reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 16 - CORPORATE GOVERNANCE ANNUAL DISCLOSURES (§§ 10-3-1601 — 10-3-1608) › Section 10-3-1604 - Contents of corporate governance annual disclosure - rules

(1)
In responding to a request for CGAD-related information, an insurer or insurance group may exercise its discretion so long as its CGAD provides the commissioner sufficient information to understand the insurer's or insurance group's corporate governance structure, policies, and practices. The commissioner may request that an insurer or insurance group provide additional information for this purpose.
(2)
Notwithstanding subsection (1) of this section, each insurer and insurance group shall prepare each CGAD in compliance with this part 16 and with requirements established pursuant to rules promulgated by the commissioner pursuant to section
10-3-1608
. Each insurer and insurance group that submits a CGAD shall maintain documentation and supporting information and make such documentation and supporting information available upon request of the commissioner.
Added by 2019 Ch. 188,§ 1, eff. 8/2/2019.
L. 2019: Entire part added, (HB 19-1291), ch. 2086, p. 2086, § 1, effective August 2.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 16 - CORPORATE GOVERNANCE ANNUAL DISCLOSURES (§§ 10-3-1601 — 10-3-1608) › Section 10-3-1607 - Sanctions

Any insurer or insurance group that fails, without just cause, to timely file a CGAD as required in this part 16 shall pay, after notice and a hearing, a penalty of two hundred dollars for each day's delay. The maximum penalty under this section is twenty-five thousand dollars. The commissioner may reduce the penalty if the insurer or insurance group demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer or insurance group.
Added by 2019 Ch. 188,§ 1, eff. 8/2/2019.
L. 2019: Entire part added, (HB 19-1291), ch. 2089, p. 2089, § 1, effective August 2.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 16 - CORPORATE GOVERNANCE ANNUAL DISCLOSURES (§§ 10-3-1601 — 10-3-1608) › Section 10-3-1608 - Rules

The commissioner shall, upon notice and opportunity for all interested persons to be heard, issue rules and orders to carry out this part 16.
Added by 2019 Ch. 188,§ 1, eff. 8/2/2019.
L. 2019: Entire part added, (HB 19-1291), ch. 2089, p. 2089, § 1, effective August 2.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1701 - Definitions

As used in this part 17, unless the context otherwise requires:
(1)
"Asset" means property, whether real, personal, mixed, tangible, or intangible, and any right or interest in the property, including all rights under a contract or other agreement.
(2)
"Capital" means the capital stock component of a statutory surplus, as defined in the National Association of Insurance Commissioners' Accounting Practices and Procedures Manual, version effective January 1, 2001, as revised.
(3)
(a)
"Contract holder" means the owner of an annuity contract.
(b)
"Contract holder" does not mean a certificate holder of a group annuity contract or any other covered person thereunder.
(4)
"Divide" or "division" means the act by operation of law by which a domestic stock insurer splits into two or more resulting domestic stock insurers in accordance with a plan of division and this part 17.
(5)
"Dividing insurer" means a domestic stock insurer that approves a plan of division.
(6)
"Domestic stock insurer" means an insurance company that has capital stock and is incorporated under the laws of this state.
(7)
"Liability" means any liability or obligation arising in any manner.
(8)
"Plan of division" means a plan of division that is approved by a dividing insurer pursuant to section
10-3-1707
.
(9)
(a)
"Policyholder" means the owner of an insurance policy.
(b)
"Policyholder" does not mean a certificate holder of a group insurance policy or any other covered person thereunder.
(10)
"Resulting insurer" means a dividing domestic stock insurer that survives a division or a new domestic stock insurer that is created by a division.
(11)
"Shareholder" means:
(a)
A person in whose name shares are registered in the records of a corporation; or
(b)
The beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation.
(12)
"Surplus" means the total statutory surplus minus capital, calculated in accordance with the National Association of Insurance Commissioners' Accounting Practices and Procedures Manual, version effective January 1, 2001, as revised.
(13)
"Transfer" means an assignment; assumption; conveyance; sale; lease; encumbrance, including a mortgage or security interest; gift; or transfer by operation of law.
Added by 2021 Ch. 144, § 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1702 - Plan of division - general requirements

