reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 2 - GROUP LIFE INSURANCE (§§ 10-7-201 — 10-7-207) › Section 10-7-201 - Group life insurance

(1)
No policy of group life insurance shall be delivered in this state unless:
(a)
The policyholder was formed for purposes other than obtaining insurance, or is a trust established by one or more employers or by one or more labor unions, or by one or more employers and one or more labor unions; and
(b)
(Deleted by amendment, L. 2010, (HB 10-1203), ch. 177, p. 177, § 1, effective March 29, 2010.)
(c)
An individual eligible for coverage is subject to such uniformly applied standards of insurability as may be imposed by the insurer.
(d)
Repealed.
(2)
Insurance under any group life insurance policy may be extended to insure dependents.
(3)
Repealed.
L. 19: p. 441, § 1. C.L. § 2594. L. 29: p. 388, § 1. CSA: C. 87, § 164. L. 47: p. 580, § 1. L. 53: p. 373, §§ 1, 2. CRS 53: § 72-6-1. L. 55: p. 459, § 1. L. 59: p. 509, § 1. C.R.S. 1963: § 72-6-1. L. 65: p. 766, § 1. L. 67: pp. 164, 165, 174, 184, §§ 1-4, 1, 1. L. 73: p. 850, § 1. L. 77: (1)(f) amended, p. 520, § 1, effective May 14; entire section R&RE, p. 521, § 1, effective July 1. L. 79: (3) repealed, p. 393, § 1, effective May 25. L. 83: (1)(d) repealed, p. 463, § 2, effective March 16. L. 2010: (1) amended, (HB 10 -1203), ch. 47, p. 177, § 1, effective March 29.
Subsection (1)(f) was amended in House Bill 77-1232. Those amendments were superseded by the repeal and reenactment of the section in House Bill 77-1445.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 2 - GROUP LIFE INSURANCE (§§ 10-7-201 — 10-7-207) › Section 10-7-203 - Employer defined

The term "employer" as used in sections
10-7-201
and
10-7-202
includes counties, cities, cities and counties, incorporated towns, school districts, and other political subdivisions of this state; and such subdivisions, in order to promote the better efficiency of its employees, may insure its employees, or any class thereof, under a policy of group insurance covering life, health, or accident insurance for such employees and may pay, or authorize to be paid, out of the corporate revenue of such political subdivisions the premiums required from time to time to maintain such group insurance in force; and, if such employees are required to contribute to the cost of their insurance, deductions for this purpose may be made from their salaries.
L. 47: p. 587, § 3. CSA: C. 87, § 165 (1). CRS 53: § 72-6-3. C.R.S. 1963: § 72-6-3.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 2 - GROUP LIFE INSURANCE (§§ 10-7-201 — 10-7-207) › Section 10-7-204 - Reciprocal provisions

Policies of group insurance, when issued in this state by any company not organized under the laws of this state, may contain any provision required by the law of the state or territory or district of the United States under which the company is organized. Any group policy may be issued or delivered in this state which in the opinion of the commissioner contains provisions on any one or more of the several foregoing requirements more favorable to the employer or to the employee than required prior to April 4, 1919. Policies issued in other states or countries by companies organized in this state may contain any provision required by the laws of the state, territory, district, or country in which the same are issued, anything in this part 2 to the contrary notwithstanding.
L. 19: p. 443, § 3. C.L. § 2596. CSA: C. 87, § 166. CRS 53: § 72-6-4. C.R.S. 1963: § 72-6-4.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 2 - GROUP LIFE INSURANCE (§§ 10-7-201 — 10-7-207) › Section 10-7-205 - Exemption from execution

No policy of group insurance, nor the proceeds thereof, when paid to any employee thereunder, shall be liable to attachment, garnishment, or other process, or be seized, taken, appropriated, or applied by any legal or equitable process or operation of law, to pay any debt or liability of such employee, or his beneficiary, or any other person who may have a right thereunder, either before or after payment, nor shall the proceeds thereof, where not made payable to a named beneficiary, constitute a part of the estate of the employee for the payment of his debts.
L. 19: p. 443, § 4. C.L. § 2597. CSA: C. 87, § 167. CRS 53: § 72-6-5. C.R.S. 1963: § 72-6-5.
For property and earnings exempt from execution, see article 54 of title 13.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 2 - GROUP LIFE INSURANCE (§§ 10-7-201 — 10-7-207) › Section 10-7-206 - Issuance and valuation of policies - annual statement

