reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 4 - CONTRACTUAL BENEFITS (§§ 10-14-401 — 10-14-405) › Section 10-14-401 - Benefits

(1)
A society may provide the following contractual benefits as authorized by the certificate of authority issued:
(a)
Death benefits;
(b)
Endowment benefits;
(c)
Annuity benefits;
(d)
Temporary or permanent disability benefits;
(e)
Hospital, medical, or nursing benefits;
(f)
Monument or tombstone benefits to the memory of deceased members; and
(g)
Such other benefits as authorized for life insurers and which are not inconsistent with this article.
(2)
A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in subsection (1) of this section, consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.
L. 93: Entire article amended with relocations, p. 597, § 1, effective July 1.
This section is similar to former § 10-14-105 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 4 - CONTRACTUAL BENEFITS (§§ 10-14-401 — 10-14-405) › Section 10-14-402 - Beneficiaries

(1)
The owner of a benefit contract shall have the right at all times to change the beneficiary in accordance with the governing documents of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society may, through its governing documents, limit the scope of beneficiary designations and shall provide that no revocable beneficiary shall have or obtain any vested interest in the proceeds of any certificate until the certificate has become due and payable in conformity with the provisions of the benefit contract.
(2)
A society may make provision for the payment of funeral benefits to the extent of such portion of any payment under a certificate as might reasonably appear to be due to any person equitably entitled thereto by reason of having incurred expense occasioned by the burial of the member. The portion so paid shall not exceed the sum of one thousand dollars.
(3)
If at the death of any person insured under a benefit contract there is no lawful beneficiary to whom the proceeds shall be payable, the amount of such benefit, except to the extent that funeral benefits may be paid as provided in subsection (2) of this section, shall be payable to the estate of the deceased insured the same as other property not exempt; except that, if the owner of the certificate is other than the insured, such proceeds shall be payable to such owner.
L. 93: Entire article amended with relocations, p. 598, § 1, effective July 1.
This section is similar to former § 10-14-107 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 4 - CONTRACTUAL BENEFITS (§§ 10-14-401 — 10-14-405) › Section 10-14-403 - Benefits not attachable

No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by any society shall be liable to attachment, garnishment, or other process or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt or liability of a member, beneficiary, or any other person who may have a right thereunder either before or after payment by the society.
L. 93: Entire article amended with relocations, p. 599, § 1, effective July 1.
This section is similar to former § 10-14-122 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 4 - CONTRACTUAL BENEFITS (§§ 10-14-401 — 10-14-405) › Section 10-14-405 - Nonforfeiture benefits, cash surrender values, certificate loans, and other options

(1)
For certificates issued prior to July 1, 1994, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall comply with the statutory provisions applicable immediately prior to July 1, 1993.
(2)
For certificates issued on or after July 1, 1994, each certificate shall provide for paid-up nonforfeiture benefits, cash surrender values, loans, or other options in an amount and type not less than the corresponding amount ascertained in accordance with the statutes of this state applicable to life insurers issuing policies containing like benefits based upon applicable mortality tables.
L. 93: Entire article amended with relocations, p. 601, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 5 - FINANCIAL (§§ 10-14-501 — 10-14-505) › Section 10-14-501 - Investments

A society shall invest its funds only in such investments as are authorized by the statutes of this state including but not limited to sections
10-3-210
to
10-3-242
and part 8 of article
3
of this title for the investment of the assets of life insurers.
L. 93: Entire article amended with relocations, p. 601, § 1, effective July 1.
This section is similar to former § 10-14-111 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 5 - FINANCIAL (§§ 10-14-501 — 10-14-505) › Section 10-14-502 - Funds