(1)
A domestic stock insurer may, in accordance with this part 17, divide into two or more resulting insurers pursuant to a plan of division. A domestic stock insurer's plan of division must include:
(a)
The name of the domestic stock insurer seeking to divide;
(b)
The name of each resulting insurer created by the proposed division and, for each resulting insurer, a copy of the resulting insurer's:
(I)
Proposed articles of incorporation; and
(II)
Proposed bylaws;
(c)
The manner of allocating assets and liabilities, including policy liabilities, between or among all resulting insurers;
(d)
The manner of distributing shares in the resulting insurers to the dividing insurer or the dividing insurer's shareholders;
(e)
A reasonable description of all liabilities and all assets that the dividing insurer proposes to allocate to each resulting insurer, including the manner by which the dividing insurer proposes to allocate all reinsurance contracts;
(f)
All terms and conditions required by the laws of this state and the articles of incorporation and bylaws of the dividing insurer; and
(g)
All other terms and conditions required by the division.
Added by 2021 Ch. 144,§ 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1703 - Plan of division - dividing insurer to survive division

(1)
If a dividing insurer will survive a division, the plan of division must include, in addition to the requirements described in section
10-3-1702
:
(a)
All proposed amendments to the dividing insurer's articles of incorporation and bylaws;
(b)
If the dividing insurer intends to cancel some but not all shares in the dividing insurer, the manner in which the dividing insurer intends to cancel the shares; and
(c)
If the dividing insurer intends to convert some but not all shares in the dividing insurer into shares, securities, obligations, rights to acquire shares or securities, cash, property, or any combination thereof, a statement disclosing the manner in which the dividing insurer intends to convert the shares.
Added by 2021 Ch. 144, § 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1704 - Plan of division - dividing insurer to not survive division

If a dividing insurer will not survive a division, the plan of division must include, in addition to the requirements described in section
10-3-1702
, the manner in which the dividing insurer will cancel or convert shares in the dividing insurer into shares, securities, obligations, rights to acquire shares or securities, cash, property, or any combination thereof.
Added by 2021 Ch. 144, § 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1705 - Amending plan of division

(1)
A dividing insurer may amend the dividing insurer's plan of division in accordance with any procedures set forth in the plan of division or, if procedures are not set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer. A shareholder that is entitled to vote on or consent to approval of the plan of division is entitled to vote on or consent to an amendment of the plan of division that will affect:
(a)
The amount or kind of shares, securities, obligations, rights to acquire shares or securities, cash, property, or any combination thereof to be received by any of the shareholders of the dividing insurer under the plan of division;
(b)
The articles of incorporation or bylaws of any resulting insurer that become effective when the division becomes effective, except for changes that do not require approval of the shareholders of the resulting insurer under its articles of incorporation or bylaws; or
(c)
Any other terms or conditions of the plan of division that effect a change that may adversely affect the shareholders in any material respect.
Added by 2021 Ch. 144,§ 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1706 - Abandoning plan of division

(1)
A dividing insurer may abandon its plan of division only as follows:
(a)
After the dividing insurer has approved the plan of division without any action by the shareholders and in accordance with any procedures set forth in the plan of division, or if procedures are not set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer; or
(b)
After the dividing insurer has filed a certificate of division with the commissioner pursuant to section
10-3-1710
, the dividing insurer may file a signed certificate of abandonment with the commissioner. The certificate of abandonment is effective on the date it is filed with the commissioner.
(2)
A dividing insurer shall not abandon its plan of division after the plan of division becomes effective.
(3)
If a dividing insurer elects to abandon its plan of division after the plan has been filed with the commissioner but before it becomes effective, the dividing insurer shall notify the commissioner.
Added by 2021 Ch. 144, § 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1707 - Approval of plan of division - articles of incorporation and bylaws