(1)
Any life insurance company may issue life or endowment insurance, with or without annuities, upon the group plan, as defined in section
10-7-201
, with special rates of premiums less than the usual rates of premiums for such policies. Group policies issued prior to the operative date of the "Standard Nonforfeiture and Valuation Act" may be valued on any accepted table of mortality and interest assumption adopted by the company for that purpose, but in no case shall the standard for any such policy be lower than the medico-actuarial table of mortality, or such other table of mortality as may be approved by the commissioner, with interest assumption at three and one-half percent. Group policies issued on or after the operative date of the "Standard Nonforfeiture and Valuation Act" shall be valued in accordance with the provisions of sections
10-7-309
to
10-7-313
.
(2)
All policies of group insurance shall be segregated by the company into separate classes, the mortality experience kept separate, and the number of policies, amount of insurance, reserves, premiums, and payments to the policyholders thereunder, together with the mortality table and interest assumption adopted by the company, shall be reported separately in the company's annual financial statement.
L. 19: p. 444, § 5. C.L. § 2598. CSA: C. 87, § 168. L. 45: p. 416, § 3. CRS 53: § 72-6-6. L. 61: p. 465, § 12. C.R.S. 1963: § 72-6-6.
For the operative date of the "Standard Nonforfeiture and Valuation Act", see § 10-7-315.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 2 - GROUP LIFE INSURANCE (§§ 10-7-201 — 10-7-207) › Section 10-7-207 - Assignment

Nothing in this title or in any other law shall be construed to prohibit any person insured under a group life insurance policy from making an assignment of all or any part of his incidents of ownership under such policy, including, but not limited to, the privilege to have issued to him an individual policy of life insurance pursuant and subject to the provisions of section
10-7-202
and the right to name a beneficiary. Subject to the terms of the policy or agreement between the insured, the group policyholder, and the insurer, relating to assignment of incidents of ownership thereunder, such an assignment by an insured is valid for the purpose of vesting in the assignee, in accordance with any provisions included therein as to the time at which it is to be effective, all of such incidents of ownership so assigned, but without prejudice to the insurer on account of any payment it may make or individual policy it may issue prior to receipt of notice of the assignment.
L. 71: p. 721, § 1. C.R.S. 1963: § 72-6-7.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-301 - Short title

This part 3 shall be known and may be cited as the "Standard Nonforfeiture and Valuation Act".
L. 61: p. 460, § 1. CRS 53: § 72-20-1. C.R.S. 1963: § 72-19-1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-303 - Computation of cash surrender value

(1)
(a)
Except as provided in paragraphs (b) and (c) of this subsection (1), any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by section
10-7-302
, shall be an amount not less than the excess, if any, of the present value, on such anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of:
(I)
The then present value of the adjusted premiums, as defined in sections
10-7-305
and
10-7-305.1
, corresponding to premiums which would have fallen due on and after such anniversary; and
(II)
The amount of any indebtedness to the company on the policy.
(b)
For any policy issued on or after the operative date of section
10-7-305.1
which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in paragraph (a) of this subsection (1) shall be an amount not less than the sum of the cash surrender value as defined in said paragraph (a) for an otherwise similar policy issued at the same age without such rider or supplemental policy provision and the cash surrender value as defined in said paragraph (a) for a policy which provides only the benefits otherwise provided by such rider or supplemental policy provision.
(c)
For any family policy issued on or after the operative date of section
10-7-305.1
which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse reaches age seventy-one, the cash surrender value referred to in paragraph (a) of this subsection (1) shall be an amount not less than the sum of the cash surrender value as defined in said paragraph (a) for an otherwise similar policy issued at the same age without such term insurance on the life of the spouse and the cash surrender value as defined in said paragraph (a) for a policy which provides only the benefits otherwise provided by such term insurance on the life of the spouse.
(2)
Any cash surrender value available within thirty days after any policy anniversary under any policy paid up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by section
10-7-302
, shall be an amount not less than the present value, on such anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the company on the policy.
L. 61: p. 461, § 3. CRS 53: § 72-20-3. C.R.S. 1963: § 72-19-3. L. 81: Entire section amended, p. 543, § 2, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-304 - Computation of nonforfeiture benefit

Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this part 3 in the absence of the condition that premiums shall be paid for at least a specified period.
L. 61: p. 462, § 4. CRS 53: § 72-20-4. C.R.S. 1963: § 72-19-4.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-305.2 - Future premium determination - standards

