reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › CREDIT INSURANCE (§§ 10-10-101 — 10-10-119) › Article 10 - CREDIT INSURANCE (§§ 10-10-101 — 10-10-119) › Section 10-10-119 - Truncated coverage

(1)
If the debtor elects truncated coverage, at the time of election the creditor shall inform the debtor in writing of the term of the insurance coverage and that the coverage will terminate prior to the scheduled maturity date of the indebtedness.
(2)
A group certificate or individual policy providing truncated credit insurance coverage shall disclose the term of the truncated insurance coverage and specify that the term of insurance coverage will terminate prior to the scheduled maturity date of the indebtedness. The termination disclosure shall appear in prominent type on the first page of the group certificate or individual policy.
L. 2000: Entire section added, p. 151, § 2, effective August 2.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-101 - Short title

This article shall be known and may be cited as the "Title Insurance Code of Colorado".
L. 69: p. 520, § 1. C.R.S. 1963: § 72-26-1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-103 - Compliance with article required

On and after July 1, 1969, no company shall underwrite or issue a policy of title insurance or otherwise engage in the business of title insurance in this state unless authorized by the provisions of this article to transact such a business.
L. 69: p. 521, § 1. C.R.S. 1963: § 72-26-3.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-104 - Corporate form required

Any domestic title insurance company formed after July 1, 1969, shall be organized as a stock corporation as provided in section
10-3-101
.
L. 69: p. 521, § 1. C.R.S. 1963: § 72-26-4.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-105 - Financial requirements prior to this article

(1)
Every domestic title insurance company which on July 1, 1969, has the capital required by law and whose reserve fund required by law has been approved by the state bank commissioner shall have until July 1 in the tenth year after July 1, 1969, to comply with the financial requirements of this article, but the capital and reserve fund of each such title insurance company shall at no time be less than that required by law immediately prior to July 1, 1969.
(2)
The reserve fund required by law immediately prior to July 1, 1969, for each domestic title insurance company engaged in the business of title insurance shall be supervised by the commissioner on and after July 1, 1969. As soon as practicable, the state bank commissioner shall furnish to the commissioner a list of all such title insurance companies and an inventory of securities and deposits approved by said bank commissioner for the reserve fund of each such company, and shall deliver to the commissioner all such securities and deposits then on deposit with the state bank commissioner and all safe deposit box keys, deposit receipts, certificates of deposit, and other evidences or means of control thereof to the commissioner. Every bank, savings and loan association, or other escrow or depository agent is authorized to accept the substitution of the commissioner for the state bank commissioner on any certificate of deposit or deposit receipt or any authority to enter a safe deposit box with reference to any reserve fund of a title insurance company. Every such bank, savings and loan association, or other escrow or depository agent and the state bank commissioner shall be held harmless from any liability as a result of such substitution and shall take such action as may be necessary or advisable to effect such substitution.
L. 69: p. 521, § 1. C.R.S. 1963: § 72-26-5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-106 - Determination of insurability required

(1)
No policy or contract of title insurance shall be written unless and until the title insurance company has caused to be conducted a reasonable examination of the title and has caused to be made a determination of insurability of title in accordance with sound underwriting practices for title insurance companies. Evidence thereof shall be preserved and retained in the files of the title insurance company or its agent for a period of not less than seven years after the policy or contract of title insurance has been issued. In lieu of retaining the original copy, the title insurance company, or the agent of the title insurance company, may, in the regular course of business, establish a system whereby all or part of these writings are recorded, copied, or reproduced by any photographic, photostatic, microfilm, microcard, miniature photographic, or other process which accurately reproduces or forms a durable medium for reproducing the original. This section shall not apply to either a company assuming no primary liability in a contract of reinsurance or a company acting as a coinsurer if one of the other coinsuring companies has complied with this section.
(2)
A title insurance company shall not be obligated to make a written disclosure to its prospective insureds prior to the issuance of a title insurance policy of the following documents if a reasonable examination of title referred to in subsection (1) of this section reveals a recorded document that:
(a)
Is a spurious lien or spurious document as defined in section
38-35-201
, C.R.S.;
(b)
Is not, according to sound underwriting practices for title insurance companies, an impairment of record concerning the property to be insured; or
(c)
Although it may purport to do so, does not encumber the property to be insured.
L. 69: p. 522, § 1. C.R.S. 1963: § 72-26-6. L. 97: Entire section amended, p. 38, § 4, effective March 20. L. 99: (1) amended, p. 27, § 1, effective August 4.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-107 - Powers