(1)
A dividing insurer shall not file a plan of division with the commissioner until the plan of division has been approved in accordance with all provisions of the dividing insurer's articles of incorporation and bylaws. If the dividing insurer's articles of incorporation and bylaws do not provide for approval of a plan of division, the dividing insurer shall not file the plan of division with the commissioner unless the plan of division has been approved in accordance with all provisions of the dividing insurer's articles of incorporation and bylaws that provide for approval of a merger.
(2)
If a provision of a dividing insurer's articles of incorporation or bylaws adopted before September 7, 2021, requires that a specific number or percentage of the board of directors or shareholders propose or adopt a plan of merger or impose other procedures for the proposal or adoption of a plan of merger, the dividing insurer shall adhere to the provision in proposing or adopting a plan of division. If any such provision of the articles of incorporation or bylaws is amended on or after September 7, 2021, the provision applies to a division after September 7, 2021, only in accordance with its express terms.
Added by 2021 Ch. 144,§ 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1709 - Confidentiality - records

(1)
All information, documents, materials, and copies of documents and materials submitted to, obtained by, or disclosed to the commissioner in connection with a plan of division or in contemplation of a plan of division, including any information, documents, materials, or copies provided by or on behalf of a domestic stock insurer in advance of its adoption or submission of a plan of division, are confidential and subject to the same protection and treatment described in section
10-3-808
for information and documents disclosed to or obtained by the commissioner in the course of an examination or investigation made under section
10-3-806
, until the time that a notice of the hearing required by section
10-3-1708
is issued.
(2)
After the issuance of a notice of the hearing required by section
10-3-1708
, all business, financial, actuarial, and other proprietary information for which the domestic stock insurer requests confidential treatment, other than the plan of division and any materials incorporated by reference into or otherwise made a part of the plan of division that must not be eligible for confidential treatment after the issuance of a notice of the hearing, continues to be confidential, is not available for public inspection, and is subject to the same protection and treatment as described in section
10-3-808
for information and documents disclosed to or obtained by the commissioner in the course of an examination or investigation made under section
10-3-806
. However, if the commissioner determines that the public's interest in making the information available for public inspection outweighs the interest of the dividing insurer in keeping the information confidential, the commissioner may, after notice and an opportunity to be heard, make the information available for public inspection in accordance with the "Colorado Open Records Act", part 2 of article
72
of title
24
.
Added by 2021 Ch. 144, § 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1710 - Certificate of division

(1)
If the commissioner approves a dividing insurer's plan of division pursuant to section
10-3-1708
, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division that sets forth all of the following:
(a)
The name of the dividing insurer;
(b)
A statement disclosing whether the dividing insurer survived the division. If the dividing insurer survived the division, the certificate of division must include any amendments to the dividing insurer's articles of incorporation or bylaws approved as part of the plan of division.
(c)
The name of each resulting insurer that is created by the division;
(d)
The date on which the division is effective;
(e)
A statement that the division was approved by the commissioner pursuant to section
10-3-1708
;
(f)
A statement that the dividing insurer provided reasonable notice to each reinsurer that is a party to a reinsurance contract allocated in the plan of division, if any;
(g)
The articles of incorporation and bylaws for each resulting insurer created by the division. The articles of incorporation and bylaws of each resulting insurer must comply with the applicable requirements of the laws of this state. The articles of incorporation and bylaws may state the name or address of an incorporator, may be signed, and may include any provision that is not required in a restatement of the articles of incorporation or bylaws.
(h)
A reasonable description of the capital, surplus, or other assets and liabilities, including policy liabilities, of the dividing insurer that are to be allocated to each resulting insurer.
(2)
A dividing insurer's certificate of division is effective on the date the dividing insurer files the certificate with the commissioner. A division is effective on the date specified in the certificate of division filed in accordance with this section.
Added by 2021 Ch. 144, § 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1713 - Shareholder appraisal rights