(1)
In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on the then present estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in section
10-7-302
,
10-7-303
,
10-7-304
,
10-7-305
, or
10-7-305.1
, then:
(a)
The commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by section
10-7-302
,
10-7-303
,
10-7-304
,
10-7-305
, or
10-7-305.1
;
(b)
The commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds;
(c)
The cash surrender values and paid-up nonforfeiture benefits provided by such plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this part 3, as determined by regulations promulgated by the commissioner.
L. 81: Entire section added, p. 547, § 5, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-306 - Calculation of values - supplemental rules

(1)
Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in sections
10-7-303
to
10-7-305.1
may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall not be less than the amounts used to provide such additions.
(2)
Notwithstanding the provisions of section
10-7-303
, additional benefits shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this part 3, and no such additional benefits shall be required to be included in any paid-up nonforfeiture benefits in the following events or circumstances:
(a)
In the event of death or dismemberment by accident or accidental means;
(b)
In the event of total and permanent disability;
(c)
As reversionary annuity or deferred reversionary annuity benefits;
(d)
As term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this part 3 would not apply;
(e)
As term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child's age is twenty-six, is uniform in amount after the child's age is one, and has not become paid up by reason of the death of a parent of the child;
(f)
As other policy benefits additional to life insurance and endowment benefits, and premiums for all such additional benefits.
L. 61: p. 464, § 6. CRS 53: § 72-20-6. C.R.S. 1963: § 72-19-6. L. 81: (1) amended, p. 548, § 6, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-307 - Exemptions

(1)
Sections
10-7-302
to
10-7-306.1
shall not apply to any of the following:
(a)
Reinsurance;
(b)
Group insurance;
(c)
A pure endowment;
(d)
An annuity or reversionary annuity contract;
(e)
Any term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy;
(f)
Any term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in sections
10-7-305
and
10-7-305.1
, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy;
(g)
Any policy which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in sections
10-7-303
,
10-7-304
,
10-7-305
, and
10-7-305.1
, exceeds two and one-half percent of the amount of insurance at the beginning of the same policy year; nor
(h)
Any policy which shall be delivered outside this state through an agent or other representative of the company issuing the policy.
(2)
For purposes of determining the applicability of sections
10-7-302
to
10-7-306.1
, the age at expiry for a joint term life insurance policy shall be the age of expiry of the oldest life.
L. 61: p. 464, § 7. CRS 53: § 72-20-7. C.R.S. 1963: § 72-19-7. L. 81: Entire section R&RE, p. 549, § 8, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-308 - Waiver prohibited

No agreement between the company and the policyholder or applicant for insurance contrary to the provisions of sections
10-7-301
to
10-7-307
, or contrary to the provisions of section
10-3-205
, shall be held to waive any of such provisions.
L. 61: p. 465, § 8. CRS 53: § 72-20-8. C.R.S. 1963: § 72-19-8.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-310.5 - Individual annuity and pure endowment reserves

(1)
This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under the federal "Internal Revenue Code of 1986",
26 U.S.C. sec. 408
, as now or hereafter amended.
(2)
Reserves according to the commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in such contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by such contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of such contracts, that become payable prior to the end of such respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in such contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of such contracts to determine nonforfeiture values.
Amended by 2015 Ch. 63,§ 7, eff. 8/5/2015.
L. 77: Entire section added, p. 526, § 6, effective July 1. L. 2000: (1) amended, p. 1840, § 10, effective August 2. L. 2015: (1) amended, (HB 15-1048), ch. 63, p. 163, § 7, effective August 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-311 - Minimum aggregate reserves

(1)
In no event shall a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after July 1, 1992, be less than the aggregate reserves calculated in accordance with the methods set forth in sections
10-7-310
,
10-7-310.5
,
10-7-313
, and
10-7-313.1
and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for such policies.
(2)
In no event shall the aggregate reserves for all policies, contracts, and benefits be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by section
10-7-114
.
Amended by 2015 Ch. 63,§ 8, eff. 8/5/2015.
L. 61: p. 468, § 15. CRS 53: § 72-20-11. C.R.S. 1963: § 72-19-11. L. 77: Entire section amended, p. 527, § 7, effective July 1. L. 81: Entire section amended, p. 557, § 12, effective July 1. L. 92: Entire section amended, p. 1497, § 24, effective July 1. L. 2015: Entire section amended, (HB 15-1048), ch. 63, p. 163, § 8, effective August 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-312 - Optional standards

