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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1105 - Favored agent or insurer - coercion of debtors

(1)
No person may:
(a)
Require, as a condition precedent to the lending of money, or extension of credit, or to entering into any lease transaction, or any renewal of any of them, that the person to whom such money or credit is extended, or the lessee, or the person whose obligation the creditor is to acquire or finance negotiate any policy or contract of insurance through a particular insurer or group of insurers or agent or broker or group of agents or brokers;
(b)
Unreasonably disapprove the insurance policy provided by a borrower or lessee for the protection of the property securing the credit, or lien, or which is the subject of the lease. For the purposes of this paragraph (b), disapproval shall be deemed unreasonable if it is not based solely on reasonable standards uniformly applied, relating to the extent of coverage required and the financial soundness and the services of an insurer. Such standards shall not discriminate against any particular type of insurer, nor shall such standards call for the disapproval of an insurance policy because such policy contains coverage in addition to that required; or
(c)
Require directly or indirectly that any borrower, mortgagor, purchaser, insurer, broker, or agent pay a separate charge in connection with the handling of any insurance policy required as security for a loan on real estate, or pay a separate charge to substitute the insurance policy of one insurer for that of another. The provisions of this paragraph (c) shall not apply to the interest which may be charged on premium loans or premium advancements in accordance with the security instrument.
(2)
The commissioner may investigate the affairs of any person to whom this section applies to determine whether such person has violated the provisions of this section. If a violation of this section is found, the person in violation shall be subject to the same procedures and penalties as are applicable to other provisions of this part 11.
(3)
For the purposes of this section, "person" includes any individual, corporation, association, partnership, or other legal entity.
L. 73: R&RE, p. 861, § 1. C.R.S. 1963: § 72-14-5. L. 85: (1)(a) and (1)(b) amended, p. 302, § 13, effective May 10.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1106 - Power of commissioner

The commissioner shall have power to examine and investigate into the affairs of every person engaged in the business of insurance in this state in order to determine whether such person has been or is engaged in any unfair method of competition or in any unfair or deceptive act or practice prohibited by this part 11.
L. 73: R&RE, p. 861, § 1. C.R.S. 1963: § 72-14-6.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1107 - Hearings

Whenever the commissioner has reason to believe that any person has been engaged or is engaging in this state in any unfair method of competition or any unfair or deceptive act or practice, whether defined or reasonably implied in this part 11, or has violated any other provision of this title or any rule or lawful order of the commissioner and that a proceeding by the commissioner in respect thereto would be to the interest of the public, the commissioner shall proceed as provided in article
4
of title
24
, C.R.S. Any final action by the commissioner pursuant to this section shall be subject to judicial review by the court of appeals pursuant to section
24-4-106(11)
, C.R.S.
L. 73: R&RE, p. 862, § 1. C.R.S. 1963: § 72-14-7. L. 92: Entire section amended, p. 1556, § 53, effective May 20. L. 97: Entire section amended, p. 1077, § 3, effective July 1.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1109 - Penalty for violation of cease-and-desist orders

(1)
Any person who violates a cease-and-desist order of the commissioner issued under section
10-3-1108
, and while such order is in effect, may, after notice and hearing and upon order of the commissioner, be subject, at the discretion of the commissioner, to any one or more of the following:
(a)
A monetary penalty of not more than ten thousand dollars for each and every act or violation of an insurer; or a monetary penalty of not more than five hundred dollars for each and every act or violation of an individual;
(b)
Suspension or revocation of such person's license.
L. 73: R&RE, p. 862, § 1. C.R.S. 1963: § 72-14-9.
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 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1110 - Rules