(1)
Every title insurance company has the following powers:
(a)
To do the business defined in section
10-11-102(3) and (8)
;
(b)
To own, manage, and maintain sets of abstract books and to make, compile, and sell abstracts of title to real estate;
(c)
To acquire by purchase or otherwise, and to hold, sell, mortgage, or otherwise dispose of, real estate and personal property, or any interest therein, either within or without the state of Colorado and to loan or borrow money upon such real estate or personal property.
L. 69: p. 522, § 1. C.R.S. 1963: § 72-26-7. L. 83: (1)(b) amended, p. 512, § 1, effective May 16.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-108 - Prohibitions

(1)
A title insurance company or title insurance agent shall not:
(a)
Engage in the business of guaranteeing the payment of the principal or the interest of bonds, notes, or other obligations;
(b)
Transact, underwrite, or issue any kind of insurance other than title insurance;
(c)
Give or receive or attempt to give or receive remuneration in any form pursuant to any agreement or understanding, oral or otherwise, for the referral of title insurance business;
(d)
Give or receive or attempt to give or receive any portion or percentage of any charge made or received in connection with the business of title insurance if such charge is not for services actually rendered. For purposes of this article, "services actually rendered" shall include but not be limited to a reasonable examination of a title, including instruments of record, and a determination of insurability of such title in accordance with sound underwriting practices; "services actually rendered" shall not include the mere referral of title insurance business.
(2)
Nothing in this article, or in any other provision of law governing the insurance industry, shall be construed to prohibit:
(a)
Compensation by a title insurance company of an attorney who is licensed to practice in Colorado for services actually rendered in connection with a real estate transaction, regardless of whether such attorney represents a client in such real estate transaction. Compensation of the attorney for services actually rendered shall not include the payment of an hourly fee paid by the client combined with a payment from the title insurance company for the same service; except that prior to issuing any title insurance commitment, such attorney shall disclose to any party represented by such attorney in the transaction for which the commitment shall be issued that such attorney may be compensated for the issuance of such title insurance commitment.
(b)
Payment to any person of a bona fide salary or compensation for payment of goods and facilities actually furnished or for services actually rendered.
(3)
Any party to a transaction which is subject to this section shall have a right of action for any actual loss or damage resulting from any violation of this section.
L. 69: p. 522, § 1. C.R.S. 1963: § 72-26-8. L. 92: Entire section amended, p. 1748, § 1, effective April 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-109 - Unearned premium reserve

(1)
In lieu of those reserves required for other insurance companies, every domestic title insurance company, and every foreign or alien title insurance company which under the state of domicile is not required to maintain a substantially equivalent unearned premium reserve, shall, in addition to other reserves, establish and maintain a reserve to be known as the "unearned premium reserve" for title insurance, which shall, at all times and for all purposes, constitute the unearned portions of premiums due or received and shall be charged as a reserve liability of such title insurance company in determining its financial condition.
(2)
The unearned premium reserve shall be retained and held by such title insurance company for the protection of the policyholders' interest in policies which have not expired. Except upon liquidation, dissolution, or insolvency, assets equal to the amount of such reserve shall not be subject to distribution among depositors or other creditors or stockholders of such title insurance company until all claims of policyholders or holders of other title insurance contracts or agreements of such title insurance company have been paid in full and all liability on the policies or other title insurance contracts or agreements, whether contingent or actual, has been discharged or lawfully reinsured. Income from the investment of the amount of such reserve shall be the unrestricted property of the title insurance company.
L. 69: p. 522, § 1. C.R.S. 1963: § 72-26-9.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-111 - Reserve for unpaid losses and loss expense

