reglab/housing_qa huggingface dataset:
CO Code § 10-3-302 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 3 - Uniform Guaranty Deposits|§ 10-3-302. Deposits Required - When

 No foreign or alien insurer authorized to transact business in this state, except a life insurance company, shall do such business unless it deposits and continuously maintains with the commissioner, or with an official of some other state of the United States designated by law to accept such deposit, cash, or securities having a fair market value of not less than the amounts required to be deposited for such insurers by the statutes of the state of Colorado. Such deposit shall be held for the benefit and protection of all the policyholders of such insurer in the United States. If the deposit is made with an official of some other state, the commissioner shall be furnished with and shall accept as evidence of deposit the certificate of such state officer under his hand and seal certifying that he holds such deposit for the benefit and protection of all the policyholders of such insurer in the United States. The provisions of this part 3 excepting life insurance companies from its stipulations shall not in any manner affect the duty and obligation of such companies to comply with the requirements of section 10-3-201 , concerning cash capital, guaranty fund deposits, and surplus, and all such life insurance companies shall strictly comply therewith.   History. Source: L. 53: P. 361, § 2. CRS 53: § 72-16-2. L. 57: P. 466, § 1. C.R.S. 1963: § 72-15-2. L. 69: P. 500, § 7. History. Source: L. 53: P. 361, § 2. CRS 53: § 72-16-2. L. 57: P. 466, § 1. C.R.S. 1963: § 72-15-2. L. 69: P. 500, § 7.
CO Code § 10-3-303 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 3 - Uniform Guaranty Deposits|§ 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.   History. Source: L. 53: P. 361, § 3. CRS 53: § 72-16-3. C.R.S. 1963: § 72-15-3. History. Source: L. 53: P. 361, § 3. CRS 53: § 72-16-3. C.R.S. 1963: § 72-15-3.    Cross references:   For the deposit and safekeeping of deposits generally, see § 10-3-210 .
CO Code § 10-3-304 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 3 - Uniform Guaranty Deposits|§ 10-3-304. Depositaries - Responsibility

 Upon request of the insurer, the commissioner may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this state as the commissioner's depositary to receive and hold any such deposit. Any such deposit so held shall be at the expense of the insurer. The state of Colorado shall be responsible for the safekeeping and return of all funds and securities deposited pursuant to this part 3 with the commissioner or in any such depositary so designated by him.   History. Source: L. 53: P. 361, § 4. CRS 53: § 72-16-4. C.R.S. 1963: § 72-15-4. History. Source: L. 53: P. 361, § 4. CRS 53: § 72-16-4. C.R.S. 1963: § 72-15-4.    Cross references:   For the deposit and safekeeping of deposits generally, see § 10-3-210 .
CO Code § 10-3-305 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 3 - Uniform Guaranty Deposits|§ 10-3-305. Rights of Depositors

  So long as the insurer remains solvent and complies with this part 3, it may:   Demand, receive, sue for, and recover the income from securities or cash deposited in accordance with this part 3;    Exchange and substitute for the deposited cash or securities, or any part thereof, cash or eligible securities of equivalent or greater value; and    Inspect, at reasonable times, any deposit made in accordance with this part 3.        History. Source: L. 53: P. 362, § 5. CRS 53: § 72-16-5. C.R.S. 1963: § 72-15-5. History. Source: L. 53: P. 362, § 5. CRS 53: § 72-16-5. C.R.S. 1963: § 72-15-5.
CO Code § 10-3-306 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 3 - Uniform Guaranty Deposits|§ 10-3-306. Release of Deposits

  Any deposit made in this state under this part 3 shall be released and returned:   To the insurer upon extinguishment by reinsurance or otherwise of all liability of the insurer for the security of which the deposit is held; or    To the insurer to the extent such deposit is in excess of the amount required; or    Upon proper order of a court of competent jurisdiction to the receiver, conservator, rehabilitator, liquidator of the insurer, or any other properly designated official who succeeds to the management and control of the insurer's assets.        History. Source: L. 53: P. 362, § 6. CRS 53: § 72-16-6. C.R.S. 1963: § 72-15-6. History. Source: L. 53: P. 362, § 6. CRS 53: § 72-16-6. C.R.S. 1963: § 72-15-6.
CO Code § 10-3-307 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 3 - Uniform Guaranty Deposits|§ 10-3-307. Commissioner Order Release

 No such release shall be made except upon application to and the written order of the commissioner. The commissioner shall have no personal liability for any such release of any such deposit or part thereof so made by him in good faith.   History. Source: L. 53: P. 362, § 7. CRS 53: § 72-16-7. C.R.S. 1963: § 72-15-7. History. Source: L. 53: P. 362, § 7. CRS 53: § 72-16-7. C.R.S. 1963: § 72-15-7.
CO Code § 10-3-401 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-401. Legislative Declaration