(1)
The commissioner may, after notice and hearing, as provided in article
4
of title
24
, C.R.S., promulgate reasonable rules and regulations as are necessary or proper to identify specific methods of competition or acts or practices which are prohibited by sections
10-3-1104
and
10-3-1105
.
(2)
The commissioner may, after notice and hearing, as provided in article
4
of title
24
, C.R.S., promulgate rules with respect to the payment of benefits under group and individual contracts of property or casualty coverage, issued by organizations authorized to do business in this state under the provisions of article
4
of this title; except that, to the extent that a provision of this subsection (2) conflicts with section
10-4-642
, as enacted by Senate Bill 04-125, enacted at the second regular session of the sixty-fourth general assembly, the provisions of said section
10-4-642
shall govern. Such rules may establish a penalty payable to the claimant on benefit payments that are delayed more than sixty days after a valid and complete filing of the claim unless there is a reasonable dispute between the parties concerning such claim. Such penalty shall not exceed twenty dollars on claims of less than one hundred dollars or interest at a rate of eight percent annually on claims above one hundred dollars. In addition to such penalties payable to the claimant, the commissioner, after notice and hearing, may assess a civil penalty against any insurer of one hundred dollars per day for each day benefit payments are delayed more than sixty days after a valid and complete filing of the claim unless there is a reasonable dispute between the parties concerning such claim.
(3)
(Deleted by amendment, L. 99, p. 1142, § 2, effective January 1, 2000.)
L. 73: R&RE, p. 862, § 1. C.R.S. 1963: § 72-14-10. L. 84: Entire section amended, p. 331, § 2, effective July 1. L. 90: (2) amended, p. 614, § 3, effective April 5. L. 91: (2) amended, p. 1909, § 10, effective June 1. L. 92: (2) amended, p. 1556, § 54, effective May 20; (2) amended, p. 1724, § 6, effective July 1. L. 99: (2) and (3) amended, p. 1142, § 2, effective 1/1/2000. L. 2003: (2) amended, p. 1571, § 5, effective July 1. L. 2004: (2) amended, p. 894, § 2, effective May 21; (2) amended, p. 1102, § 3, effective July 1.
Amendments to subsection (2) by Senate Bill 92-090 and Senate Bill 92-104 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 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716) › Part 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1111 - Provisions of part 11 additional to existing law

The powers vested in the commissioner by this part 11 shall be additional to any other powers to enforce any monetary or other penalties or forfeitures authorized by law with respect to the methods, acts, and practices declared in this part 11 to be unfair or deceptive.
L. 73: R&RE, p. 862, § 1. C.R.S. 1963: § 72-14-11.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1112 - Immunity from prosecution

(1)
If any person asks to be excused from attending and testifying or from producing any books, papers, records, correspondence, or other documents at any hearing on the ground that the testimony or evidence required of him may tend to incriminate him or subject him to a penalty or forfeiture and, notwithstanding, is directed to give such testimony or produce such evidence, he must comply with such direction; but he shall not thereafter be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which he may testify or produce evidence pursuant thereto; and no testimony so given or evidence so produced shall be received against him upon any criminal action, investigation, or proceeding. No such individual so testifying may be exempt from prosecution or punishment for perjury in the first degree committed by him while so testifying, and the testimony or evidence so given or produced shall be admissible against him upon any criminal action, investigation, or proceeding concerning such perjury; nor may he be exempt from the refusal, revocation, or suspension of any license, permission, or authority conferred, or to be conferred, pursuant to the insurance law of this state.
(2)
Any such individual may execute, acknowledge, and file in the office of the commissioner a statement expressly waiving such immunity or privilege in respect to any transaction, matter, or thing specified in such statement and thereupon the testimony of such person or such evidence in relation to such transaction, matter, or thing may be received or produced before any judge or justice, court, tribunal, grand jury, or otherwise, and if so received or produced such individual shall not be entitled to any immunity or privilege on account of any testimony he may so give or evidence so produced.
L. 73: R&RE, p. 862, § 1. C.R.S. 1963: § 72-14-12.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1113 - Information to trier of fact in civil actions