(1)
Each title insurance company, in addition to other reserves, shall at all times establish and maintain reserves against unpaid losses, and against loss expense, and shall calculate such reserves by making a careful estimate in each case of the loss and loss expense likely to be incurred by reason of every claim presented, pursuant to notice from or on behalf of the policyholder, of a title defect in or lien or adverse claim against the title insured that may result in a loss or cause expense to be incurred for the proper disposition of the claim. The sums of the items so estimated shall be the total amounts of the reserves against unpaid losses and loss expenses of such title insurance company.
(2)
The amounts so estimated may be revised from time to time as circumstances warrant but shall be redetermined at least once each year.
(3)
The amounts set aside in such reserves in any year shall be deducted in determining the net profits for such year of any title insurance company.
L. 69: p. 524, § 1. C.R.S. 1963: § 72-26-11.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-112 - Net retained liability

The net retained liability of any title insurance company under any single insurance risk, as defined in section
10-11-102(4) and (7)
, shall not exceed fifty percent of the net amount remaining after deducting from the sum of its capital, surplus, unearned premium reserve, and voluntary reserves the value, if any, assigned in such summation to its title plant, all as shown in its most recent report on file with the commissioner. The same limitation shall apply to any secondary risk assumed by means of reinsurance or to any policy of excess coinsurance; except that, whenever the primary retained liability of a ceding company equals or exceeds ten percent of the single insurance risk liability, the net retained or assumed liability limit of this section may be increased by an additional two hundred fifty thousand dollars, but in no event above one hundred percent of the net amount remaining after deducting from the sum of its capital and surplus the value, if any, assigned in such summation to its title plant, all as shown by its most recent report on file with the commissioner. Nothing in this section is intended to limit the amount of a single insurance risk, as defined in section
10-11-102(7)
, that may be written by a title insurance company; but it shall cede to one or more other title reinsurers, on or before the effective date of such writing, such portion of the said risk as shall be sufficient to bring its net retained liability thereunder within the limits prescribed in this section; and each such cession of risk shall be within the limits of this section as applied to the sum of the capital, surplus, unearned premium reserve, and voluntary reserves, less the value, if any, assigned in such summation to the title plants of the reinsuring company, as shown by its most recent report on file with the supervisory agency in the state of its domicile.
L. 69: p. 524, § 1. C.R.S. 1963: § 72-26-12.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-113 - Power to reinsure

Any title insurance company may cede reinsurance of all or any part of its liability under one or more of its policies, contracts, or reinsurance agreements of title insurance to any reinsurer which meets or exceeds the financial requirements of a title insurance company to do business in this state and is authorized to engage in the business of reinsurance of title insurance in this or any other state; but no larger amount of reinsurance shall be ceded to any reinsurer on a single policy or contract of title insurance, or on any single insurance risk, as defined in section
10-11-102(7)
, than such reinsurer would be permitted to retain if authorized to engage in the business of title insurance in this state. Any title insurance company may also reinsure policies of title insurance issued by other insurance companies on risks located in this state or elsewhere. Any domestic title insurance company or any foreign or alien title insurance company authorized to do business in this state shall pay to this state taxes required on all business taxable within this state and reinsured, as provided in this section, with any foreign or alien company not authorized to do business within this state. Issuance of contracts of reinsurance by a reinsurer not authorized to engage in the business of title insurance in this state but authorized to engage in the business of title insurance or in the business of reinsurance of title insurance in any of the United States, which contracts reinsure policies of title insurance issued by a title insurance company authorized to engage in the business of title insurance in this state on real property located in this state, shall not of itself constitute the doing of business in this state by such reinsurer.
L. 69: p. 525, § 1. C.R.S. 1963: § 72-26-13.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-114 - Legal investments and admitted assets

(1)
Title insurance companies shall comply with the investment requirements for other insurance companies under the laws of this state but, in addition, may invest in a title plant. Such title plant shall be considered an admitted asset as provided by nationally recognized insurance statutory accounting principles. The real estate in which the title plant is housed shall be considered an investment under section
10-3-218
. Subject to the limitations of this section and with the approval of the commissioner, a title insurance company may enter into agreements with one or more other title insurance companies authorized to do business in this state whereby such companies shall participate in the ownership, management, and control of a title plant to serve the needs of all such companies, or such companies may hold stock of a corporation owning and operating a title plant for such purposes.
(2)
A title insurance company shall include as an admitted asset accounts receivable relating to gross premiums, less agent retention, in the course of collection. Accounts receivable that are more than ninety days past due from the date of notification of the issuance of the policy shall not be included as an admitted asset.
L. 69: p. 525, § 1. C.R.S. 1963: § 72-26-14. L. 2001: Entire section amended, p. 287, § 12, effective March 30.
For the regulation of insurance company's investments, see §§ 10-3-213 to 10-3-237.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-115 - Prior investments