(1)
All assets shall be held, invested, and disbursed for the use and benefit of the society, and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit contract.
(2)
A society may create, maintain, invest, disburse, and apply any special fund or funds necessary to carry out any purpose permitted by the governing documents of such society.
(3)
A society may, pursuant to resolution of its supreme governing body and with prior written approval of the commissioner, establish and operate one or more separate accounts and issue contracts on a variable basis, subject to the statutory provisions and regulations regarding life insurers establishing such accounts and issuing such contracts. To the extent the society deems it necessary to comply with any applicable federal or state statutes, or any rules issued pursuant thereto, the society may:
(a)
Adopt special procedures for the conduct of the business and affairs of a separate account;
(b)
Provide, for persons having beneficial interests therein, special voting and other rights, including without limitation special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account; and
(c)
Issue contracts on a variable basis to which section
10-14-404(2) and (4)
shall not apply.
L. 93: Entire article amended with relocations, p. 602, § 1, effective July 1.
This section is similar to former § 10-14-110 as it existed prior to 1993.
For the provisions regarding variable contracts issued by life insurers, see part 4 of article 7 of this title 10.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 5 - FINANCIAL (§§ 10-14-501 — 10-14-505) › Section 10-14-503 - Exemptions

Except as provided in this section, societies shall be governed by the provisions of this article and shall be exempt from all other provisions of the insurance statutes of this state unless the terms of such statutes expressly apply to societies, or unless any such insurance statute is specifically made applicable to societies by this article. Societies shall comply with the applicable provisions of section
10-3-208
; part 7 of article
3
of this title; and article
16
of this title.
Amended by 2016 Ch. 210, § 12, eff. 6/6/2016.
Amended by 2013 Ch. 338, § 6, eff. 3/31/2015.
L. 93: Entire article amended with relocations, p. 603, § 1, effective July 1. L. 2001: Entire section amended, p. 1048, § 30, effective July 1. L. 2013: Entire section amended, (HB 13-1115), ch. 338, p. 1971, § 6, effective 3/31/2015. L. 2016: Entire section amended, (SB 16-189), ch. 210, p. 756, § 12, effective June 6.
This section is similar to former § 10-14-104 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 5 - FINANCIAL (§§ 10-14-501 — 10-14-505) › Section 10-14-504 - Taxation

Every society organized or licensed under this article is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal, and school tax other than taxes on real estate and office equipment.
L. 93: Entire article amended with relocations, p. 603, § 1, effective July 1.
This section is similar to former § 10-14-133 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 5 - FINANCIAL (§§ 10-14-501 — 10-14-505) › Section 10-14-505 - Rules and regulations of commissioner

The commissioner may establish and from time to time amend such reasonable rules and regulations as are necessary to enable the commissioner to carry out the commissioner's duties under the laws of this state and the provisions of this article.
L. 93: Entire article amended with relocations, p. 603, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-601 - Valuation

(1)
Standards of valuation for certificates issued prior to July 1, 1994, shall be those provided by the statutes applicable immediately prior to July 1, 1993.
(2)
The minimum standards of valuation for certificates issued on or after July 1, 1994, shall be based on the valuation methods, standards, and practices (including interest assumptions) set forth in the statutes of this state applicable to life insurers issuing policies containing like benefits.
L. 93: Entire article amended with relocations, p. 603, § 1, effective July 1.
For provisions regarding valuation of life insurance policies, see §§ 10-7-101, 10-7-309, and 10-7-309.5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-602 - Reports

Reports shall be filed in accordance with the provisions of this section. Every society transacting business in this state shall annually, on or before the first day of March, file with the commissioner a true statement of its financial condition, transactions, and affairs for the preceding calendar year, unless for cause shown such time has been extended by the commissioner. The statement shall at least include the substance of that which is required by what is known as the convention blank form adopted from year to year by the national association of insurance commissioners for fraternal benefit societies, including any instructions, procedures, and guidelines not in conflict with the provisions of this article, actuarial statements and requirements of reserves in accordance with the statutes of this state applicable to life insurers, and any additional information required by the commissioner.
L. 93: Entire article amended with relocations, p. 603, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-603 - Annual certificate of authority