(1)
Reserves for any category of policies or benefits as established by the commissioner may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this part 3, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, must not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided for in the policies or contracts.
(2)
Any company that at any time has adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this part 3 may adopt a lower standard of valuation with the approval of the commissioner, but not lower than the minimum provided in this part 3; except that, for the purposes of this part 3, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by section
10-7-114
shall not be deemed to be the adoption of a higher standard of valuation.
Amended by 2015 Ch. 63,§ 9, eff. 8/5/2015.
L. 61: p. 468, § 16. CRS 53: § 72-20-12. C.R.S. 1963: § 72-19-12. L. 77: (1) amended, p. 527, § 8, effective July 1. L. 92: (2) amended, p. 1497, § 25, effective July 1. L. 2015: Entire section amended, (HB 15-1048), ch. 63, p. 163, § 9, effective August 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-313 - Minimum reserves

(1)
If in any contract year the gross premium charged by a company on any policy is less than the valuation net premium for the policy calculated by the method used in calculating the reserve on the policy but using the minimum standards of mortality and rate of interest, the minimum reserve required for the policy is the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or the reserve calculated by the method actually used for the policy but using the minimum standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium.
(2)
The minimum valuation standards of mortality and rate of interest referred to in this section are those standards stated in sections
10-7-309
and
10-7-309.5
; except that for any life insurance policy issued on or after January 1, 1985, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for such excess and that provides an endowment benefit, a cash surrender value, or a combination of endowment benefit and cash surrender value in an amount greater than the excess premium, the provisions of this section must be applied as if the method actually used in calculating the reserve for the policy were the method described in section
10-7-310
, ignoring subsection (1.5) of that section. The minimum reserve at each policy anniversary of the policy must be the greater of the minimum reserve calculated in accordance with section
10-7-310
, including subsection (1.5) of that section, and the minimum reserve calculated in accordance with this section.
Amended by 2015 Ch. 63,§ 10, eff. 8/5/2015.
L. 61: p. 469, § 17. CRS 53: § 72-20-13. C.R.S. 1963: § 72-19-13. L. 77: Entire section amended, p. 527, § 9, effective July 1. L. 81: Entire section amended, p. 557, § 13, effective July 1. L. 2015: Entire section amended, (HB 15-1048), ch. 63, p. 164, § 10, effective August 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-313.1 - Minimum reserves - exceptions

(1)
In the case of any plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then-present estimates of future experience, or in the case of any plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in sections
10-7-310
,
10-7-310.5
, and
10-7-313
, the reserves that are held under any such plan must:
(a)
Be appropriate in relation to the benefits and the pattern of premiums for that plan; and
(b)
Be computed by a method that is consistent with the principles of this part 3, as such appropriateness and method is determined by rules promulgated by the commissioner.
Added by 2015 Ch. 63,§ 11, eff. 8/5/2015.
L. 2015: Entire section added, (HB 15-1048), ch. 63, p. 164, § 11, effective August 5.
This section is similar to former § 10-7-313.5 as it existed prior to 2015.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-313.2 - Minimum standards for other coverages including accident and health insurance contracts - rules

The commissioner may promulgate rules prescribing minimum standards applicable to the valuation of plans or products not otherwise included within this article and in conformance with standards as adopted by the NAIC. The commissioner shall promulgate rules containing the minimum standards applicable to the valuation of health plans, including disability, sickness, and accident, issued on or after the operative date of this part 3 and prior to the operative date of the valuation manual. For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under section
10-7-101(2)(a)(IV)
.
Added by 2015 Ch. 63,§ 11, eff. 8/5/2015.
L. 2015: Entire section added, (HB 15-1048), ch. 63, p. 165, § 11, effective August 5.
This section is similar to former § 10-7-313.7 as it existed prior to 2015.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-313.4 - Requirements of a principle-based valuation