  The purpose of this part 4 is to make available to the commissioner supplemental remedial authority in instances of insurance company delinquencies of various kinds and degrees which demand regulation and control by the commissioner in order to effectuate his responsibility that the business of insurance in this state is conducted according to law and his responsibility to protect the policyholders and public of this state. Most delinquencies are of such a kind or degree as to not justify the imposing of the remedy or sanction of loss of certificate or of rehabilitation or liquidation by court order. Either of the remedies of loss of certificate or of rehabilitation or liquidation by court order would in many instances defeat any realistic opportunity to rehabilitate the delinquent company. Such remedies are likely to destroy or diminish one or more of the following values or assets: The value of the insurance account or in-force business of the insurer; the value of the insurer as a going concern; the value of its agency force; and the value of other of its assets.    The remedial steps provided by this part 4 are provided with the purpose in mind that insurance companies committing or suffering a delinquency be rehabilitated where and whenever possible with no loss of public confidence in the companies, and thus avoid the loss of a certificate of or the institution of rehabilitation or liquidation proceedings, by court order, against any insurance company, where possible. Furthermore, the remedial steps provided in this part 4 are provided to protect the assets of an insurer pending determination of whether or not the insurer can be successfully rehabilitated. In instances where rehabilitation or liquidation by court order are inevitable, it is nevertheless the purpose of this part 4 to allow preliminary or emergency supervision to prevent a dissipation of assets from taking place, and thus benefit the policyholders of the company. In such an instance, this part 4 shall operate in conjunction with part 5 of this article.     History. Source: L. 69: P. 544, § 3. C.R.S. 1963: § 72-29-1. L. 92: Entire section amended, p. 1424, § 5, effective July 1. History. Source: L. 69: P. 544, § 3. C.R.S. 1963: § 72-29-1. L. 92: Entire section amended, p. 1424, § 5, effective July 1.    ANNOTATION   An interinsurance exchange is included in the definition of insurance company in former § 10-1-102 (4) (now § 10-1-102 (6) ). Because § 10-13-114 applies the regulatory remedies in §§ 10-3-401 to 10-3-414 to interinsurance exchanges, the insurance commissioner has the discretion to rehabilitate an interinsurance exchange in the same manner as any other insurance company. Alias Smith & Jones v. Barnes, 695 P.2d 302 (Colo. App. 1984).
CO Code § 10-3-402 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-402. Definitions

 All terms defined in section 10-1-102 shall have the same meaning in this part 4. As used in this part 4, unless the context otherwise requires:    (Deleted by amendment,L. 92, p. 1425, § 6, effective July 1, 1992.)    “Delinquency” means any act, omission, or condition, or combination thereof, which is contrary to the applicable laws of this state or any other state, including any regulation lawfully promulgated by the commissioner of insurance of any state or any other person or state agency having supervision of the business of insurance. It includes, but is not limited to, any such act, omission, or condition, or combination thereof, committed or created by or under the direction or authority of any insurance company or any officer or representative thereof. Specifically, it includes any act, omission, or condition, or combination thereof, which, although not otherwise proscribed by law, nevertheless renders the operation of the insurance company hazardous to the public or its policyholders.    “Direct supervision” means the institution of control of an insurance company by order of the commissioner whereby one or more specifically enumerated acts shall be required of the company by order of the commissioner, or one or more specifically enumerated acts or decisions of the company shall not be permitted without prior written approval of the commissioner. In addition, such term includes the power to take all steps necessary to preserve, protect, and recover an insurance company's assets as set forth in section 10-3-405 (2). It is a condition of control beyond normal regulation by the division of insurance and beyond the notifying of an insurance company of a determination of delinquency by the commissioner and supplying the company a list of requirements to abate the condition.    “Rehabilitation” or “to rehabilitate” refers to the removal of an existing delinquency and restoration of the company to a condition of compliance with the law.     History. Source: L. 69: P. 545, § 3. C.R.S. 1963: § 72-29-3. L. 92: Entire section amended, p. 1425, § 6, effective July 1. History. Source: L. 69: P. 545, § 3. C.R.S. 1963: § 72-29-3. L. 92: Entire section amended, p. 1425, § 6, effective July 1.
CO Code § 10-3-403 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 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.   History. Source: L. 69: P. 545, § 3. C.R.S. 1963: § 72-29-2. History. Source: L. 69: P. 545, § 3. C.R.S. 1963: § 72-29-2.
CO Code § 10-3-404 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-404. Determination of Delinquency - Procedure

