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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-213 - Investments eligible as admitted assets

(1)
Domestic insurance companies may invest their funds in the categories of assets described in sections
10-3-215
to
10-3-230
and
10-3-242
. Every such investment shall be an admitted asset of the company; except that, if the section describing a category of asset contains a quantitative limitation, an investment in that category of asset shall be an admitted asset under that section to the extent that it does not exceed such limitation. Any such limitation shall apply only with respect to the category of assets described in that section and shall not constitute a general prohibition and shall not be applicable to any other section. Except as provided in section
10-3-237
, any investment, or part thereof, that does not qualify under any of said sections shall not be an admitted asset under the provisions of this part 2. Except as specifically provided in this title (except article 15) and article
14
of title
24
, C.R.S., a domestic insurance company shall not be prohibited from acquiring or holding an asset that is not an admitted asset, and such company may lend, pledge, sell, transfer, assign, hypothecate, dispose of, or exchange any asset acquired by it.
(2)
Notwithstanding the provisions of subsection (1) of this section, an insurance company or other regulated entity to whom this section applies shall be required reasonably to diversify its investments made pursuant to sections
10-3-215
to
10-3-230
and
10-3-242
as to type and issue, and to maintain a sufficient degree of liquidity based on the nature of the business transacted. The commissioner may promulgate such reasonable rules and regulations as are necessary to carry out the provisions of this subsection (2), taking into consideration the standards of the national association of insurance commissioners. The commissioner may require an insurer or other regulated entity to show compliance by demonstrating that its investments are not overly concentrated in any one area, including without limitation the areas of duration, industry, issuer, or geographic location.
L. 69: p. 491, § 5. C.R.S. 1963: § 72-2-19. L. 85: Entire section amended, p. 380, § 2, effective May 1. L. 92: Entire section amended, p. 1767, § 3, effective March 20; entire section amended, p. 1549, § 40, effective May 20. L. 2004: (1) amended, p. 901, § 16, effective May 21. L. 2012: (1) amended, (HB 12-1266), ch. 280, p. 1505, § 29, effective July 1.
Amendments to this section by Senate Bill 92-090 and House Bill 92-1090 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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-214 - Quantitative investment limitations - manner of applying

In applying the investment limitations set forth in this part 2, which are expressed as percentages of a company's admitted assets, there shall be used as a base the total of all assets of the company that would be admitted under this title (except article 15) and article
14
of title
24
, C.R.S., without regard to such limitations and without regard to any condition or restriction set forth in section
10-3-237(2)
, and asset values will be those values determined at the current annual statement date or, in case of any statement or examination as of a date other than an annual statement date, those values determined at such other date. In applying any investment limitation set forth in this part 2, which is expressed as a percentage of a company's surplus, the amount of the company's surplus shall be that determined at the current annual statement date or, in the case of any statement or examination as of a date other than an annual statement date, the amount determined at such other date.
L. 69: p. 492, § 5. C.R.S. 1963: § 72-2-20. L. 92: Entire section amended, p. 1550, § 41, effective May 20. L. 2004: Entire section amended, p. 901, § 17, effective May 21. L. 2012: Entire section amended, (HB 12-1266), ch. 280, p. 1505, § 30, 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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-217 - Federally guaranteed or insured real estate loans

Domestic insurance companies may invest in obligations for the payment of money secured by real estate mortgages or deeds of trust which are either guaranteed or insured by the United States, any state, territory, or district thereof, or by any agency, instrumentality, or political subdivision of one or more of the foregoing, if any such investment which is in excess of the value limitation set forth in section
10-3-216(1)(a)
is so insured or guaranteed.
L. 69: p. 494, § 5. C.R.S. 1963: § 72-2-23.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-218 - Real estate for use in company's business

Domestic insurance companies may invest in real estate for the accommodation of the company's business, but the aggregate investments by a company that may be admitted assets under this section shall not exceed fifteen percent of the company's admitted assets unless the commissioner has given prior approval of a greater aggregate investment. Any space in the company's home office building that is not required for its use may be rented to others. The commissioner may approve investments under this section which in the aggregate will not exceed twenty percent of the company's admitted assets, upon a finding that such investments do not render the company's operation hazardous, or its condition unsound, to the public or its policyholders.
L. 69: p. 494, § 5. C.R.S. 1963: § 72-2-24. L. 81: Entire section amended, p. 529, § 4, effective July 1. L. 2001: Entire section amended, p. 280, § 3, effective March 30.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-219 - Real estate acquired in satisfaction of indebtedness