Any investment of a title insurance company lawfully acquired before July 1, 1969, and which but for this section would be considered ineligible as an investment on such date shall be disposed of within five years from such date. The commissioner, upon application and proof that forced sale of any such investment would be contrary to the best interests of the title insurance company and its policyholders, may extend the period for sale or disposal of such investment for a further reasonable time, in no event to exceed three years.
L. 69: p. 525, § 1. C.R.S. 1963: § 72-26-15.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-117 - Title insurance agents - certain names prohibited

On and after July 1, 1969, no agent for a title insurance company shall adopt a firm name containing the words "title insurance", "title guaranty", or "title guarantee", unless such words are followed by the words "agent" or "agency". The words "agent" or "agency" must be in the same size and type as the words preceding them. This section shall not apply to any title insurance company acting as agent for another title insurance company.
L. 69: p. 526, § 1. C.R.S. 1963: § 72-26-17.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-118 - Title insurance - rules

(1)
Title insurance rates and fees shall be regulated in the manner provided in part 4 of article
4
of this title.
(2)
Prior to the effective date of any new or amended rate or fee, every title insurance company and title insurance agent shall file with the commissioner the new or amended rate or fee, with justification for the new or amended rate or fee. Each filing shall set forth its effective date, which shall be no earlier than thirty days after its receipt by the commissioner. The commissioner may promulgate rules to implement this subsection (2).
(3)
No title insurance company or title insurance agent shall use any rate or fee in the business of title insurance prior to its effective date, and no rate or fee increase or decrease shall apply to title policies or services that have been contracted for prior to such effective date. All rates or fees shall be readily available to the public in each office of the title insurance company or title insurance agent in the county to which said rates or fees apply.
L. 69: p. 526, § 1. C.R.S. 1963: § 72-26-18. L. 79: (1) amended, p. 377, § 14, effective July 1. L. 81: (2) R&RE, p. 562, § 2, effective July 1. L. 2000: Entire section amended, p. 468, § 8, effective August 2. L. 2001: (2)(b) amended, p. 19, § 1, effective March 9. L. 2009: Entire section amended, (HB 09-1155), ch. 22, p. 107, §1, effective August 5.
For the legislative declaration contained in the 2000 act amending this section, see section 1 of chapter 135, Session Laws of Colorado 2000.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-119 - Laws applicable

In addition to the provisions of this article, the laws governing insurance companies, except as they are inconsistent with the provisions of this article, shall apply to the business of title insurance and to title insurance companies.
L. 69: p. 526, § 1. C.R.S. 1963: § 72-26-19.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-120 - Corporate existence preserved

The repeal of article 12 of chapter 31, C.R.S. 1963, shall not affect the corporate existence of corporations organized under the provisions of said article 12 if such corporations are on July 1, 1969, engaged in the business of title insurance or title insurance agents in this state. Such corporations in all other respects shall be subject to the provisions of this article and shall file with the commissioner a copy of its articles of incorporation and all amendments thereto certified by the secretary of state.
L. 69: p. 527, § 5. C.R.S. 1963: § 72-26-20.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-121 - Application of article - other laws applicable

The provisions of this article shall apply to all title insurance companies, title insurance rating organizations, title insurance agents, applicants for title insurance, policyholders, and persons and business entities deemed to be engaged in the business of title insurance. In addition to the provisions of this article, the laws governing insurance companies, except as they are inconsistent with the provisions or purposes of this article, shall apply to such persons and entities.
L. 69: p. 528, § 6. C.R.S. 1963: § 72-26-21. L. 92: Entire section amended, p. 1573, § 95, effective May 20.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-123 - Notification of severed mineral estates