(1)
In any civil action for damages founded upon contract, or tort, or both against an insurance company, the trier of fact may be instructed that the insurer owes its insured the duty of good faith and fair dealing, which duty is breached if the insurer delays or denies payment without a reasonable basis for its delay or denial.
(2)
Under a policy of liability insurance, the determination of whether the insurer's delay or denial was reasonable shall be based on whether the insurer's delay or denial was negligent.
(3)
Under a policy of first-party insurance, the determination of whether the insurer's delay or denial was reasonable shall be based on whether the insurer knew that its delay or denial was unreasonable or whether the insurer recklessly disregarded the fact that its delay or denial was unreasonable.
(4)
In determining whether an insurer's delay or denial was reasonable, the jury may be instructed that willful conduct of the kind set forth in section
10-3-1104(1)(h)(I) to (1)(h)(XIV)
is prohibited and may be considered if the delay or denial and the claimed injury, damage, or loss was caused by or contributed to by such prohibited conduct.
L. 87: Entire section added, p. 423, § 1, effective July 1.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1114 - Construction of part 11

Except as provided in sections
10-3-1115
and
10-3-1116
, nothing in this part 11 shall be construed to create a private cause of action based on alleged violations of this part 11 or to abrogate any common law contract or tort cause of action.
L. 87: Entire section added, p. 424, § 1, effective July 1. L. 2008: Entire section amended, p. 2172, § 4, effective August 5.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1115 - Improper denial of claims - prohibited - definitions - severability

(1)
(a)
A person engaged in the business of insurance shall not unreasonably delay or deny payment of a claim for benefits owed to or on behalf of any first-party claimant.
(b)
For the purposes of this section and section
10-3-1116
:
(I)
"First-party claimant" means an individual, corporation, association, partnership, or other legal entity asserting an entitlement to benefits owed directly to or on behalf of an insured under an insurance policy. "First-party claimant" includes a public entity that has paid a claim for benefits due to an insurer's unreasonable delay or denial of the claim.
(II)
"First-party claimant" does not include:
(A)
A nonparticipating provider performing services; or
(B)
A person asserting a claim against an insured under a liability policy.
(2)
Notwithstanding section
10-3-1113 (3)
, for the purposes of an action brought pursuant to this section and section
10-3-1116
, an insurer's delay or denial was unreasonable if the insurer delayed or denied authorizing payment of a covered benefit without a reasonable basis for that action.
(3)
If any provision of this section or its application to any person or circumstance is held illegal, invalid, or unenforceable, no other provisions or applications of this section shall be affected that can be given effect without the illegal, invalid, or unenforceable provision or application, and to this end the provisions of this section are severable.
(4)
The general assembly declares that this section is a law regulating insurance.
(5)
This section and section
10-3-1116
shall not apply to insurance issued in compliance with the "Workers' Compensation Act of Colorado", articles
40
to
47
of title
8
, C.R.S.
(6)
This section and section
10-3-1116
shall not apply to title insurance issued pursuant to article
11
of this title or to life insurance issued pursuant to article
7
of this title.
(7)
The provisions of this section and section
10-3-1116
do not apply to any claim payment that is delayed or denied because of the insurer's participation in the child support enforcement mechanism established in section
26-13-122.7
, C.R.S.
Amended by 2016 Ch. 157, § 1, eff. 1/1/2017.
L. 2008: Entire section added, p. 2172, § 5, effective August 5. L. 2016: (7) added, (HB 16-1165), ch. 157, p. 490, § 1, effective 1/1/2017.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1117 - Required disclosures - liability - definition