Societies that are authorized to transact business in this state as of July 1, 1993, and all societies authorized thereafter, may continue such business until June 30, 1994. The authority of all such societies may thereafter be renewed annually but shall terminate on the last day of the succeeding June. However, a certificate of authority so issued shall continue in full force and effect unless specifically terminated. For each such certificate of authority or renewal the society shall pay to the division of insurance fees as prescribed pursuant to sections
10-3-207
and
24-31-104.5
, C.R.S. A duly certified copy or duplicate of such certificate of authority shall be prima facie evidence that the society is a fraternal benefit society within the meaning of this article.
L. 93: Entire article amended with relocations, p. 604, § 1, effective July 1. L. 2010: Entire section amended, (HB 10-1385), ch. 204, p. 884, §6, effective May 5. L. 2012: Entire section amended, (SB 12-110), ch. 158, p. 561, § 8, effective July 1.
This section is similar to former § 10-14-116(1) as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-604 - Cash capital

To avoid situations where a society's transactions would create undue financial risks to its enrollees, subscribers, certificate holders, or the people of this state, the regulations specified in this section are authorized. The commissioner may by regulation establish standards consistent with those of the national association of insurance commissioners which require any society to maintain a minimum surplus level. The minimum surplus level shall reflect the type, volume, and nature of the insurance business being transacted and the type of entity for which the surplus levels are being established in accordance with the assessment features of societies. The regulation may additionally require the submission of an opinion by a qualified actuary which states whether the surplus level of the entity is sufficient for the authority requested.
L. 93: Entire article amended with relocations, p. 604, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-605 - Examination of societies

The examination of societies, both at the initial formation and at any time during which any such society is authorized to transact business in this state, shall follow the same standards and procedures that apply to life insurers. The cost of any such examination may be assessed by the commissioner to be paid by the society.
L. 93: Entire article amended with relocations, p. 604, § 1, effective July 1.
For provisions relating to examination of insurance companies, see part 2 of article 1 of this title 10 and § 10-3-806.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-606 - Publications

Pending, during, or after an examination or investigation of any domestic, foreign, or alien society, the commissioner shall make public no financial statement, report, or finding, nor shall the commissioner permit to become public any financial statement, report, or finding affecting the status, standing, or rights of any such society, until a copy thereof has been served upon such society at its home office or until such society has been afforded a reasonable opportunity to answer any such financial statement, report, or finding and to make such showing in connection therewith as it may desire.
L. 93: Entire article amended with relocations, p. 604, § 1, effective July 1.
This section is similar to former § 10-14-130 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-607 - Grounds for injunction, liquidation, and receivership of domestic society

(1)
The commissioner shall notify a domestic society when the commissioner upon investigation finds that a domestic society:
(a)
Has exceeded its powers;
(b)
Has failed to comply with any provision of this article;
(c)
Is not fulfilling its contracts in good faith;
(d)
Has a membership of less than four hundred after an existence of one year or more;
(e)
Is conducting business fraudulently or in a manner hazardous to its members, creditors, or the public; or
(f)
Is using methods which, although not otherwise specifically proscribed by statute, nevertheless renders its operation hazardous, or its condition unsound, to its members or the public.
(2)
If the commissioner notifies a society pursuant to subsection (1) of this section, the commissioner may utilize the procedures, practices, standards, and provisions of parts 4 and 5 of article
3
of this title. In applying said provisions, the application of the assessment feature of the certificate shall be first considered.
L. 93: Entire article amended with relocations, p. 605, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-608 - Foreign or alien society - admission

No foreign or alien society shall transact business in this state without a certificate of authority issued by the commissioner. Any such society desiring admission to this state shall comply substantially with the requirements and limitations of this article applicable to domestic societies, excluding any deposit requirements in section
10-14-301(5)
. Any such society may be authorized to transact business in this state upon filing with the commissioner such information as may be requested.
L. 93: Entire article amended with relocations, p. 605, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-609 - Suspension - revocation - denial of license of foreign or alien society