 Whenever evidence exists to the satisfaction of the commissioner that an insurance company has committed or suffered a delinquency, the commissioner may, upon determination of delinquency, notify the insurance company of his determination and furnish the insurance company a written list of requirements to abate his determination, and, if deemed necessary by the commissioner, he may place the insurance company under his direct supervision, with written notice to the company that it is so placed under direct supervision.   History. Source: L. 69: P. 545, § 3. C.R.S. 1963: § 72-29-4. History. Source: L. 69: P. 545, § 3. C.R.S. 1963: § 72-29-4.
CO Code § 10-3-405 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-405. Direct Supervision

  Any insurance company placed under direct supervision shall remain under direct supervision until all delinquencies are remedied, or until the commissioner deems such direct supervision no longer is necessary or desirable. During the period of direct supervision, the commissioner may appoint a supervisor other than himself to supervise the company and may provide that the company may not take any of the following actions without prior approval in writing of the commissioner or his duly appointed supervisor:   Dispose of, convey, or encumber any of its assets or its business in force;    Withdraw any of its bank accounts;    Lend any of its funds;    Invest any of its property;    Transfer any of its property;    Incur any debt, obligation, or liability;    Merge or consolidate with another company;    Enter into any new reinsurance contract or treaty.       In addition to the power to require prior written approval of any of the actions set forth in subsection (1) of this section, the commissioner or the commissioner's duly appointed supervisor may take any further steps necessary to preserve, protect, and recover any assets or property of an insurance company under direct supervision.     History. Source: L. 69: P. 546, § 3. C.R.S. 1963: § 72-29-5. L. 92: Entire section amended, p. 1425, § 7, effective July 1. History. Source: L. 69: P. 546, § 3. C.R.S. 1963: § 72-29-5. L. 92: Entire section amended, p. 1425, § 7, effective July 1.
CO Code § 10-3-406 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-406. Protest of Finding of Delinquency

 In the event the insurance company protests the determination of delinquency by the commissioner, the commissioner shall stay his decision to place the insurance company under direct supervision and shall give the insurance company not less than fifteen days to show cause, at a hearing conducted by the commissioner, why such a determination should not be made. In cases of emergency, the commissioner may allow his determination of delinquency to stand until the insurance company, under the show cause order or at the hearing, gives sufficient proof that the commissioner's determination was erroneous.   History. Source: L. 69: P. 546, § 3. C.R.S. 1963: § 72-29-6. History. Source: L. 69: P. 546, § 3. C.R.S. 1963: § 72-29-6.
CO Code § 10-3-407 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-407. Costs of Direct Supervision

 All costs incident to the services of direct supervision shall be determined by the commissioner, and all reasonable costs so determined shall be a charge against the assets and funds of the insurance company so directly supervised.   History. Source: L. 69: P. 546, § 3. C.R.S. 1963: § 72-29-7. History. Source: L. 69: P. 546, § 3. C.R.S. 1963: § 72-29-7.
CO Code § 10-3-411 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-411. Penalties for Noncompliance

 [ ] Any insurance company or any officer or official thereof who willfully fails to comply with an order of the commissioner while such insurance company is under direct supervision of the commissioner is guilty of a misdemeanor and, upon conviction thereof, shall be punished by imprisonment in the county jail for not more than two years, or by a fine of not more than five thousand dollars, or by both such fine and imprisonment.  Editor's note: This version of this section is effective until March 1, 2022.  History. Source: L. 69: P. 547, § 3. C.R.S. 1963: § 72-29-11. L. 92: Entire section amended, p. 1427, § 11, effective July 1. L. 2021: Entire section amended,(SB 21-271), ch. 462, p. 3148, § 113, effective March 1, 2022. History. Source: L. 69: P. 547, § 3. C.R.S. 1963: § 72-29-11. L. 92: Entire section amended, p. 1427, § 11, effective July 1. L. 2021: Entire section amended,(SB 21-271), ch. 462, p. 3148, § 113, effective March 1, 2022.    Editor's note:   Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
CO Code § 10-3-411 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-411. Penalties for Noncompliance

 [ ] Any insurance company or any officer or official thereof who willfully fails to comply with an order of the commissioner while such insurance company is under direct supervision of the commissioner commits a class 2 misdemeanor.  Editor's note: This version of this section is effective March 1, 2022.  History. Source: L. 69: P. 547, § 3. C.R.S. 1963: § 72-29-11. L. 92: Entire section amended, p. 1427, § 11, effective July 1. L. 2021: Entire section amended,(SB 21-271), ch. 462, p. 3148, § 113, effective March 1, 2022. History. Source: L. 69: P. 547, § 3. C.R.S. 1963: § 72-29-11. L. 92: Entire section amended, p. 1427, § 11, effective July 1. L. 2021: Entire section amended,(SB 21-271), ch. 462, p. 3148, § 113, effective March 1, 2022.
CO Code § 10-3-412 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-412. Review of Action While Under Direct Supervision

