reglab/housing_qa huggingface dataset:
CO Code § 10-3-556 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 5 - Insurers' Rehabilitation and Liquidation|§ 10-3-556. Attachment, Garnishment, and Levy of Execution

 During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment, or levy of execution shall be commenced or maintained in this state against the delinquent insurer or its assets.   History. Source: L. 92: Entire part R&RE, p. 1483, § 14, effective July 1.    Editor's note:   This section is similar to former § 10-3-510 as it existed prior to 1992.
CO Code § 10-3-557 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 5 - Insurers' Rehabilitation and Liquidation|§ 10-3-557. Interstate Priorities

  In a liquidation proceeding in this state involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be given equal priority of payment from general assets regardless of where such assets are located.    The owners of special deposit claims against an insurer for which a liquidator is appointed in this or any other state shall be given priority against the special deposits in accordance with the statutes governing the creation and maintenance of the deposits. If there is a deficiency in any deposit, so that the claims secured by it are not fully discharged from it, the claimants may share in the general assets, but the sharing shall be deferred until general creditors, as well as all claimants against other special deposits who have received smaller percentages from their respective special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit.    The owner of a secured claim against an insurer for which a liquidator has been appointed in this or any other state may surrender the security and file the claim as a general creditor. Alternatively, the claim may be discharged by resort to the security in accordance with section 10-3-540, in which case the deficiency, if any, shall be treated as a claim against the general assets of the insurer on the same basis as claims of unsecured creditors.     History. Source: L. 92: Entire part R&RE, p. 1484, § 14, effective July 1.
CO Code § 10-3-558 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 5 - Insurers' Rehabilitation and Liquidation|§ 10-3-558. Subordination of Claims for Noncooperation

 If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within such receiver's control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class 7 as defined in section 10-3-541 (1)(g) .   History. Source: L. 92: Entire part R&RE, p. 1484, § 14, effective July 1.
CO Code § 10-3-559 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 5 - Insurers' Rehabilitation and Liquidation|§ 10-3-559. Severability

 If any provision of this part 5 or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of this part 5 and the application of such provision to other persons or circumstances shall not be affected thereby.   History. Source: L. 92: Entire part R&RE, p. 1484, § 14, effective July 1.
CO Code § 10-3-601 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 6 - Exchange of Insurance Securities Act|§ 10-3-601. Short Title

 This part 6 shall be known and may be cited as the “Colorado Exchange of Insurance Securities Act”.   History. Source: L. 69: P. 529, § 1. C.R.S. 1963: § 72-27-1. History. Source: L. 69: P. 529, § 1. C.R.S. 1963: § 72-27-1.
CO Code § 10-3-602 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 6 - Exchange of Insurance Securities Act|§ 10-3-602. Exchange of Securities

  Any stock insurance company organized under the laws of this state, referred to in this part 6 as a “domestic company”, may adopt a plan of exchange providing for the exchange by its shareholders of their stock in the domestic company for:   Shares of stock issued by an acquiring corporation; or    Other securities issued by an acquiring corporation; or    Cash; or    Other consideration; or    Any combination of such stock, other securities, cash, or other consideration.        History. Source: L. 69: P. 529, § 2. C.R.S. 1963: § 72-27-2. History. Source: L. 69: P. 529, § 2. C.R.S. 1963: § 72-27-2.
CO Code § 10-3-603 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 6 - Exchange of Insurance Securities Act|§ 10-3-603. Acquiring Corporation - Definition

  As used in this part 6, “acquiring corporation” means:   Any stock insurance company organized under the laws of this state, other than the domestic company whose shareholders are to exchange their stock under a plan of exchange, as provided in this part 6; or    Any stock corporation organized under the “Colorado Corporation Code” which is not an insurance company; or    Any stock corporation which is not an insurance company and which was organized under any general law of this state prior to the effective date of the “Colorado Corporation Code” (January 1, 1959) and to which such code is applicable; or    Any stock corporation organized under the laws of any state of the United States, whether or not an insurance company.        History. Source: L. 69: P. 529, § 3. C.R.S. 1963: § 72-27-3. History. Source: L. 69: P. 529, § 3. C.R.S. 1963: § 72-27-3.    Editor's note:   The “Colorado Corporation Code”, articles 1 to 10 of title 7, referred to in subsection (1)(b) and (1)(c), was repealed, effective July 1, 1994, and replaced by the “Colorado Business Corporation Act”, articles 101 to 117 of title 7.
CO Code § 10-3-605 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 6 - Exchange of Insurance Securities Act|§ 10-3-605. Filing Plan of Exchange