(1)
The commissioner shall notify a foreign or alien society of any of the deficiencies specified in this subsection (1) and state in writing the reasons for the commissioner's dissatisfaction when the commissioner, upon investigation, finds that a foreign or alien society transacting or applying to transact business in this state:
(a)
Has exceeded its powers;
(b)
Has failed to comply with any provision of this article;
(c)
Is not fulfilling its contracts in good faith;
(d)
Is conducting its business fraudulently or in a manner hazardous to its members, creditors, or the public; or
(e)
Is using methods which, although not otherwise specifically proscribed by statute, nevertheless renders its operation hazardous, or its condition unsound, to its members or the public.
(2)
As part of the notification required by subsection (1) of this section, the commissioner shall at once issue a written notice to the society requiring that the deficiency or deficiencies which exist be corrected. After such notice, the society shall have a thirty-day period in which to comply with the commissioner's request for correction, and, if the society fails to comply, the commissioner shall notify the society of such findings of noncompliance and require the society to show cause on a date named why its certificate of authority should not be suspended, revoked, or denied. If on such date the society does not present good and sufficient reason why its authority to do business in this state should not be suspended, revoked, or denied, the commissioner may suspend or deny the certificate of authority of the society to do business in this state until satisfactory evidence is furnished to the commissioner that such suspension or denial should be withdrawn, or the commissioner may revoke the authority of the society to do business in this state.
(3)
Nothing contained in this section shall be taken or construed as preventing any foreign or alien society from continuing in good faith all contracts made in this state during the time such society was legally authorized to transact business in this state.
(4)
In addition to the provisions of subsections (1) to (3) of this section, the provisions of section
10-1-110
, except for the provisions of paragraphs (a) to (c) of subsection (1) of said section, shall apply to societies doing business in this state.
L. 93: Entire article amended with relocations, p. 605, § 1, effective July 1. L. 2003: (4) amended, p. 618, § 18, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-610 - Injunction

No application or petition for injunction in proceedings for, the dissolution of, or the appointment of a receiver for any domestic, foreign, or alien society or lodge thereof shall be recognized in any court of this state unless made by the attorney general upon request of the commissioner.
L. 93: Entire article amended with relocations, p. 606, § 1, effective July 1.
This section is similar to former § 10-14-128 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-611 - Licensing of agents

Agents of societies shall be licensed in accordance with the statutory provisions regulating the licensing, revocation, suspension, or termination of a license of resident and nonresident agents as provided in part 4 of article
2
of this title, and subject to the exceptions provided in section
10-2-401 (3)
.
L. 93: Entire article amended with relocations, p. 606, § 1, effective July 1; (2) amended, p. 1390, § 8, effective 1/1/1995. L. 94: Entire section amended, p. 741, § 2, effective 1/1/1995.
This section is similar to former § 10-14-116(2) as it existed prior to 1993. Amendments made to § 10-14-116(2) by House Bill 93-1270 were renumbered and harmonized with Senate Bill 93-072 and relocated to this section.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 6 - REGULATION (§§ 10-14-601 — 10-14-612) › Section 10-14-612 - Unfair methods of competition and unfair and deceptive acts and practices

Every society authorized to do business in this state shall be subject to the provisions of part 11 of article
3
of this title relating to unfair insurance trade practices; except that nothing in such provisions shall be construed as applying to or affecting the right of any society to determine its eligibility requirements for membership, or be construed as applying to or affecting the offering of benefits exclusively to members or persons eligible for membership in the society by a subsidiary corporation or affiliated organization of the society.
L. 93: Entire article amended with relocations, p. 607, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 7 - MISCELLANEOUS (§§ 10-14-701 — 10-14-705) › Section 10-14-701 - Service of process

Societies authorized to do business in this state shall be subject to the same provisions and requirements regarding service of process as life insurers in accordance with section
10-3-107
.
L. 93: Entire article amended with relocations, p. 607, § 1, effective July 1.
This section is similar to former § 10-14-118 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 7 - MISCELLANEOUS (§§ 10-14-701 — 10-14-705) › Section 10-14-702 - Fees