(1)
Not more than thirty calendar days after receiving a written request from an insured party, an insurer that issues a commercial automobile or personal automobile policy of insurance for delivery in this state shall provide to the insured party a copy of the complete policy of insurance, including any endorsements.
(2)
(a)
Each insurer that provides or may provide commercial automobile or personal automobile liability insurance coverage to pay all or a portion of a pending or prospective claim shall provide to the claimant or the claimant's attorney via mail, facsimile, or electronic delivery, within thirty calendar days after receiving a written request from the claimant or the claimant's attorney, which request is sent to the insurer's registered agent, a statement setting forth the following information with regard to each known policy of insurance of the named insured, including excess or umbrella insurance, that is or may be relevant to the claim:
(I)
The name of the insurer;
(II)
The name of each insured party, as the name appears on the declarations page of the policy;
(III)
The limits of the liability coverage; and
(IV)
A copy of the policy.
(b)
An insured party, upon written request of a claimant or a claimant's attorney, shall disclose to the claimant or claimant's attorney the name and coverage of each known insurer of the insured party.
(3)
An insurer that violates this section is liable to the requesting claimant for damages in an amount of one hundred dollars per day, beginning on and including the thirty-first day following the receipt of the claimant's written request. The penalty accrues until the insurer provides the information required by this section. An insurer that fails to make a disclosure required by this section is also responsible for attorney fees and costs incurred by a claimant in enforcing the penalty.
(4)
The claimant and any attorney of the claimant shall not disclose to any party the information described in subsection (2)(a) of this section; except that the claimant and an attorney of the claimant may discuss the information with the claimant's insurer.
(5)
As used in this section, unless the context otherwise requires, "claimant" means a person that has provided notice to an insurer of a potential claim.
Added by 2019 Ch. 250, § 2, eff. 1/1/2020.
L. 2019: Entire section added, (HB 19-1283), ch. 2427, p. 2427, § 2, effective 1/1/2020.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1118 - Failure-to-cooperate defense

(1)
To plead or prove a failure-to-cooperate defense in an action concerning an insurance policy providing first-party benefits or coverage, each of the following conditions must be met before the defense is asserted in a court of law or an arbitration:
(a)
The insurer has submitted a written request to the insured or the insured's representative for the information the insurer seeks via:
(I)
Electronic means if the insured or the insured's representative has consented to receive electronic documents from the insurer; or
(II)
Certified mail;
(b)
The information is not available to the insurer without the assistance of the insured;
(c)
The written request provides the insured sixty days to respond;
(d)
The written request is for information a reasonable person would determine the insurer needs to adjust the claim filed by the insured or to prevent fraud; and
(e)
The insurer gives the insured an opportunity to cure, which must:
(I)
Include the furnishing of written notice to the insured of the alleged failure to cooperate, describing with particularity the alleged failure, within sixty days after the alleged failure; and
(II)
Allow the insured sixty days after receipt of the written notice to cure the alleged failure to cooperate.
(2)
A failure-to-cooperate defense acts as a defense to the portion of the claim materially and substantially prejudiced to the extent the insurer could not evaluate or pay that portion of the claim.
(3)
The existence of a duty to cooperate in a policy does not relieve the insurer of its duty to investigate or to comply with section
10-3-1104
.
(4)
Any language in a first-party policy that conflicts with this section is void as against the public policy of Colorado.
(5)
An insurer is not liable for a claim in a civil action based upon a bad-faith breach of contract under common law or under sections
10-3-1115
and
10-3-1116
because the insurer solely provides the insured with the required amount of time:
(a)
To respond to the insurer's written request as specified under subsection (1)(c) of this section; and
(b)
To cure the alleged failure to cooperate as specified under subsection (1)(e) of this section.
Added by 2020 Ch. 229,§ 1, eff. 9/14/2020.
L. 2020: Entire section added, (HB 20-1290), ch. 1116, p. 1116, § 1, effective September 14.
Section 2 of chapter 229 (HB 20-1290), Session Laws of Colorado 2020, provides that the act adding this section applies to litigation that occurs on or after September 14, 2020.
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 11 - UNFAIR COMPETITION - DECEPTIVE PRACTICES (§§ 10-3-1101 — 10-3-1119) › Section 10-3-1119 - [Repealed]

Repealed by 2024 Ch. 320,§ 4, eff. 5/31/2024.
Added by 2023 Ch. 64,§ 2, eff. 1/1/2024.
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 12 - SYSTEMS FOR HOLDING AND TRANSFERRING SECURITIES (§§ 10-3-1201 — 10-3-1203) › Section 10-3-1201 - Legislative declaration

The purpose of section
10-3-210(2)
and this part 12 is to authorize domestic insurance companies to utilize modern systems for holding and transferring securities without physical delivery of securities certificates, subject to appropriate regulations of the commissioner.
L. 83: Entire part added, p. 451, § 2, effective May 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 12 - SYSTEMS FOR HOLDING AND TRANSFERRING SECURITIES (§§ 10-3-1201 — 10-3-1203) › Section 10-3-1202 - Definitions