(1)
For purposes of this section:
(a)
"Mineral estate" means a mineral interest in real property.
(b)
"Severed" means that the surface owner does not own all or any part of the mineral estate.
(c)
"Surface estate" means an interest in real property that does not include the full mineral estate as shown by recorded documents that impart constructive notice in the office of the clerk and recorder of the county in which the real property is situated.
(d)
"Surface owner" means the owner of the surface estate and any purchaser with rights under a contract to purchase all or part of the surface estate.
(2)
A title insurance agent or title insurance company shall provide, as part of each title commitment for the issuance of an owner's title insurance policy, the following written statement when it is determined that a mineral estate has been severed from the surface estate:
(a)
That there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and
(b)
That such mineral estate may include the right to enter and use the property without the surface owner's permission.
(3)
In determining compliance with this section, a title insurance agent or title insurance company may rely on recorded documents that impart constructive notice in the office of the clerk and recorder of the county in which the real property is situated and shall not be liable for any errors or omissions in such records.
(4)
A title insurance company or title insurance agent may rely on any document purporting to sever mineral interests to act as notice of such severance when such document is recorded in the office of the county clerk and recorder in the county in which the real property is situated.
(5)
A title insurance agent or title insurance company shall be deemed to be in compliance with this section when it relies on any document purporting to sever mineral interests or to act as notice of such severance when such document is recorded in the office of the county clerk and recorder of the county in which the real property is situated. No title insurance agent or title insurance company shall be liable for obligations above, or for an amount in excess of, those stated in the owner's policy of title insurance issued pursuant to the commitment for failure to comply with the provision of subsection (2) of this section.
L. 2001: Entire section added, p. 485, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-124 - Affiliated business arrangements - rules - investigative information shared with division of real estate

(1)
(a)
An affiliated business arrangement is permitted where the person referring business to the affiliated business arrangement receives payment only in the form of a return on an investment and where it does not violate the provisions of section
10-11-108(1)
.
(b)
A title insurance company or a title insurance agent making a referral as part of an affiliated business arrangement shall disclose the affiliation in accordance with the federal "Real Estate Settlement Procedures Act of 1974", as amended,
12 U.S.C. sec. 2601
et seq.
(c)
Neither a title insurance company nor a title insurance agent shall require the use of an affiliated business arrangement or a particular settlement producer as a condition of obtaining title insurance services from the company or agent. For the purposes of this paragraph (c), "require the use" shall have the same meaning as "required use" in
12 CFR 1024.2
.
(2)
The commissioner may promulgate rules concerning the creation and conduct of an affiliated business arrangement, including, but not limited to, rules defining what constitutes a sham affiliated business arrangement. Nothing in this subsection (2) shall be construed to increase a fee or create a licensure program for affiliated business arrangements. The commissioner shall adopt the rules, policies, or guidelines issued by the United States department of housing and urban development concerning the federal "Real Estate Settlement Procedures Act of 1974", as amended,
12 U.S.C. sec. 2601
et seq. Rules adopted by the commissioner shall be at least as stringent as the federal rules and shall ensure that consumers are adequately informed about affiliated business arrangements. The commissioner shall consult with the real estate commission pursuant to section
12-10-218(5)
concerning rules the real estate commission may promulgate concerning affiliated business arrangements. Neither the rules promulgated by the commissioner nor the real estate commission may create a conflicting regulatory burden on an affiliated business arrangement.
(3)
The division may share information gathered during an investigation of an affiliated business arrangement with the division of real estate.
Amended by 2020 Ch. 216,§ 15, eff. 6/30/2020.
Amended by 2019 Ch. 136,§ 38, eff. 10/1/2019.
L. 2006: Entire section added, p. 266, § 2, effective July 1. L. 2007: (1)(b) and (2) amended, p. 2019, § 10, effective June 1. L. 2019: (2) amended, (HB 19-1172), ch. 1652, p. 1652, § 38, effective October 1. L. 2020: (1)(c) amended, (HB 20-1402), ch. 1043, p. 1043, § 15, effective June 30.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-125 - Fees, salaries, compensation, or other payments