Except as otherwise specifically provided in this article, societies shall pay the applicable fees specified in sections
10-3-207
and
24-31-104.5
, C.R.S., and be subject to the assessment of late fees pursuant to section
10-3-109(3)
.
Amended by 2016 Ch. 210,§ 13, eff. 6/6/2016.
L. 93: Entire article amended with relocations, p. 608, § 1, effective July 1. L. 2010: Entire section amended, (HB 10-1385), ch. 204, p. 884, §7, effective May 5. L. 2012: Entire section amended, (SB 12-110), ch. 158, p. 562, § 9, effective July 1. L. 2016: Entire section amended, (SB 16-189), ch. 210, p. 756, § 13, effective June 6.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 7 - MISCELLANEOUS (§§ 10-14-701 — 10-14-705) › Section 10-14-703 - Review

All final decisions and findings of the commissioner made under the provisions of this article shall be subject to judicial review by the court of appeals pursuant to section
24-4-106(11)
, C.R.S.
L. 93: Entire article amended with relocations, p. 608, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 7 - MISCELLANEOUS (§§ 10-14-701 — 10-14-705) › Section 10-14-704 - Penalties

(1)
Any person, officer, member, or examining physician of any society authorized to do business under this article 14 who knowingly or willfully makes any false or fraudulent statement or representation in or with reference to any application for membership, or for the purpose of obtaining money from or benefit in any society transacting business under this article 14 commits a petty offense.
(2)
Any person who willfully makes a false statement of any material fact or thing in a sworn statement as to the death or disability of a certificate holder in any such society for the purpose of procuring payment of a benefit named in the certificate of such holder and any person who willfully makes any false statement in any verified report or declaration under oath required or authorized by this article is guilty of perjury in the second degree.
(3)
Any person who solicits membership for, or in any manner assists in procuring membership in, any fraternal benefit society not licensed to do business in this state, or who solicits membership for, or in any manner assists in procuring membership in, any such society not authorized as provided in this article to do business in this state as defined in this article is guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not less than one hundred dollars nor more than five hundred dollars.
(4)
Any society, or any officer, agent, or employee thereof neglecting or refusing to comply with, or violating any of the provisions of this article, the penalty for which neglect, refusal, or violation is not specified in this section, is guilty of a misdemeanor, and upon conviction thereof, shall be punished by a fine of not more than two thousand dollars.
Amended by 2021 Ch. 462,§ 116, eff. 3/1/2022.
L. 93: Entire article amended with relocations, p. 608, § 1, effective July 1.
(1) This section is similar to former § 10-14-134 as it existed prior to 1993.
(2) 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.
2021 Ch. 462, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
For the provisions relating to perjury in the second degree, see § 18-8-503 and § 18-1.3-501.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 7 - MISCELLANEOUS (§§ 10-14-701 — 10-14-705) › Section 10-14-705 - Exemption of certain societies

(1)
Nothing in this article shall be construed to affect or apply to:
(a)
Grand or subordinate lodges of masons, odd fellows, or knights of Pythias (exclusive of the insurance department of the supreme lodge knights of Pythias) or the junior order of united American mechanics (exclusive of the beneficiary degree or insurance branch of the national council junior order united American mechanics); nor to grand or subordinate lodges of societies, orders, or associations now doing business in this state which provide benefits exclusively through local or subordinate lodges; nor to similar societies which do not issue insurance certificates. Members of lodges of the independent order of odd fellows, knights of Pythias, and other organizations paying periodical or funeral benefits shall not be individually liable for the payment of periodical or funeral benefits or other liabilities of the lodge or other organizations, but the same shall be payable only out of the treasury of such lodges or organizations.
(b)
Orders, societies, or associations which admit to membership only persons engaged in one or more crafts or hazardous occupations, in the same or similar lines of business, insuring only their own members and their families, and the ladies' societies or ladies' auxiliaries to such orders, societies, or associations.
(2)
The commissioner may require from any society or association, by examination or otherwise, such information as will enable the commissioner to determine whether such society or association is exempt from the provisions of this article.
(3)
Any fraternal benefit society organized and incorporated before June 2, 1911, and operating within the definition set forth in sections
10-14-101
to
10-14-104
, providing for benefits in case of death or disability resulting solely from accidents, but which does not obligate itself to pay death or sick benefits, may be licensed under the provisions of this article and shall have all the privileges and be subject to all the provisions and regulations of this article; except that the provisions of this article requiring medical examinations, valuations of benefit certificates, and that the certificate shall specify the amount of benefits shall not apply to such society.
L. 93: Entire article amended with relocations, p. 608, § 1, effective July 1.
This section is similar to former § 10-14-132 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-101 - Legislative declaration