 Not earlier than thirty-one days after the date of the meeting of shareholders of the domestic company at which the plan of exchange was approved by such shareholders, a certificate setting forth the plan of exchange, the manner of the approval thereof by the directors of the acquiring corporation and the domestic company, and the manner of its approval by the shareholders of the domestic company and the vote by which approved by the shareholders of the domestic company, or setting forth that the plan of exchange has been abandoned, shall be signed on behalf of each such corporation by its president or a vice-president and shall then be presented in triplicate to the commissioner at his office for filing. The commissioner shall file one copy of such certificate in his office and shall deliver copies bearing the date and time of filing endorsed thereon to the domestic company and the acquiring corporation. Upon the filing of such certificate, unless it sets forth that the plan of exchange has been abandoned, the plan of exchange and the issuance and exchange provided for therein shall become effective, unless a later date and time is specified in the plan of exchange, in which event the plan of exchange and the issuance and exchange provided for therein shall become effective upon such later date and time.   History. Source: L. 69: P. 533, § 5. C.R.S. 1963: § 72-27-5. History. Source: L. 69: P. 533, § 5. C.R.S. 1963: § 72-27-5.
CO Code § 10-3-606 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 6 - Exchange of Insurance Securities Act|§ 10-3-606. Effect of Exchange

  Upon the plan of exchange becoming effective, the exchange provided for therein shall be deemed to have been consummated, each shareholder of the domestic company shall cease to be a shareholder of such company, the ownership of all shares of the issued and outstanding stock of the domestic company, except shares payment of the value of which is required to be made by the domestic company or the acquiring corporation pursuant to section 10-3-604, shall vest in the acquiring corporation automatically without any physical transfer or deposit of certificates representing such shares, and all shares payment of the value of which is required to be made by the domestic company or the acquiring corporation pursuant to section 10-3-604, shall be deemed no longer outstanding shares of the domestic company.    Certificates representing shares of the domestic company prior to the plan of exchange becoming effective, except certificates representing shares payment of the value of which is required to be made pursuant to section 10-3-604, and bearing a notation thereon that objection and demand pursuant to such section have been made, shall, after the plan of exchange becomes effective, represent: Shares of the issued and outstanding capital stock or other securities issued by the acquiring corporation; and the right, if any, to receive such cash or other consideration upon such terms as are specified in the plan of exchange; but the plan of exchange may specify that all certificates representing shares of stock of the domestic company, except certificates representing shares payment of the value of which is required to be made pursuant to section 10-3-604, shall, after the plan of exchange becomes effective, represent only the right to receive shares of stock or other securities issued by the acquiring corporation, or cash, or other consideration, or any combination thereof, upon such terms as are specified in the plan of exchange. Certificates representing shares of the domestic company with respect to which an objection and demand have been made pursuant to section 10-3-604, and bearing a notation thereon that such objection and demand have been made, shall, after the plan of exchange becomes effective, represent only the right to receive payment therefor, subject to the provisions of this part 6.     History. Source: L. 69: P. 533, § 6. C.R.S. 1963: § 72-27-6. History. Source: L. 69: P. 533, § 6. C.R.S. 1963: § 72-27-6.
CO Code § 10-3-607 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 6 - Exchange of Insurance Securities Act|§ 10-3-607. Authorized Insurance Business and Regulatory Authority

 Nothing contained in this part 6 shall be construed to authorize any insurance company to engage in any kind of insurance business not authorized by its articles of incorporation or to authorize any acquiring corporation which is not an insurance company to engage directly in the business of insurance.   History. Source: L. 69: P. 534, § 7. C.R.S. 1963: § 72-27-7. History. Source: L. 69: P. 534, § 7. C.R.S. 1963: § 72-27-7.
CO Code § 10-3-608 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 6 - Exchange of Insurance Securities Act|§ 10-3-608. Domestic Company and Acquiring Corporation Separate and Distinct Entities

 The domestic company and the acquiring corporation shall in all respects be regarded in law as separate and distinct corporations, with neither of such corporations having any liability to the creditors, policyholders, if any, or shareholders of the other, any acts or omissions of the officers, directors, or shareholders of either or both of such corporations notwithstanding.   History. Source: L. 69: P. 534, § 8. C.R.S. 1963: § 72-27-8. History. Source: L. 69: P. 534, § 8. C.R.S. 1963: § 72-27-8.
CO Code § 10-3-609 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 6 - Exchange of Insurance Securities Act|§ 10-3-609. Examination