(1)
Nothing in section
10-11-124
or
10-11-126
shall be construed to prohibit payment of a fee to:
(a)
An attorney for services actually rendered;
(b)
A title insurance company to its duly appointed agent for services actually performed in the issuance of a policy of title insurance; or
(c)
A lender to its duly appointed agent for services actually performed in the making of a loan.
(2)
Nothing in section
10-11-124
or
10-11-126
shall be construed to prohibit payment to any person of:
(a)
A bona fide salary or compensation or other payment for goods or facilities actually furnished or for services actually performed; or
(b)
A fee pursuant to cooperative brokerage and referral arrangements or agreements between real estate brokers.
(3)
It shall not be a violation of section
10-11-124
:
(a)
For an affiliated business arrangement to require a buyer, borrower, or seller to pay for the services of any attorney, credit reporting agency, or real estate appraiser chosen by the lender to represent the lender's interest in a real estate transaction; or
(b)
For an affiliated business arrangement where an attorney or law firm represents a client in a real estate transaction and issues or arranges for the issuance of a policy of title insurance in the transaction directly as agent or through a separate corporate title insurance agency that may be established by that attorney or law firm and operated as an adjunct to his or her law practice.
L. 2006: Entire section added, p. 267, § 2, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-126 - Affiliated business arrangements - enforcement - penalties

(1)
The commissioner shall have the same remedies available to him or her as those available to the administrator of the department of housing and urban development in the federal "Real Estate Settlement Procedures Act of 1974", as amended,
12 U.S.C. sec. 2607
.
(2)
In addition to any other remedies available to the commissioner pursuant to this title, after notice and a hearing pursuant to section
24-4-105
, C.R.S., the commissioner may assess a penalty for a violation of this article or a rule promulgated under this article. The penalty shall be the amount of remuneration improperly paid and shall be paid to the person aggrieved by the violation or apportioned among multiple aggrieved persons as determined by the commissioner.
(3)
No person shall be liable for a violation of section
10-11-124
if such person proves by a preponderance of the evidence that such violation was not intentional and resulted from a bona fide error notwithstanding maintenance of procedures that are reasonably adopted to avoid such error.
L. 2006: Entire section added, p. 268, § 2, effective July 1. L. 2007: (1) amended, p. 2020, § 11, effective June 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 1 - TITLE INSURANCE CODE (§§ 10-11-101 — 10-11-127) › Section 10-11-127 - Fiduciary responsibilities of title insurance entities - definition of fiduciary funds - deceptive act or practice - rules

(1)
A title insurance entity and its affiliates or subsidiaries in possession of fiduciary funds received and belonging to others shall hold those funds in a fiduciary capacity.
(2)
The commissioner shall promulgate reasonable rules that are consistent with this section and are necessary or proper to:
(a)
Require the segregation and accounting of fiduciary funds;
(b)
Require notice to the commissioner by title insurance companies that are aware of a violation of the fiduciary fund segregation and accounting rules, and the appointment, suspension, or dismissal of title insurance agents; and
(c)
Provide for the implementation and administration of this section.
(3)
For the purposes of this section, "fiduciary funds" means any money received in conjunction with closing and settlement services other than a fee charged by the title insurance company or title insurance agent to perform the closing and settlement services for a real estate transaction.
Added by 2018 Ch. 73,§ 2, eff. 3/29/2018.
L. 2018: Entire section added, (SB 18-125), ch. 73, p. 640, § 2, effective March 29.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 2 - TITLE INSURANCE COMMISSION (§§ 10-11-201 — 10-11-203) › Section 10-11-202 - Powers, duties, and functions - recommendations on rules