The general assembly declares that the business of selling preneed contracts whereby the seller agrees to provide final disposition or funeral merchandise or services in the future or for future use is affected with a public interest, and the preservation of the safety and welfare of the public from unconscionable dealing requires regulation of the sale of the contracts and of the disposition of funds obtained as a result of the sales.
Amended by 2021 Ch. 123,§ 5, eff. 9/7/2021.
L. 95: Entire article R&RE, p. 1031, § 1, effective May 25.
(1) This section is similar to former § 10-15-101 as it existed prior to 1995.
(2) Section 31 of chapter 123 (SB 21-006), Session Laws of Colorado 2021, provides that the act changing this section applies to final dispositions of human remains or human fetuses made on or after September 7, 2021.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-103.5 - Scope of article - exemptions

(1)
This article does not apply to a person providing a developed final resting place within a designated cemetery approved for the interment, entombment, or inurnment of human remains.
(2)
(a)
A person providing an undeveloped final resting place is exempt from this article if the cemetery where the undeveloped final resting place is located contains unsold developed final resting places representing at least twenty-five percent of the outstanding paid-in-full contracts for undeveloped final resting places.
(b)
If the specific and identifiable final resting place is not developed for use at the time of need and full payment has been made, then the contract must provide the purchaser with an immediate alternate and comparable final resting place at the same cemetery or with a full refund of moneys paid to qualify for the exemption under this subsection (2).
Added by 2013 Ch. 287,§ 3, eff. 8/7/2013.
L. 2013: Entire section added, (SB 13-125), ch. 287, p. 1517, § 3, effective August 7.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-104 - Annual report

Each contract seller shall file with the commissioner a report, on a calendar year basis, on a form provided by the commissioner. In the report, each contract seller that is required to deposit funds with a trustee shall state the name of each trustee where trust funds are on deposit and the amount remaining on deposit in the trust fund on December 31. Any contract seller that has voluntarily or involuntarily discontinued the sale of preneed contracts need not obtain a renewal of its license but shall continue to make annual reports to the commissioner until all the contracts have been fully performed.
Amended by 2013 Ch. 287,§ 4, eff. 8/7/2013.
L. 95: Entire article R&RE, p. 1036, § 1, effective May 25. L. 2013: Entire section amended, (SB 13-125), ch. 287, p. 1517, § 4, effective August 7.
This section is similar to former § 10-15-104 as it existed prior to 1995.
For state laws relating to investment of funds by savings and loan associations, see § 11-41-114; for investment of funds by banks, see § 11-105-304; for investment of funds by credit unions, see § 11-30-104.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-106 - Preexisting contracts

This article shall not be construed so as to impair or affect the obligation of any preexisting lawful contract.
L. 95: Entire article R&RE, p. 1041, § 1, effective May 25.
This section is similar to former § 10-15-106 as it existed prior to 1995.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-107 - Deposit of funds with trustee