If a dividing insurer does not survive a division, a shareholder of the dividing insurer is entitled to appraisal rights and to obtain payment of the fair value of the shareholder's shares in the same manner and to the extent provided for a corporation as a party to a merger pursuant to section
7-113-102
.
Added by 2021 Ch. 144,§ 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1714 - Rules

The commissioner may adopt rules to administer this part 17.
Added by 2021 Ch. 144,§ 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1715 - Enforcement by commissioner

The commissioner may take any action within the commissioner's authority to enforce compliance with this part 17.
Added by 2021 Ch. 144,§ 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 17 - DOMESTIC STOCK INSURER DIVISION (§§ 10-3-1701 — 10-3-1716) › Section 10-3-1716 - Merger or consolidation effective with division

(1)
To facilitate the merger or consolidation of any resulting insurer with and into another company simultaneously with the effectiveness of a division authorized by this part 17, a dividing insurer, including its officers, directors, and shareholders, may:
(a)
Adopt and execute a plan of merger or consolidation on behalf of a resulting insurer;
(b)
Execute and deliver documents, plans, certificates, and resolutions; and
(c)
Make any filings, in each case, on behalf of the resulting insurer.
(2)
If so provided in a plan of merger or consolidation described in this section, the merger or consolidation is effective simultaneously with the effectiveness of a division authorized by this part 17.
(3)
On request of the dividing insurer, the commissioner may waive the other requirements of this section with respect to any merger or consolidation involving only domestic stock insurers and may issue the commissioner's final approval of the merger or consolidation as part of the commissioner's approval of a plan of division under this part 17.
Added by 2021 Ch. 144,§ 1, eff. 9/7/2021.
2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3.5 - CERTIFIED CAPITAL COMPANIES (§§ 10-3.5-101 — 10-3.5-111) › Section 10-3.5-101 - Short title

This article shall be known and may be cited as the "Certified Capital Company Act".
L. 2001: Entire article added, p. 1525, § 1, effective June 9.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3.5 - CERTIFIED CAPITAL COMPANIES (§§ 10-3.5-101 — 10-3.5-111) › Section 10-3.5-102 - Legislative declaration

(1)
The primary purpose of the "Certified Capital Company Act" is to provide assistance in the formation of new businesses and the expansion of existing businesses that create jobs in the state by providing an incentive for insurance companies to invest in certified capital companies.
(2)
The general assembly hereby:
(a)
Finds that the legislative audit committee of the general assembly has evaluated the implementation of the "Certified Capital Company Act" pursuant to Senate Joint Resolution 03-050, enacted at the first regular session of the sixty-fourth general assembly;
(b)
Determines that the allocation of premium tax credits under the "Certified Capital Company Act" that was to be made after January 31, 2004, has been repealed and reallocated pursuant to the provisions of Senate Bill 04-106 and House Bill 04-1206, enacted at the second regular session of the sixty-fourth general assembly, which leaves only those premium tax credits allocated before January 31, 2004, remaining subject to the "Certified Capital Company Act"; and
(c)
Declares that:
(I)
The "Certified Capital Company Act" should be modified to more efficiently and effectively achieve the purposes for which it was enacted, in particular by amending the method by which the office of economic development calculates certified capital companies' internal rate of return to address ambiguities and weaknesses in current law; and
(II)
Those purposes are best served by prospectively amending the "Certified Capital Company Act" pursuant to Senate Bill 04-247 and House Bill 04-1190, enacted at the second regular session of the sixty-fourth general assembly. No provision of this article shall be construed to retrospectively modify any existing statutory, regulatory, or contractual obligation.
L. 2001: Entire article added, p. 1525, § 1, effective June 9. L. 2004: Entire section amended, p. 1242, § 1, effective May 27; entire section amended, p. 1326, § 1, effective May 28.
Amendments to this section by House Bill 04-1190 and Senate Bill 04-247 were harmonized.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3.5 - CERTIFIED CAPITAL COMPANIES (§§ 10-3.5-101 — 10-3.5-111) › Section 10-3.5-105 - Premium tax credit