(1)
The commission may:
(a)
Propose, advise, and recommend rules subject to approval by the commissioner for the implementation and administration of the business of title insurance;
(b)
Propose, advise, and recommend bulletins and position statements related to the business of title insurance for issuance upon the commissioner's approval;
(c)
Propose, advise, and recommend the establishment of additional consumer protections in statute or rule related to the misappropriation of funds, misuse of personal information, closing and settlement services, or other concerns. Additional consumer protections recommended by the commission shall be provided to the commissioner and included in the annual report of the commissioner on title insurance provided under section
10-3-207(1)(f)(IV)
.
(d)
Following any judicial review under section
24-4-106
, C.R.S., or after the expiration of any period for review or appeal of an enforcement or licensing action taken by the division against a title insurance company, title insurance agent, or title insurance agency, consult with the commissioner or the commissioner's designee regarding the final agency action taken by the division. The commission will be provided a copy of the final agency action documents at the quarterly meeting following the conclusion of the action and any judicial review or appeal.
(e)
Following any judicial review under section
24-4-106
, C.R.S., or after the expiration of any period for review or appeal commenced as a result of a market conduct action taken by the division against a title insurance company or title insurance agency, consult with the commissioner or the commissioner's designee regarding the final agency action taken by the division. The commission will be provided a copy of the final agency order and the market conduct report at the quarterly meeting following the conclusion of the action and any judicial review or appeal.
(2)
At each quarterly meeting, the commission will be provided with a written summary of the complaints investigated and closed by the division without action. The summary will include a brief description or categorization of the conduct alleged to be in violation of the law and why no action was taken.
(3)
The commissioner shall respond to the commission if the commissioner determines not to implement the proposal, advice, or recommendation of the commission under paragraphs (a) and (b) of subsection (1) of this section.
Added by 2015 Ch. 292,§ 2, eff. 8/5/2015.
L. 2015: Entire part added, (SB 15-210), ch. 292, p. 1192, § 2, effective August 5
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Article 11 - TITLE INSURANCE (§§ 10-11-101 — 10-11-203) › Part 2 - TITLE INSURANCE COMMISSION (§§ 10-11-201 — 10-11-203) › Section 10-11-203 - Repeal of part

This part 2 is repealed, effective September 1, 2025; except that, prior to its repeal, the commission shall be reviewed pursuant to section
2-3-1203
, C.R.S.
Added by 2015 Ch. 292,§ 2, eff. 8/5/2015.
L. 2015: Entire part added, (SB 15-210), ch. 292, p. 1193, § 2, effective August 5
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-102 - Association to file articles - bylaws

After the articles of association have been subscribed and acknowledged in the manner provided for Colorado corporations, a certified copy thereof shall be filed with the commissioner, who shall obtain the approval of the attorney general and otherwise investigate to determine whether the association has complied with the provisions of sections
10-12-101
to
10-12-104
. The association shall adopt bylaws and prepare applications and a list of policyholders, all of which, together with any amendments thereto, shall be filed with the commissioner. The commissioner shall issue a certificate of authority to an association which in his opinion has complied with the provisions of sections
10-12-101
to
10-12-104
, and, if any provision has not been complied with, the commissioner shall suspend the certificate of authority until such time as compliance has been effected.
L. 49: p. 458, § 2. CSA: C. 87, § 91(2). CRS 53: § 72-5-2. C.R.S. 1963: § 72-5-2.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-103 - Noncompliance a misdemeanor - penalty

(1)
Upon failure of any association to comply with the provisions of sections
10-12-101
to
10-12-104
, whether or not in possession of a valid certificate of authority, the officers and directors jointly and severally are guilty of a misdemeanor and, upon conviction thereof, each shall be punished by a fine of not less than five hundred dollars nor more than fifteen hundred dollars for each act in violation of sections
10-12-101
to
10-12-104
.
(2)
Any order or decision of the commissioner shall be subject to review, which shall be on the basis of the record of the proceedings before the commissioner and shall not be limited to questions of law, by appeal to the district court of the city and county of Denver at the instance of any party in interest.
(3)
Such companies, organized and operating under existing laws, shall not be required to reorganize their corporate structure in order to be eligible to operate under sections
10-12-101
to
10-12-104
.
L. 49: p. 458, § 2. CSA: C. 87, § 91(2). CRS 53: § 72-5-3. C.R.S. 1963: § 72-5-3.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-104 - Fees - annual statement - tax