(1)
If a contract seller enters into a preneed contract in which the consideration is funds, the contract seller shall deposit not less than seventy-five percent of the total preneed contract price with a trustee. The contract seller shall deposit all funds in excess of twenty-five percent of the total preneed contract price with a trustee within forty-five days after receipt thereof. All funds deposited with a trustee shall be deposited under the terms of a trust instrument, which shall not be inconsistent or in conflict with the provisions of this article, and shall be held in trust by the trustee pursuant to the provisions of this article. Copies of all trust instruments and amendments to such trust instruments shall be filed with the commissioner.
(2)
For each deposit with a trustee, the contract seller shall make a record of, and provide the trustee with, the name and address of the contract buyer, the total preneed contract price, and the amount of trustable funds. The contract seller shall keep such record, as to each contract buyer, until five years following the earlier of:
(a)
The death of the preneed contract beneficiary; or
(b)
The removal of funds from trust.
(3)
Within thirty days following the last day of the calendar quarter, the contract seller shall provide to the trustee a detailed listing of all preneed contracts outstanding, the name and address of each contract buyer, the total preneed contract price, accumulated receipts, and the total amount of funds trusted for each preneed contract. If the trustee finds a significant discrepancy between such cumulative listing and the aggregate deposits in trust, the trustee shall contact the contract seller in order to reconcile the discrepancy. If the trustee is unable to resolve such discrepancy to the trustee's satisfaction, the trustee shall promptly notify the commissioner in writing of such discrepancy.
L. 95: Entire article R&RE, p. 1041, § 1, effective May 25.
This section is similar to former § 10-15-107 as it existed prior to 1995.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-108 - Standard for investments by trustees

(1)
Savings and loan associations acting as trustees under the terms of this article shall invest trust funds as otherwise authorized under the laws of this state relating to the investment of funds by savings and loan associations and the federal law governing such investments, but savings and loan associations shall accept trust funds only to the extent that the full amount thereof is insured by the federal deposit insurance corporation or its successor.
(2)
Banks and trust companies acting as trustees under the terms of this article shall be subject to the following investment standards: In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property for the benefit of others, trustees shall be required to have in mind the responsibilities which are attached to such offices and the size, nature, and needs of the estates entrusted to their care and shall exercise the judgment and care under the circumstances then prevailing which men of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital. Within the limitations of the standards set forth in this subsection (2), trustees are authorized to acquire and retain every kind of property, real, personal, and mixed, and every kind of investment, specifically including, but not by way of limitation, bonds, debentures, and other corporate obligations, savings accounts in insured savings and loan associations, stocks, preferred or common, securities of any open-end or closed-end management type investment company or investment trust, and participations in common trust funds, which men of prudence, discretion, and intelligence would acquire or retain for their own account.
(3)
Credit unions acting as trustees under the terms of this article shall invest funds received under an account agreement as authorized under the laws of this state or the United States relating to the investment of funds by credit unions, but a credit union shall accept trust funds only to the extent that the full amount thereof is insured by the national credit union share insurance fund or other insurer approved by the commissioner of financial services.
L. 95: Entire article R&RE, p. 1041, § 1, effective May 25. L. 2004: (1) amended, p. 148, § 52, effective July 1.
This section is similar to former § 10-15-108 as it existed prior to 1995.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-109 - Disbursements - excess trust assets

At reasonable times, and unless the trustee is notified by the commissioner that the preneed seller is in violation of the provisions of this article or by the contract seller not to disburse trust assets, the trustee shall disburse excess trust assets to the contract seller in accordance with the terms of the preneed contract between the contract buyer and the contract seller. The trustee shall not disburse any excess trust assets until such time as the value of such trust assets exceeds the total of all funds paid by the contract buyers under the preneed contracts. If more than one trust account is used by the contract seller, the aggregate of all trust accounts must exceed the total of all funds paid by all contract buyers before any disbursement by the trustee. It is the obligation and responsibility of the trustee to conduct at least annual valuations of the market value of the assets held in trust, which may include accrued interest.
L. 95: Entire article R&RE, p. 1042, § 1, effective May 25.
This section is similar to former § 10-15-109 as it existed prior to 1995.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-110 - Discharge of preneed contract - disbursements by trustees

