner to make insurance under any one of the subsections of this section if otherwise qualified according to law.    No foreign, alien, or domestic insurance company, excluding life insurance companies and title insurance companies, shall expose itself to loss in an amount exceeding ten percent of its paid-up capital or guaranty fund and surplus on any one risk or hazard, unless the same is reinsured through an insurance company which is licensed or accredited in this state, or otherwise through an insurance company acceptable to the commissioner.    Any insurance company authorized to transact the business of title insurance under section 72-1-41 (4)(i), C.R.S. 1963, prior to July 1, 1969, shall not, by reason of the provisions of this part 1, be prohibited from transacting said business.     History. Source: L. 13: P. 344, § 29. C.L. § 2500. CSA: C. 87, § 27. L. 47: P. 597, § 1. L. 51: P. 481, § 1. CRS 53: § 72-1-41. L. 57: P. 458, § 1. C.R.S. 1963: § 72-1-41. L. 69: P. 527, §§ 3, 4. L. 92: (3) amended, p. 1423, § 3, effective July 1. L. 2000: (1)(b) amended, p. 1729, § 1, effective August 15. History. Source: L. 13: P. 344, § 29. C.L. § 2500. CSA: C. 87, § 27. L. 47: P. 597, § 1. L. 51: P. 481, § 1. CRS 53: § 72-1-41. L. 57: P. 458, § 1. C.R.S. 1963: § 72-1-41. L. 69: P. 527, §§ 3, 4. L. 92: (3) amended, p. 1423, § 3, effective July 1. L. 2000: (1)(b) amended, p. 1729, § 1, effective August 15.    Cross references:   For the nonapplicability of subsection (3) to pure captive insurance companies, see § 10-6-130 (1) .   ANNOTATION   Annuity contracts are not wagering contracts except in the rough sense that insurance is a wager. Rishel v. Pacific Mut. Life Ins. Co., 78 F.2d 881 (10th Cir. 1935).   This section expressly authorizes insurance companies to grant annuities. Rishel v. Pacific Mut. Life Ins. Co., 78 F.2d 881 (10th Cir. 1935).   An annuity contract is not rendered impossible of performance because the annuitant, alive when the contract was made, is killed or dies before payments are due thereon. Rishel v. Pacific Mut. Life Ins. Co., 78 F.2d 881 (10th Cir. 1935).   Annuity contracts, like other contracts, may be avoided if the annuitant is of unsound mind or for fraud or duress or material misrepresentations. Rishel v. Pacific Mut. Life Ins. Co., 78 F.2d 881 (10th Cir. 1935).   An annuity contract cannot be avoided because the annuitant dies before attaining his average expectancy or because it develops that his health was so impaired when the contract was written that his expectancy was less than the average. Rishel v. Pacific Mut. Life Ins. Co., 78 F.2d 881 (10th Cir. 1935).   Issuance of policies. A cause of action may be maintained against an insurance company for negligent delay in the issuance of a policy. DeFord v. New York Life Ins. Co., 75 Colo. 146 , 224 P. 1049 (1924).   As well as for negligent failure to execute the policy requested by the plaintiff. Terry v. Avemco Ins. Co., 663 F. Supp. 39 (D. Colo. 1987 ).   An insurance company can exclude certain risks or limit coverage under a policy so long as public policy is not violated. Chacon v. Am. Family Mut. Ins. Co., 762 P.2d 732 (Colo. App. 1988).