(1)
A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual. The valuation must:
(a)
Quantify the benefits, guarantees, and funding associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts. For policies or contracts with significant tail risk, the valuation must reflect conditions appropriately adverse to quantify the tail risk.
(b)
Incorporate assumptions, risk analysis methods, and financial models and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods;
(c)
Incorporate assumptions that are derived in one of the following manners:
(I)
The assumption is prescribed in the valuation manual.
(II)
For assumptions that are not prescribed, the assumptions must:
(A)
Be established utilizing the company's available experience, to the extent it is relevant and statistically credible; or
(B)
To the extent that company data is not available, relevant, or statistically credible, be established utilizing other relevant, statistically credible experience.
(d)
Provide margins for uncertainty, including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve.
(2)
A company using a principle-based valuation for one or more policies or contracts subject to this section as specified in the valuation manual must:
(a)
Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;
(b)
Provide to the commissioner and the board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. The company shall design the controls to assure that all material risks inherent in the liabilities and associated assets subject to the valuation are included in the valuation and that valuations are made in accordance with the valuation manual. The certification shall be based on the controls in place as of the end of the preceding calendar year.
(c)
Develop, and file with the commissioner upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual.
(3)
A principle-based valuation may include a prescribed formulaic-reserve component.
Added by 2015 Ch. 63,§ 12, eff. 8/5/2015.
L. 2015: Entire section added, (HB 15-1048), ch. 63, p. 167, § 12, effective August 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-313.5 - [Repealed]

Repealed by 2015 Ch. 63,§13, eff. 8/5/2015.
L. 81: Entire section added, p. 558, § 14, effective July 1. L. 2015: Entire section repealed, (HB 15-1048), ch. 63, p. 172, § 13, effective August 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-313.6 - Experience reporting for policies in force on or after the operative date of the valuation manual

A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.
Added by 2015 Ch. 63,§ 12, eff. 8/5/2015.
L. 2015: Entire section added, (HB 15-1048), ch. 63, p. 168, § 12, effective August 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-313.7 - [Repealed]

Repealed by 2015 Ch. 63,§13, eff. 8/5/2015.
L. 92: Entire section added, p. 1498, § 26, effective July 1. L. 2015: Entire section repealed, (HB 15-1048), ch. 63, p. 172, § 13, effective August 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-313.9 - Single state exemption

(1)
The commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in Colorado from the requirements of section
10-7-313.3
if:
(a)
The commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and
(b)
The company computes reserves using assumptions and methods used prior to the operative date of the valuation manual in addition to any requirements established by the commissioner and promulgated by rule.
(2)
For any company granted an exemption under this section, sections
10-7-114
and
10-7-309
to
10-7-313.2
are applicable. With respect to any company applying this exemption, any reference to section
10-7-313.3
found in sections
10-7-114
and
10-7-309
to
10-7-313.2
is not applicable.
Added by 2015 Ch. 63,§ 12, eff. 8/5/2015.
L. 2015: Entire section added, (HB 15-1048), ch. 63, p. 171, § 12, effective August 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-314 - Automatic premium loans

Nothing in this part 3 shall be construed to prohibit the company from including in its policies a provision for automatic premium loans to prevent premium default.
L. 61: p. 469, § 18. CRS 53: § 72-20-14. C.R.S. 1963: § 72-19-14.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-315 - Operative date

At any time after April 11, 1961, and before January 1, 1966, any company may file with the commissioner a written notice of its election to comply with the provisions of this part 3 after a specified date before January 1, 1966. After the filing of such notice, then upon such specified date (which shall be the operative date of this part 3 for such company) this part 3 shall become operative with respect to policies thereafter issued by such company. If a company makes no such election, the operative date of this part 3 for such company shall be January 1, 1966.
L. 61: p. 469, § 19. CRS 53: § 72-20-15. C.R.S. 1963: § 72-19-15.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 3 - STANDARD NONFORFEITURE AND VALUATION ACT (§§ 10-7-301 — 10-7-316) › Section 10-7-316 - Effect on existing policies

Nothing in this part 3 shall be construed as affecting any policy issued by any company prior to the operative date provided for in section
10-7-315
.
L. 61: p. 469, § 20. CRS 53: § 72-20-16. C.R.S. 1963: § 72-19-16.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 4 - VARIABLE CONTRACTS (§§ 10-7-401 — 10-7-405) › Section 10-7-401 - Sales not prohibited

The provisions of section
10-3-1104
shall not prohibit the sale and issuance by life insurance companies of contracts providing for payments which vary directly according to investment experience in connection with the sale and issuance by such life insurance companies of other forms of life insurance and annuities as are provided for in this title.
L. 61: p. 447, § 5. CRS 53: § 72-2-18. C.R.S. 1963: § 72-2-16.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 4 - VARIABLE CONTRACTS (§§ 10-7-401 — 10-7-405) › Section 10-7-403 - Where benefits are payable in variable amounts