(1)
Any certified investor that makes an investment of certified capital pursuant to an allocation of premium tax credits as set forth in section
10-3.5-106
shall, during the year of investment, earn a vested credit against state premium tax liability equal to one hundred percent of the certified investor's investment of certified capital. With respect to investments of certified capital made after January 31, 2002, but before January 31, 2004, a certified investor shall be entitled to take up to ten percent of the vested premium tax credit each year beginning in tax year 2003 and continuing thereafter for ten years or, if the credit is carried forward pursuant to subsection (2) of this section, until the credit is fully utilized.
(2)
The credit to be applied against state premium tax liability in any one year shall not exceed the state premium tax liability of the certified investor for such taxable year. All unused credits against state premium tax liability may be carried forward for up to ten years from the date on which the credit may first be utilized.
(3)
A certified investor claiming a credit against state premium tax liability earned through an investment in a certified capital company shall not be required to pay any additional or retaliatory tax as a result of claiming such credit.
L. 2001: Entire article added, p. 1530, § 1, effective June 9. L. 2004: (1) amended, p. 26, § 4, effective March 4; (1) amended, p. 45, § 4, effective March 4.
Amendments to subsection (1) by House Bill 04-1206 and Senate Bill 04-106 were harmonized.
For the legislative declaration contained in the 2004 act amending subsection (1), see section 1 of chapter 11, Session Laws of Colorado 2004. For the legislative declaration contained in the 2004 act amending subsection (1), see section 1 of chapter 12, Session Laws of Colorado 2004.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3.5 - CERTIFIED CAPITAL COMPANIES (§§ 10-3.5-101 — 10-3.5-111) › Section 10-3.5-110 - Transferability

The premium tax credit established pursuant to this article may be transferred or sold. The office shall promulgate rules to facilitate the transfer or sale of such premium tax credits. A transfer or sale shall not affect the time schedule for taking the premium tax credit as provided in this article. Any premium tax credits recaptured pursuant to section
10-3.5-109
shall be the liability of the taxpayer who actually claimed the premium tax credits.
L. 2001: Entire article added, p. 1539, § 1, effective June 9.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111) › Article 3.5 - CERTIFIED CAPITAL COMPANIES (§§ 10-3.5-101 — 10-3.5-111) › Section 10-3.5-111 - Repeal of article

This article 3.5 is repealed, effective July 1, 2025.
Added by 2017 Ch. 283,§ 15, eff. 6/1/2017.
L. 2017: Entire section added, (SB 17-249), ch. 283, p. 1548, § 15, effective June 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-101 - Legislative declaration

The general assembly declares that the health, welfare, and safety of the people of the state of Colorado would be enhanced by the expeditious handling of liability claims. The general assembly further declares that the handling of such claims would be expedited if voluntary payment by one person, or on his behalf to an injured person, could not be construed as an admission of fault or liability as to any claim arising out of the same occurrence.
L. 67: p. 972, § 1. C.R.S. 1963: § 72-1-58.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-102 - Federal "voluntary fair access to insurance required, property insurance program" - state qualification

In order that this state may share in the provisions of
12 U.S.C. sec. 1749bbb
, which makes available to states that qualify with its provisions a federal program of reinsurance against abnormally high property insurance losses resulting from riots and other civic commotions, the commissioner is authorized to adopt necessary regulations to qualify this state with the provisions of said federal law, but any regulations so authorized by this section shall otherwise comply with the laws of this state and be subject thereto, and such plan shall be in all respects voluntary.
L. 69: p. 512, § 1. C.R.S. 1963: § 72-1-61.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-103 - Voluntary partial payment of liability claims without admission of liability