As used in this part 12, unless the context otherwise requires:
(1)
"Clearing corporation" has the meaning ascribed to it in section
4-8-102(a)(5)
, C.R.S.; except that, with respect to a security issued by an institution organized or existing under the laws of any foreign country or a security used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, "clearing corporation" includes a corporation which is organized or existing under the laws of any foreign country and which is legally qualified under such laws to effect transactions in securities by computerized book-entry.
(2)
"Direct participant" means a bank or trust company or other institution which maintains an account in its name in a clearing corporation and through which an insurance company participates in a clearing corporation.
(3)
"Federal reserve book-entry system" means the computerized system sponsored by the United States department of the treasury and certain agencies and instrumentalities of the United States for holding and transferring securities of the United States government and such agencies and instrumentalities, respectively, in federal reserve banks through banks which are members of the federal reserve system or which otherwise have access to such computerized system.
(4)
"Member bank" means a national bank, state bank, or trust company which is a member of the federal reserve system and through which an insurance company participates in the federal reserve book-entry system.
(5)
"Security" has any of the meanings specified in section
4-8-102(a)(15)
, C.R.S.
L. 83: Entire part added, p. 451, § 2, effective May 3. L. 96: (1) and (5) amended, p. 245, § 22, effective July 1.
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 12 - SYSTEMS FOR HOLDING AND TRANSFERRING SECURITIES (§§ 10-3-1201 — 10-3-1203) › Section 10-3-1203 - Book-entry system

(1)
Notwithstanding any provision of law, a domestic insurance company may deposit or arrange for the deposit of securities held in or purchased for its general account and its separate accounts in a clearing corporation or the federal reserve book-entry system. When securities are deposited with a clearing corporation, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of such clearing corporation with any other securities deposited with such clearing corporation by any person, regardless of the ownership of such securities, and certificates representing securities of small denominations may be merged into one or more certificates of larger denominations. The records of any member bank through which an insurance company holds securities in the federal reserve book-entry system and the records of any custodian banks through which an insurance company holds securities in a clearing corporation shall, at all times, show that such securities are held for such insurance company and for which accounts thereof. Ownership of, and other interests in, such securities may be transferred by bookkeeping entry on the books of such clearing corporation or in the federal reserve book-entry system without, in either case, physical delivery of certificates representing such securities.
(2)
The commissioner is authorized to promulgate rules and regulations governing the deposit by insurance companies of securities with clearing corporations and in the federal reserve book-entry system.
L. 83: Entire part added, p. 452, § 2, effective May 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 13 - MODEL QUALITY REPLACEMENT PARTS ACT (§§ 10-3-1301 — 10-3-1307) › Section 10-3-1301 - Short title

This part 13 shall be known and may be cited as the "Model Quality Replacement Parts Act".
L. 89: Entire part added, p. 450, § 1, effective July 1.
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 13 - MODEL QUALITY REPLACEMENT PARTS ACT (§§ 10-3-1301 — 10-3-1307) › Section 10-3-1302 - Legislative declaration

The general assembly declares that the purpose of this article is to recognize the use of replacement automobile crash parts by requiring disclosure when any use is proposed of a nonoriginal equipment replacement crash part, and by requiring that the manufacturer of any such replacement crash part be adequately identified.
L. 89: Entire part added, p. 450, § 1, effective July 1.
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 13 - MODEL QUALITY REPLACEMENT PARTS ACT (§§ 10-3-1301 — 10-3-1307) › Section 10-3-1303 - Definitions