Any contract providing benefits payable in variable amounts, delivered or issued for delivery in this state, shall contain a statement of the essential features of the procedures to be followed by the insurance company in determining the dollar amount of such variable benefits. Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.
L. 71: p. 713, § 1. C.R.S. 1963: § 72-2-46.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 4 - VARIABLE CONTRACTS (§§ 10-7-401 — 10-7-405) › Section 10-7-404 - Authority to issue variable contracts

(1)
No company shall deliver or issue for delivery within this state variable contracts unless it is licensed to do a life insurance or annuity business in this state and the commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner shall consider among other things:
(a)
The history and financial condition of the company;
(b)
The character, responsibility, and fitness of the officers and directors of the company; and
(c)
The law and regulations under which the company is authorized in the state of domicile to issue variable contracts.
(2)
If the company is a subsidiary of an admitted life insurance company or affiliated with such company through common management or ownership, it may be deemed by the commissioner to have complied with the provisions of this section if either it or the parent or the affiliated company meets the requirements of this section.
L. 71: p. 713, § 1. C.R.S. 1963: § 72-2-47.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 4 - VARIABLE CONTRACTS (§§ 10-7-401 — 10-7-405) › Section 10-7-405 - Construction

(1)
Notwithstanding any other provision of law, the commissioner has sole authority to regulate the issuance and sale of variable contracts and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of sections
10-7-402
to
10-7-405
.
(2)
Except for sections
10-3-204
,
10-7-102 (1)(g) to (1)(i)
,
10-7-202 (1)(a)
,
10-7-302
to
10-7-306
, and
10-7-501
to
10-7-510
, and, except as otherwise provided in sections
10-7-402
to
10-7-405
, all pertinent provisions of this title shall apply to separate accounts and contracts relating thereto. Any individual variable life insurance or annuity contract, delivered or issued for delivery in this state, shall contain grace, reinstatement, and nonforfeiture provisions appropriate to such a contract. The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.
(3)
Notwithstanding any other provision of law, the term "company" as used in sections
10-7-402
to
10-7-404
includes fraternal benefit societies licensed to do business in this state under article
14
of this title.
L. 71: p. 714, § 1. C.R.S. 1963: § 72-2-48. L. 77: (2) amended, p. 528, § 10, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 5 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 10-7-501 — 10-7-511) › Section 10-7-501 - Short title

This part 5 shall be known and may be cited as the "Standard Nonforfeiture Law for Individual Deferred Annuities".
L. 77: Entire part added, p. 528, § 11, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 5 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 10-7-501 — 10-7-511) › Section 10-7-502 - Exemptions

This part 5 shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the federal "Internal Revenue Code of 1986", as now or hereafter amended. Nor shall this part 5 apply to any premium deposit fund, variable annuity, investment annuity, immediate annuity, deferred annuity contract after annuity payments have commenced, or reversionary annuity, or to any contract delivered outside this state through an agent or other representative of the company issuing the contract.
L. 77: Entire part added, p. 528, § 11, effective July 1. L. 2000: Entire section amended, p. 1840, § 11, effective August 2.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 5 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 10-7-501 — 10-7-511) › Section 10-7-505 - Computation of annuity benefit

Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
L. 77: Entire part added, p. 530, § 11, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 5 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 10-7-501 — 10-7-511) › Section 10-7-506 - Computation of cash surrender benefit

For contracts which provide cash surrender benefits, such cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at the time of surrender. The death benefit under such contracts shall be at least equal to the cash surrender benefit.
L. 77: Entire part added, p. 530, § 11, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 5 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 10-7-501 — 10-7-511) › Section 10-7-507 - Computation of paid-up annuity nonforfeiture benefit

(1)
For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract.
(2)
For contracts which do not provide any death benefits prior to the commencement of any annuity payments, such present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at the time of the insured's death.
L. 77: Entire part added, p. 530, § 11, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Article 7 - LIFE INSURANCE (§§ 10-7-101 — 10-7-803) › Part 5 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 10-7-501 — 10-7-511) › Section 10-7-508 - Determination of maturity date

For the purpose of determining the benefits calculated under sections
10-7-506
and
10-7-507
, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.
L. 77: Entire part added, p. 531, § 11, effective July 1.