No voluntary partial payment of a claim against any person based on alleged liability of that person for injury or property damage arising out of any occurrence shall be construed as an admission of fault or liability, or as a waiver or release of claim, by the person receiving such payment. Such payment, moreover, shall not be admissible in any action, as evidence, for the purpose of determining the amount of any judgment with respect to the same parties as to such occurrence. Upon settlement of the claim, the parties may make any agreement they so desire in respect to all such voluntary partial payments. After entry of judgment, any such payment shall be treated as a credit against the judgment and is deductible from the amount of the judgment. If, after partial voluntary payments are made as provided for in this section, it is determined by final judgment of a court of competent jurisdiction that the payer is liable for an amount less than the voluntary payments already made, the payer shall have no right of action for the recovery of amounts by which the voluntary payments exceed the final judgment. No voluntary partial payments shall be construed to reduce the amount of damages which may be pleaded and proved in a court proceeding between the parties.
L. 67: p. 972, § 2. C.R.S. 1963: § 72-1-59.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-104 - Competency of minor to contract for insurance - nonavoidance

Any minor sixteen years of age or older may, notwithstanding his or her minority, contract for insurance, including motor vehicle insurance, upon his or her own property or liabilities. The minor is hereby determined to be competent to exercise all rights and powers with respect to or under any such contract as might be exercised by a person of full legal age and may at any time surrender the minor's interest in the contract and give valid discharge for any benefits accruing or money payable thereunder. Having entered into a contract for insurance, the minor is not entitled to rescind, avoid, or repudiate the contract nor to rescind, avoid, or repudiate any exercise of a right or privilege under the contract by reason of minority.
Amended by 2019 Ch. 239,§ 1, eff. 8/2/2019.
L. 63: p. 573, § 1. C.R.S. 1963: § 72-1-54. L. 2019: Entire section amended, (HB 19-1023), ch. 239, p. 2361, § 1, effective August 2.
For competency of persons to enter into any legal contractual obligation, see § 13-22-101.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-105 - Valuation of bonds and policies other than life

For the purpose of establishing the liability of companies doing a surety business and of insurance companies other than life, the amount required to safely reinsure all outstanding risks shall be estimated by taking fifty percent of the gross annual premiums on all surety bonds, risks, and policies in force that have less than one year to run, and pro rata of all gross premiums on risks that have more than one year to run.
L. 13: p. 350, § 42. C.L. § 2515. CSA: C. 87, § 56. CRS 53: § 72-3-2. C.R.S. 1963: § 72-3-2.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-106 - Assigned risks

(1)
The commissioner may, after consultation with the insurers licensed to write mortgage guaranty insurance in this state, establish or approve a reasonable plan, and rules governing the same, for the equitable apportionment among such insurers of applicants for such insurance who are in good faith entitled to but are unable to procure insurance through ordinary methods, and, when such plan has been approved, all such insurers may subscribe thereto and participate therein. Any applicant for such insurance, any person insured under such plan, and any insurer affected may appeal to the commissioner from any ruling or decision of the manager or committee designated to operate such plan.
(2)
Insurance provided under this section shall be provided only for the purposes listed in article
49
of title
7
, C.R.S., and may be made in cooperation with the corporation established in said article.
L. 75: Entire section added, p. 270, § 2, effective June 29.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-106.5 - Medical malpractice insurers - requirement to provide information to the department of public health and environment

Upon request by the department of public health and environment pursuant to section
25-52-104(5)(e)
, an insurer offering a policy of medical malpractice insurance shall provide the department with information regarding the insurer's policies related to labor and delivery services.
Added by 2021 Ch. 433,§ 1, eff. 9/7/2021.
Section 12 of chapter 433 (SB 21-193), Session Laws of Colorado 2021, provides that this section takes effect only if section
25-52-104(5)(e)
as enacted in section 5 of SB 21-194 (chapter 434) becomes law and takes effect either upon the effective date of SB 21-193 or SB 21-194, whichever is later. SB 21-194 became law and both bills have an effective date of September 7, 2021.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-107 - Cancellation of medical malpractice policies