As used in this part 13, unless the context otherwise requires:
(1)
"Insurer" means every person engaged as principal, indemnitor, surety, or contractor in the business of making contracts of insurance, and any person authorized to represent an insurer with respect to a claim.
(2)
"Nonoriginal equipment replacement crash part" means a replacement crash part which is not supplied by the manufacturer of the motor vehicle on which the part is used.
(3)
"Replacement crash part" means a replacement for any of the nonmechanical sheet metal or plastic parts which generally constitute the exterior of a motor vehicle, including inner and outer panels.
L. 89: Entire part added, p. 450, § 1, effective July 1.
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 13 - MODEL QUALITY REPLACEMENT PARTS ACT (§§ 10-3-1301 — 10-3-1307) › Section 10-3-1304 - Identification of parts

Any nonoriginal equipment replacement crash part supplied for use in this state shall have the name or trademark of the manufacturer affixed to or inscribed on it. Such name or trademark shall be placed so as to be visible after installation of the part whenever practicable.
L. 89: Entire part added, p. 451, § 1, effective July 1.
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 13 - MODEL QUALITY REPLACEMENT PARTS ACT (§§ 10-3-1301 — 10-3-1307) › Section 10-3-1305 - Disclosure

No insurer shall specify the use of nonoriginal equipment replacement crash parts in the repair of an insured's motor vehicle without disclosing the intended use of such parts to the insured. In all instances where nonoriginal equipment replacement crash parts are intended for use by an insurer, the written estimate shall clearly identify each such part as being a nonoriginal equipment replacement crash part, and a disclosure document containing the following information in ten-point type or larger type shall appear on or be attached to the insured's copy of the estimate: "This estimate has been prepared based on the use of one or more crash parts supplied by a source other than the manufacturer of your motor vehicle. Warranties, if any, applicable to these replacement crash parts are provided by the parts manufacturer or distributor rather than by the manufacturer of your vehicle."
L. 89: Entire part added, p. 451, § 1, effective July 1.
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 13 - MODEL QUALITY REPLACEMENT PARTS ACT (§§ 10-3-1301 — 10-3-1307) › Section 10-3-1306 - Unfair and deceptive acts

A violation of or noncompliance with any provision of this part 13 shall be an unfair method of competition and unfair or deceptive act or practice in the business of insurance subject to the provisions of part 11 of this article.
L. 89: Entire part added, p. 451, § 1, effective July 1.
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 13 - MODEL QUALITY REPLACEMENT PARTS ACT (§§ 10-3-1301 — 10-3-1307) › Section 10-3-1307 - Liability

Nothing in this part 13 shall affect either rights, defenses, or liabilities of parties otherwise available at law regarding damages or injuries arising from the use of replacement crash parts.
L. 89: Entire part added, p. 451, § 1, effective July 1.
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 14 - MODEL RISK RETENTION ACT (§§ 10-3-1401 — 10-3-1403) › Section 10-3-1401 - Short title

This part 14 shall be known and may be cited as the "Model Risk Retention Act".
L. 91: Entire part added, p. 1248, § 10, effective July 1.
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 14 - MODEL RISK RETENTION ACT (§§ 10-3-1401 — 10-3-1403) › Section 10-3-1402 - Purpose

The purpose of this part 14 is to authorize the commissioner to regulate the formation or operation, or both, of risk retention groups and purchasing groups in this state formed pursuant to the provisions of the federal "Liability Risk Retention Act of 1986", to the extent permitted by such federal law.
L. 91: Entire part added, p. 1248, § 10, effective July 1.
For the federal "Liability Risk Retention Act of 1986", see 15 U.S.C. § 3901 et seq.
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 14 - MODEL RISK RETENTION ACT (§§ 10-3-1401 — 10-3-1403) › Section 10-3-1403 - Authority of commissioner

The commissioner may establish, and from time to time amend, such regulations as are necessary to enable the commissioner to regulate risk retention groups and purchasing groups in this state to the extent permitted by the federal "Liability Risk Retention Act of 1986" and pursuant to the provisions of the laws of the state of Colorado.
L. 91: Entire part added, p. 1248, § 10, effective July 1.
For the "Liability Risk Retention Act of 1986", see 15 U.S.C. § 3901 et seq.
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 15 - OWN RISK AND SOLVENCY ASSESSMENT (ORSA) › Section 10-3-1501 - Purpose and scope - applicability - legislative declaration