(1)
The association shall pay to the division of insurance the fees as prescribed pursuant to section
10-3-207(4)
.
(2)
(a)
Each agent, solicitor, special agent, or salaried representative soliciting business in this state shall be licensed by the division of insurance upon application of the association and shall be subject to the insurance licensing laws of the state. The fee for the initial license is five dollars, and the fee for filing each annual notice of intention to keep the agent's license in force is two dollars.
(b)
Notwithstanding the amount specified for any fee in paragraph (a) of this subsection (2), the commissioner by rule or as otherwise provided by law may reduce the amount of one or more of the fees if necessary pursuant to section
24-75-402(3)
, C.R.S., to reduce the uncommitted reserves of the fund to which all or any portion of one or more of the fees is credited. After the uncommitted reserves of the fund are sufficiently reduced, the commissioner by rule or as otherwise provided by law may increase the amount of one or more of the fees as provided in section
24-75-402(4)
, C.R.S.
(3)
The association shall render an annual statement of accounts and such records of the financial condition of the association as may be required by the commissioner, who shall furnish forms for this purpose. The commissioner shall have the same supervisory authority over such association as is provided by law in the case of other insurance companies and associations, and the commissioner shall collect two and one-fourth percent premium tax from each of the associations or companies as provided in section
10-3-209
.
L. 49: p. 459, § 3. CSA: C. 87, § 91(3). CRS 53: § 72-5-4. C.R.S. 1963: § 72-5-4. L. 65: p. 753, § 4. L. 67: p. 33, § 1. L. 91: (1) amended, p. 1233, § 7, effective June 5. L. 98: (2) amended, p. 1327, § 31, effective June 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-105 - Guaranty fund of mutual companies

(1)
Guaranty fund certificates may be issued to provide a guaranty fund for domestic life and fire insurance companies incorporated upon the mutual plan and for domestic casualty insurance associations incorporated upon the assessment plan, such fund to be held as security for the payment of all losses and other policy liabilities of such companies. Guaranty fund certificates may draw interest or dividends not exceeding in the aggregate eight percent per annum, which shall only be paid from the profits of the company. The certificates may only be retired or redeemed by using the profits of the company for that purpose, but the full fund as required of each kind of mutual and assessment company by this title (except article 15), and article
14
of title
24
, C.R.S., shall at all times be maintained. Such guaranty fund shall be a liability until redeemed or retired. It shall only be used to pay policy claims or liabilities when the contingent mutual liability of the policyholders has been drawn upon and found insufficient to meet the losses of policy claims or when the directors for any cause fail to provide for the payment of policy claims.
(2)
Upon satisfying himself of such failure, the commissioner shall suspend the certificate of authority of such company and apply to the district court for an order restraining said company from doing further business; and the court may appoint a receiver or issue such decrees and orders as may best serve the interests of the members or policyholders and of the public; and the disbursement or distribution of the guaranty fund shall then be made under the court's direction; but the fund shall first be used to pay policy claims or losses, and, if any of the fund then remains, it shall be used to pay creditors, if any, and the then remaining portion of the fund shall be used to redeem outstanding guaranty fund certificates, or, if none are outstanding, it shall be distributed among the members of the company as the court may direct. The profits of a domestic mutual insurance company or association are that portion of its cash funds not required for the payment of losses and expenses and not set apart for the unearned premium reserve or any other purpose required by law.
L. 13: p. 361, § 63. C.L. § 2536. CSA: C. 87, § 80. CRS 53: § 72-5-5. C.R.S. 1963: § 72-5-5. L. 92: (1) amended, p. 1573, § 97, effective May 20. L. 2004: (1) amended, p. 903, § 23, effective May 21. L. 2012: (1) amended, (HB 12-1266), ch. 280, p. 1508, § 38, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-106 - Fees of mutual companies

Mutual and assessment companies, unless otherwise specified in this title (except article 15), and article
14
of title
24
, C.R.S., are required to pay the same fees and be under the same supervision and authority of the commissioner as companies that are engaged in the same kind of insurance business and that are organized upon the joint-stock plan, and they shall comply with the general laws of this title, unless otherwise specified, and be subject to the penalties provided therein.
L. 13: p. 364, § 65. C.L. § 2538. CSA: C. 87, § 82. CRS 53: § 72-5-6. C.R.S. 1963: § 72-5-6. L. 92: Entire section amended, p. 1573, § 98, effective May 20. L. 2004: Entire section amended, p. 903, § 24, effective May 21. L. 2012: Entire section amended, (HB 12-1266), ch. 280, p. 1508, § 39, effective July 1.