 After any acquiring corporation becomes the owner of all the outstanding shares of a domestic company pursuant to a plan of exchange consummated under the provisions of this part 6, the commissioner may, in connection with any examination of the domestic company, examine all records and documents of the acquiring corporation pertaining to the relationships and transactions of the domestic company with the acquiring corporation or its subsidiaries or affiliates. If the acquiring corporation is organized under the laws of any state other than Colorado, the commissioner may, as a condition of approving the plan of exchange, require such acquiring corporation to file a written consent to examination of its records and documents as provided in this section.   History. Source: L. 69: P. 534, § 9. C.R.S. 1963: § 72-27-9. History. Source: L. 69: P. 534, § 9. C.R.S. 1963: § 72-27-9.
CO Code § 10-3-610 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 6 - Exchange of Insurance Securities Act|§ 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.   History. Source: L. 69: P. 534, § 10. C.R.S. 1963: § 72-27-10. History. Source: L. 69: P. 534, § 10. C.R.S. 1963: § 72-27-10.
CO Code § 10-3-701 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 7 - Credit for Reinsurance Model Act|§ 10-3-701. Purpose

 The purpose of this part 7 is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The general assembly hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, the general assembly hereby provides a mandate that upon the insolvency of a non-United States insurer or reinsurer that provides security to fund its United States obligations in accordance with this part 7, the assets representing the security must be maintained in the United States, claims must be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets must be distributed in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies. The general assembly declares that the matters contained in this part 7 are fundamental to the business of insurance in accordance with 15 U.S.C. secs. 1011 and 1012.   History. Source: L. 2014: Entire part R&RE,(HB 14-1315), ch. 295, p. 1201, § 1, effective January 1, 2015.
CO Code § 10-3-703 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 7 - Credit for Reinsurance Model Act|§ 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

  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:   Cash;    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;      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; (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;    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       Any other form of security acceptable to the commissioner.         History. Source: L. 2014: Entire part R&RE,(HB 14-1315), ch. 295, p. 1211, § 1, effective January 1, 2015.
CO Code § 10-3-704 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 7 - Credit for Reinsurance Model Act|§ 10-3-704. Qualified United States Financial Institutions

  For purposes of section 10-3-703 (1)(c), a “qualified United States financial institution” means an institution that:   Is organized or, in the case of a United States office of a foreign banking organization, licensed, under the laws of the United States or any state of the United States;    Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and    Has been determined by either the commissioner or the securities valuation office of the national association of insurance commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.       A “qualified United States financial institution” means, for purposes of those provisions of this part 7 specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:   Is organized, or, in the case of a United States branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state of the United States and has been granted authority to operate with fiduciary powers; and    Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.        History. Source: L. 2014: Entire part R&RE,(HB 14-1315), ch. 295, p. 1212, § 1, effective January 1, 2015.
CO Code § 10-3-705 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 7 - Credit for Reinsurance Model Act|§ 10-3-705. Rules

 The commissioner may adopt rules implementing this part 7.   History. Source: L. 2014: Entire part R&RE,(HB 14-1315), ch. 295, p. 1212, § 1, effective January 1, 2015.
CO Code § 10-3-706 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 7 - Credit for Reinsurance Model Act|§ 10-3-706. Reinsurance Agreements Affected

 This part 7 applies to all cessions after January 1, 2015, under reinsurance agreements that have an inception, anniversary, or renewal date not less than six months after January 1, 2015.   History. Source: L. 2014: Entire part R&RE,(HB 14-1315), ch. 295, p. 1212, § 1, effective January 1, 2015.
CO Code § 10-3-807 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 8 - Insurance Holding Company Systems|§ 10-3-807. Supervisory Colleges

  With respect to any insurer registered under section 10-3-804, and in accordance with subsection (3) of this section, the commissioner may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this section. The powers of the commissioner with respect to supervisory colleges include the following:   Initiating the establishment of a supervisory college;    Clarifying the membership and participation of other supervisors in the supervisory college;    Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;    Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and    Establishing a crisis management plan.       Each registered insurer subject to this section is liable for and shall pay the reasonable expenses of the commissioner's participation in a supervisory college in accordance with subsection (3) of this section, including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the commissioner may establish a regular assessment to the insurer for the payment of these expenses.    In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, and risk management and governance processes, and as part of the examination of individual insurers in accordance with section 10-3-806, the commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The commissioner may enter into agreements, in accordance with section 10-3-808 (3), providing the basis for cooperation between the commissioner and the other regulatory agencies and the activities of the supervisory college. Nothing in this section delegates to the supervisory college the commissioner's authority to regulate or supervise the insurer or its affiliates within his or her jurisdiction.     History. Source: L. 2014: Entire part R&RE,(SB 14-152), ch. 312, p. 1347, § 2, effective July 1.
CO Code § 10-3-809 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 3 - Regulation of Insurance Companies|Part 8 - Insurance Holding Company Systems|§ 10-3-809. Rules

 The commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules and orders as are necessary to carry out this part 8.   History. Source: L. 2014: Entire part R&RE,(SB 14-152), ch. 312, p. 1350, § 2, effective July 1.    Editor's note:   This section is similar to former § 10-3-808 as it existed prior to 2014.