(1)
A notice of cancellation of a medical malpractice policy shall be valid only if it is based on one or more of the following reasons:
(a)
Nonpayment of premiums; or
(b)
The license of the insured health-care provider has been suspended or revoked by the appropriate state regulatory authority; or
(c)
The insured knowingly made a false statement on the application for insurance; or
(d)
There has been a substantial change in the exposure or risk other than that indicated in the application and underwritten as of the effective date of the policy unless the insured has notified the insurer of the change and the insurer accepts such change.
(2)
This section shall not apply to any policy or coverage which has been in effect less than sixty days at the time the notice of cancellation is mailed or delivered by the insurer, unless it is a renewal policy.
(3)
This section shall not apply to nonrenewal of a policy.
(4)
This section shall not apply to insurers providing coverage for exempt commercial policyholders, as defined pursuant to section
10-4-1402
and rules adopted by the commissioner pursuant to that section.
L. 76: Entire section added, p. 365, § 1, effective May 21. L. 86: (1)(c) amended and (1)(d) added, p. 572, § 1, effective July 1. L. 99: (4) added, p. 389, § 12, effective 1/15/2000.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-108 - Notice

(1)
No notice of the cancellation of a policy to which section
10-4-107
applies shall be valid unless mailed or delivered by the insurer to the named insured at least ninety days prior to the effective date of cancellation; but, where cancellation is for nonpayment of premium, at least ten days' notice of cancellation accompanied by the reasons therefor shall be given. Unless the reasons of the company are included in the notice of cancellation, the notice of cancellation shall state or be accompanied by a statement that, upon written request of the named insured mailed or delivered to the insurer not less than fifteen days prior to the effective date of cancellation, the insurer will specify the reasons for such cancellation.
(2)
When the reason for cancellation does not accompany or is not included in the notice of cancellation, the insurer shall, upon written request of the named insured mailed or delivered to the insurer not less than fifteen days prior to the effective date of cancellation, specify in writing the reason for such cancellation. Such reason shall be mailed or delivered to the named insured within five days after receipt of such request.
(3)
This section shall not apply to nonrenewal of a policy.
(4)
This section shall not apply to insurers providing coverage for exempt commercial policyholders, as defined pursuant to section
10-4-1402
and rules adopted by the commissioner pursuant to that section.
L. 76: Entire section added, p. 365, § 1, effective May 21. L. 86: (1) amended, p. 572, § 2, effective July 1. L. 99: (4) added, p. 389, § 13, effective 1/15/2000.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-109 - Nonrenewal of medical malpractice policies

(1)
No insurer shall refuse to renew a policy of medical malpractice insurance unless such insurer or its agent mails or delivers to the named insured, at the last address shown in the insurer's records, at least ninety days' advance notice of its intention not to renew. This section shall not apply:
(a)
If the insurer has already manifested its willingness to renew;
(b)
Repealed.
(c)
If the insured fails to pay any premium deposit required by the insurer for renewal.
(2)
Notwithstanding the failure of an insurer to comply with this section, the policy shall terminate on the effective date of any other malpractice liability insurance policy with respect to the particular insured, if such policy has substantially the same limits and provisions of coverage.
(3)
Renewal of a policy shall not constitute a waiver or estoppel with respect to grounds for cancellation which existed before the effective date of such renewal.
(4)
In the event an insurer refuses to renew, the insured may, by written request, demand a written notification of the reasons for nonrenewal. Such notification shall be given the insured within twenty days after receipt of such request.
(5)
Any statement of reasons contained in the notice pursuant to subsection (4) of this section shall be privileged and shall not constitute grounds for any action against the insurer or its representatives or any person who in good faith furnished to the insurer the information upon which the statement is based.
(6)
This section shall not apply to insurers providing coverage for exempt commercial policyholders, as defined pursuant to section
10-4-1402
and rules adopted by the commissioner pursuant to that section.
L. 76: Entire section added, p. 365, § 1, effective May 21. L. 86: IP(1) amended and (1)(b) repealed, pp. 573, 575, §§ 3, 7, effective July 1. L. 99: (6) added, p. 389, § 14, effective 1/15/2000.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-109.5 - Notice of intent prior to unilateral increase in premium or decrease in coverage previously provided in medical malpractice policies