 At any time during the period of direct supervision, or at any time pending abatement of the commissioner's determination of delinquency, the insurance company may request the commissioner, or his duly appointed deputy, to review an action taken or proposed to be taken by the direct supervisor, specifying in what manner the action complained of is believed not to be in the best interests of the insurance company. The insurance company shall be entitled to a hearing on such a request, if desired by the company.   History. Source: L. 69: P. 547, § 3. C.R.S. 1963: § 72-29-12. L. 92: Entire section amended, p. 1427, § 12, effective July 1. History. Source: L. 69: P. 547, § 3. C.R.S. 1963: § 72-29-12. L. 92: Entire section amended, p. 1427, § 12, effective July 1.
CO Code § 10-3-413 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-413. Appeal From Final Determination or Order of Commissioner

  Upon exhausting all means of administrative appeal provided in this part 4, or in case the commissioner, under section 10-3-406, refuses to stay his order or determination pending the show cause order and hearing, the insurance company aggrieved by such determination or order may avail itself of the following procedure of appeal and none other:   The insurance company shall file a petition setting forth its particular objection to the order or determination in the district court in and for the city and county of Denver, and not elsewhere, against the commissioner as defendant. Said action shall have precedence over all other cases on the docket of a different nature. The action shall not be limited to questions of law but shall be tried and determined upon a trial de novo.    Either party to said action may appeal to the appellate court having jurisdiction of said cause of action, and said appeal shall have precedence in the appellate court over all causes of action of a different character pending in the appellate court.       The commissioner is not required to give any appeal bond in any cause arising under this section.     History. Source: L. 69: P. 547, § 3. C.R.S. 1963: § 72-29-13. L. 92: IP(1) amended, p. 1428, § 13, effective July 1. History. Source: L. 69: P. 547, § 3. C.R.S. 1963: § 72-29-13. L. 92: IP(1) amended, p. 1428, § 13, effective July 1.    ANNOTATION   Trial de novo limited. Under subsection (1)(a), a trial de novo is limited to determining questions of illegality or impropriety on the part of the commissioner in placing the company under an order of conservatorship. Atlantic & Pac. Ins. Co. v. Barnes, 666 P.2d 163 (Colo. App. 1983).
CO Code § 10-3-414 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 4 - Delinquencies|§ 10-3-414. Nondisclosure of Reports and Evidence During Period of Direct Supervision or Conservatorship

 Any other provision of law notwithstanding, the commissioner shall not divulge to the public any examination report, results of investigation, or other information received by the division of insurance on, about, or relating to any insurance company which would be detrimental to the efforts of rehabilitation of that company under this part 4.   History. Source: L. 69: P. 548, § 3. C.R.S. 1963: § 72-29-14. History. Source: L. 69: P. 548, § 3. C.R.S. 1963: § 72-29-14.    Cross references:   For the publication of reports and statements, see § 10-3-109 .
CO Code § 10-3-501 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 5 - Insurers' Rehabilitation and Liquidation|§ 10-3-501. Legislative Declaration - Intents and Purposes

  This part 5 shall not be interpreted to limit the powers granted the commissioner by other provisions of law.    This part 5 shall be liberally construed to effect the purpose stated in subsection (3) of this section.    The purpose of this part 5 is to protect the interests of insureds, claimants, creditors, and the public generally, with minimum interference with the normal prerogatives of the owners and managers of insurers, through:   Early detection of any potentially dangerous condition in an insurer, and prompt application of appropriate corrective measures;    Improved methods for rehabilitating insurers, involving the cooperation and management expertise of the insurance industry;    Enhanced efficiency and economy of liquidation, through clarification of the law, to minimize legal uncertainty and litigation;    Equitable apportionment of any unavoidable loss;    Lessening the problems of interstate rehabilitation and liquidation of insurers by facilitating cooperation between states in the liquidation process and by extending the scope of personal jurisdiction over debtors of insurers outside this state;    Regulation of the insurance business by means of laws relating to delinquency procedures and substantive rules relating to the insurance business generally; and    The provision of a comprehensive scheme for the rehabilitation and liquidation of insurance companies and those subject to this part 5 as part of the regulation of the business of insurance, the insurance industry, and insurers in this state.       The general assembly finds, determines, and declares that proceedings in cases of insurer insolvency and delinquency are an integral aspect of the business of insurance and are of vital public interest and concern.     History. Source: L. 92: Entire part R&RE, p. 1428, § 14, effective July 1.    ANNOTATION   This act establishes system for equitable and orderly liquidation of domiciliary insurance companies by giving the commissioner of insurance the authority to collect all of the company's assets for ratable distribution among claimants, including policy holders, general creditors, and stockholders. Skandia Am. Reinsurance Corp. v. Barnes, 458 F. Supp. 13 (D. Colo. 1978 ).