(1)
The purpose of this part 15 is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment (ORSA) and provide guidance and instructions for filing an ORSA summary report with the commissioner.
(2)
The requirements of this part 15 apply to all insurers domiciled in this state unless exempt pursuant to section
10-3-1506
.
(3)
The general assembly finds and declares that the ORSA summary report will contain confidential and sensitive information related to an insurer's or insurance group's identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of the general assembly that the ORSA summary report be a confidential document filed with the commissioner, be shared only as stated in this part 15 and to assist the commissioner in the performance of his or her duties, and not be subject to public disclosure.
Added by 2016 Ch. 32,§ 2, eff. 3/18/2016.
L. 2016: Entire part added, (SB 16-029), ch. 32, p. 73, § 2, effective March 18.
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 15 - OWN RISK AND SOLVENCY ASSESSMENT (ORSA) › Section 10-3-1502 - Definitions

As used in this part 15, unless the context otherwise requires:
(1)
"Insurance group" means, for the purpose of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in section
10-3-801 (5)
.
(2)
"Insurer" has the same meaning as set forth in section
10-3-801 (6)
and includes any political subdivision of the state created pursuant to article
45
of title
8
, C.R.S.
(3)
"NAIC" or "national association of insurance commissioners" means the organization of insurance regulators from the fifty states, the District of Columbia, and the five United States territories.
(4)
"ORSA guidance manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA guidance manual is effective on the January 1 following the calendar year in which the change is adopted by the NAIC.
(5)
"ORSA summary report" means a confidential, high-level summary of an insurer's or insurance group's ORSA.
(6)
"Own risk and solvency assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks.
Amended by 2023 Ch. 303,§ 8, eff. 8/7/2023.
Added by 2016 Ch. 32, § 2, eff. 3/18/2016.
L. 2016: Entire part added, (SB 16-029), ch. 32, p. 73, § 2, effective March 18.
2023 Ch. 303, 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 15 - OWN RISK AND SOLVENCY ASSESSMENT (ORSA) › Section 10-3-1503 - Risk management framework

An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
Added by 2016 Ch. 32,§ 2, eff. 3/18/2016.
L. 2016: Entire part added, (SB 16-029), ch. 32, p. 74, § 2, effective March 18.
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 15 - OWN RISK AND SOLVENCY ASSESSMENT (ORSA) › Section 10-3-1504 - ORSA requirement

Subject to section
10-3-1506
, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA must be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.
Added by 2016 Ch. 32,§ 2, eff. 3/18/2016.
L. 2016: Entire part added, (SB 16-029), ch. 32, p. 74, § 2, effective March 18.
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 15 - OWN RISK AND SOLVENCY ASSESSMENT (ORSA) › Section 10-3-1505 - ORSA summary report

(1)
Upon the commissioner's request, and no more than once each year, an insurer shall submit to the commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA guidance manual, applicable to the insurer or the insurance group of which it is a member or to both the insurer and insurance group. Notwithstanding any request from the commissioner, if the insurer is a member of an insurance group, the insurer shall submit the report required by this section if the commissioner is the lead state commissioner of the insurance group as determined by the procedures within the financial analysis handbook adopted by the NAIC.
(2)
The report shall include a signature of the insurer's or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process, attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA summary report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee of the board of directors.
(3)
An insurer may comply with subsection (1) of this section by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA guidance manual. Any report in a language other than English must be accompanied by a translation of that report into the English language.
Added by 2016 Ch. 32,§ 2, eff. 3/18/2016.
L. 2016: Entire part added, (SB 16-029), ch. 32, p. 74, § 2, effective March 18.
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 15 - OWN RISK AND SOLVENCY ASSESSMENT (ORSA) › Section 10-3-1507 - Contents of ORSA summary report