(1)
No insurer shall increase the premium unilaterally or decrease the coverage benefits previously provided as contained in a medical malpractice policy unless such insurer mails by first-class mail to the named insured, at the last address shown in the insurer's records, at least ninety days' advance notice, accompanied by the reason therefor, of the company's intention to increase the premium unilaterally or decrease the coverage benefits provided on renewal.
(2)
A notice of a decrease in coverage benefits previously provided pursuant to this section shall be valid only if it sets forth the reason for the decrease and is based on one or more of the following reasons:
(a)
Nonpayment of premium;
(b)
A false statement knowingly made by the insured on the application for insurance;
(c)
A substantial change in the exposure or risk other than that indicated in the application and underwritten as of the effective date of the policy unless the insured has notified the insurer of the change and the insurer accepts such change.
(3)
This section shall not apply to insurers providing coverage for exempt commercial policyholders, as defined pursuant to section
10-4-1402
and rules adopted by the commissioner pursuant to that section.
L. 86: Entire section added, p. 573, § 4, effective July 1. L. 99: (3) added, p. 389, § 15, effective 1/15/2000.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-109.6 - Medical malpractice insurers - protections relating to reproductive health care - definition

(1)
An insurer that issues medical malpractice insurance shall not take a prohibited action against an applicant for or the named insured under a medical malpractice policy in this state solely because the applicant or insured has provided, or assisted in the provision of, a legally protected health-care activity, as defined in section
12-30-121 (1)(d)
, in this state, so long as the care provided by the applicant or insured was consistent with generally accepted standards of practice under Colorado law and did not otherwise violate Colorado law.
(2)
As used in this section, "prohibited action" means:
(a)
Refusing to issue a medical malpractice policy;
(b)
Canceling or terminating a medical malpractice policy;
(c)
Refusing to renew a medical malpractice policy; or
(d)
Imposing any sanctions, fines, penalties, or rate increases.
Added by 2023 Ch. 68,§ 2, eff. 4/14/2023.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Article 4 - PROPERTY AND CASUALTY INSURANCE (§§ 10-4-101 — 10-4-1909) › Part 1 - GENERAL (§§ 10-4-101 — 10-4-123) › Section 10-4-109.7 - Notice of intent prior to cancellation of certain policies of insurance

(1)
No insurer shall cancel a policy of insurance that provides coverages on commercial exposures such as general comprehensive liability, municipal liability, automobile liability and physical damage, fidelity and surety, fire and allied lines, inland marine, errors and omissions, excess liability, products liability, police liability, professional liability, or false arrest insurance unless such insurer mails by first-class mail to the named insured, at the last address shown in the insurer's records, at least forty-five days in advance a notice of the company's intention to cancel; but, where cancellation is for nonpayment of premium, at least ten days' notice of cancellation accompanied by the reasons therefor shall be given.
(2)
A notice of cancellation pursuant to this section shall be valid only if it is based on one or more of the following reasons:
(a)
Nonpayment of premium;
(b)
A false statement knowingly made by the insured on the application for insurance;
(c)
A substantial change in the exposure or risk other than that indicated in the application and underwritten as of the effective date of the policy unless the insured has notified the insurer of the change and the insurer accepts such change.
(3)
This section shall not apply to insurance companies authorized to write surplus line insurance in Colorado.
(4)
This section shall not apply to insurers providing coverage for exempt commercial policyholders, as defined pursuant to section
10-4-1402
and rules adopted by the commissioner pursuant to that section.
L. 86: Entire section added, p. 573, § 4, effective July 1. L. 87: (1) amended and (3) added, p. 425, § 2, effective May 1. L. 99: (4) added, p. 389, § 16, effective 1/15/2000.