(1)
Before disbursing any trust assets to discharge a preneed contract, the trustee shall determine that the amount of assets to be released does not exceed the funds trusted.
(2)
If a preneed contract is canceled by the contract buyer or the contract buyer's heirs, assigns, or duly authorized representatives, the trustee shall require a copy of the signed cancellation request before releasing trust assets.
(3)
If a preneed contract is canceled by the contract seller due to a default by the contract buyer, the trustee shall require an affidavit from an officer or owner of the contract seller setting forth such default before releasing funds.
(4)
If a preneed contract is performed by the contract seller, the trustee shall require an affidavit from an officer or owner of the contract seller setting forth such performance before releasing funds.
L. 95: Entire article R&RE, p. 1042, § 1, effective May 25.
This section is similar to former § 10-15-110 as it existed prior to 1995.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-111 - Insurance-funded preneed contracts

(1)
If a contract seller enters into a preneed contract in which the consideration is the assignment of life insurance benefits, such preneed contract shall state that all or part of such assigned funds shall be paid to the contract seller to pay for the services or merchandise, or both, included in the preneed contract. The preneed contract and the assignment shall identify the policy being assigned including the name of the issuing company. The initial benefit assigned shall not exceed the preneed contract price when the assignment is executed. The purchaser of any insurance policy to be assigned under a preneed contract must have an insurable interest in the life of the preneed contract beneficiary.
(2)
If the value of the assignment exceeds the price of the preneed contract services or merchandise, or both, at the time of the death of the preneed contract beneficiary, based on the general provider's general price list in force in accordance with the regulations of the federal trade commission, the excess amounts shall be paid to the beneficiary under the policy or, if none, to the estate of the preneed contract beneficiary.
L. 95: Entire article R&RE, p. 1043, § 1, effective May 25.
This section is similar to former § 10-15-111 as it existed prior to 1995.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-111.7 - Disposition of unclaimed preneed funeral contracts - unclaimed property trust fund

(1)
Notwithstanding the failure of a preneed contract for funeral services beneficiary's heirs, assigns, or duly authorized representative to cancel a preneed contract for funeral services within one hundred sixty-eight hours after the death of the preneed contract beneficiary, each contract seller shall require a trustee with whom preneed contract funds have been deposited for a preneed contract that is unclaimed to report to the state treasurer as provided in section
38-13-401
. The trustee shall comply with the requirements of the "Revised Uniform Unclaimed Property Act", article
13
of title
38
, for deposit of the unclaimed preneed contract funds into the unclaimed property trust fund created in section
38-13-801(1)(a)
.
(2)
A preneed contract for funeral services is unclaimed at the earlier of the following:
(a)
Three years after the date on which the contract seller has knowledge of the death of the preneed contract beneficiary, obtained through any source, including a declaration of death, a death certificate, a comparison of the contract seller's records against the United States social security administration's death master file, or other equivalent resource;
(b)
The date the preneed contract beneficiary, if living, would have attained one hundred fifteen years of age; or
(c)
Sixty-five years from the date that the preneed contract was executed.
(3)
For purposes of this section, the amount reportable for an unclaimed preneed contract is the amount paid by the purchaser to the contract seller, less selling costs not to exceed fifteen percent of the total preneed contract price, liquidated damages, and contractual offsets, as authorized by law.
(4)
Subsection (2)(a) of this section does not require a contract seller to compare the contract seller's records to the United States social security administration's death master file.
Added by 2022 Ch. 309,§4, eff. 8/10/2022.
2022 Ch. 309, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Article 15 - PRENEED FUNERAL CONTRACTS (§§ 10-15-101 — 10-15-123) › Section 10-15-112 - Rules

The commissioner may, after notice and hearing as provided in article
4
of title
24
, C.R.S., promulgate such rules as may be reasonably necessary for the effective administration of and not inconsistent with the provisions of this article.
L. 95: Entire article R&RE, p. 1043, § 1, effective May 25.
This section is similar to former § 10-15-112 as it existed prior to 1995.