(1)
The ORSA summary report must be prepared to be consistent with the ORSA guidance manual, subject to the requirements of subsection (2) of this section. Documentation and supporting information must be maintained and made available upon examination or upon request of the commissioner.
(2)
The review of the ORSA summary report and any additional requests for information must be made using similar procedures currently used in the analysis and examination of multistate or global insurers and insurance groups.
Added by 2016 Ch. 32,§ 2, eff. 3/18/2016.
L. 2016: Entire part added, (SB 16-029), ch. 32, p. 76, § 2, effective March 18.
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 15 - OWN RISK AND SOLVENCY ASSESSMENT (ORSA) › Section 10-3-1509 - Sanctions

Any insurer failing, without just cause, to timely file the ORSA summary report as required in this part 15 shall, after notice and hearing, pay 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 demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Added by 2016 Ch. 32,§ 2, eff. 3/18/2016.
L. 2016: Entire part added, (SB 16-029), ch. 32, p. 78, § 2, effective March 18.
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 15 - OWN RISK AND SOLVENCY ASSESSMENT (ORSA) › Section 10-3-1510 - Rules

The commissioner may, upon notice and opportunity for all interested persons to be heard, issue rules and orders as are necessary to carry out this part 15.
Added by 2016 Ch. 32,§ 2, eff. 3/18/2016.
L. 2016: Entire part added, (SB 16-029), ch. 32, p. 78, § 2, effective March 18.
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 15 - OWN RISK AND SOLVENCY ASSESSMENT (ORSA) › Section 10-3-1511 - Effective date

The requirements of this part 15 are effective beginning with calendar year 2017. The first required filing of the ORSA summary report is in 2017 as specified in section
10-3-1505
. An insurer that has maintained a risk management framework consistent with the requirements of this part 15 in calendar year 2016 may, but is not required to, file its ORSA summary report in 2016, and such report will be confidential as specified in section
10-3-1508
.
Added by 2016 Ch. 32,§ 2, eff. 3/18/2016.
L. 2016: Entire part added, (SB 16-029), ch. 32, p. 78, § 2, effective March 18.
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 10-3-1601 - Purpose and scope - applicability - legislative declaration

(1)
The purpose of this part 16 is to:
(a)
Provide the commissioner a summary of each insurer's and insurance group's corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of each insurer's and insurance group's corporate governance framework;
(b)
Outline the requirements for submitting a corporate governance annual disclosure to the commissioner; and
(c)
Provide for the confidential treatment of each insurer's and insurance group's corporate governance annual disclosure and related information, which may contain confidential and sensitive information related to the insurer's or insurance group's internal operations, including proprietary and trade secret information the public disclosure of which could potentially cause competitive harm or disadvantage to the insurer or insurance group.
(2)
(a)
Nothing in this part 16 may be construed to prescribe or impose corporate governance standards or internal procedures beyond those standards and procedures that are required under applicable Colorado corporate law.
(b)
Notwithstanding subsection (2)(a) of this section, nothing in this part 16 may be construed to limit the commissioner's authority or the rights or obligations of third parties under part 2 of article
1
of this title 10.
(3)
The requirements of this part 16 apply to all insurers domiciled in this state.
Added by 2019 Ch. 188,§ 1, eff. 8/2/2019.
L. 2019: Entire part added, (HB 19-1291), ch. 2084, p. 2084, § 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 10-3-1602 - Definitions

As used in this part 16, unless the context otherwise requires:
(1)
"Corporate governance annual disclosure" or "CGAD" means a confidential report filed by an insurer or an insurance group in accordance with the requirements of this part 16.
(2)
"Insurance group" means those insurers and affiliates that are included within an insurance holding company system, as defined in section
10-3-801(5)
.
(3)
"Insurer" has the meaning set forth in section
10-3-801(6)
; except that "insurer" does not include an agency, authority, or instrumentality of the United States or its possessions and territories, the commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
(4)
"NAIC" means the National Association of Insurance Commissioners.
(5)
"ORSA summary report" has the meaning set forth in section
10-3-1502(5)
.
Added by 2019 Ch. 188,§ 1, eff. 8/2/2019.
L. 2019: Entire part added, (HB 19-1291), ch. 2085, p. 2085, § 1, effective August 2.