(1)
The following shall be admitted assets:
(a)
Such real estate as has been mortgaged to the company in good faith, by way of security for loans or for money due it;
(b)
Such real estate as is conveyed to the company in good faith in satisfaction of debts previously contracted in the course of its business;
(c)
Such real estate as is purchased at sales under execution issued on judgments and decrees based upon debts due, or at foreclosure sales under mortgages or deeds of trust owned or held by the company or obtained by redemption as junior judgment creditor or mortgagee.
L. 69: p. 494, § 5. C.R.S. 1963: § 72-2-25.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-220 - Real estate for production of income - definition

(1)
A domestic insurance company may invest in real estate for the production of income, subject to the following provisions:
(a)
The aggregate investments by a company which may be admitted assets under this section shall not exceed ten percent of the company's admitted assets.
(b)
The investment in any single parcel of real estate which may be an admitted asset under this section shall not exceed five percent of the company's admitted assets.
(c)
Real estate qualifying as an admitted asset under section
10-3-218
or
10-3-219
may, at the option of the company, be an admitted asset under this section if such real estate is otherwise eligible under the provisions of this section.
(2)
(a)
"Real estate", as used in this section, means real property; interests in real property, such as leaseholds; minerals and oil and gas that have not been severed from the fee interest; and improvements and fixtures located on or in real property.
(b)
"Real estate" does not include mineral estates that have been severed from the fee interest.
Amended by 2020 Ch. 87,§ 3, eff. 9/14/2020.
L. 69: p. 494, § 5. C.R.S. 1963: § 72-2-26. L. 2001: (2) amended, p. 281, § 4, effective March 30.
(1) Section 10 of chapter 87 (HB 20-1136), Session Laws of Colorado 2020, provides that:
(a) The act changing this section applies to investments made on or after September 14, 2020; and
(b) On or after January 1, 2021, the act changing this section applies to all investments of an insurer.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-221 - [Repealed]

L. 69: p. 494, § 5. C.R.S. 1963: § 72-2-27. L. 2001: (1) repealed, p. 281, § 5, effective March 30.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-222 - [Repealed]

L. 69: p. 495, § 5. C.R.S. 1963: § 72-2-28. L. 71: p. 709, § 1. L. 2001: Entire section repealed, p. 281, § 6, effective March 30.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-223 - [Repealed]

L. 69: p. 495, § 5. C.R.S. 1963: § 72-2-29. L. 77: Entire section amended, p. 456, § 3, effective July 1. L. 2001: Entire section repealed, p. 281, § 7, effective March 30.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-224 - [Repealed]

L. 69: p. 495, § 5. C.R.S. 1963: § 72-2-30. L. 88: Entire section amended, p. 401, § 1, effective March 24. L. 2001: Entire section repealed, p. 282, § 8, effective March 30.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-225 - Transportation equipment interests

Domestic insurance companies may invest in equipment trust obligations or certificates which are adequately secured, or in other adequately secured instruments evidencing an interest in transportation equipment wholly or in part within the United States, and the right to receive determined portions of rental, purchase, or other fixed obligatory payments for the use or purchase of such transportation equipment; but the aggregate investments by a company which may be admitted assets under this section shall not exceed ten percent of the company's admitted assets, and the investment in the obligations or certificates of or in relation to any one transportation company, which may be admitted assets under this section, shall not exceed two percent of the investing company's admitted assets.
L. 69: p. 495, § 5. C.R.S. 1963: § 72-2-31.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-227 - Stock for purpose of reinsurance, consolidation, or merger

(1)
Domestic insurance companies may invest in stock in any other insurance company authorized to do a similar business to that of the investing company, subject to the following provisions:
(a)
No greater amount shall be applied to the acquisition of such stock than the investing company's capital and surplus in excess of the minimum required by law; except that, the commissioner may, by written order prior to such acquisition, permit the application of a greater amount thereto.
(b)
A reinsurance, consolidation, or merger between the investing company and such other insurance company shall be effected within two years of the acquisition of such stock or within such extension of such period as may be granted by the commissioner.
L. 69: p. 496, § 5. C.R.S. 1963: § 72-2-34.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-228 - Collateral loans

(1)
Domestic insurance companies may invest in collateral loans secured by the pledge of any one or more investments allowed for collateral loans, as provided by nationally recognized insurance statutory accounting principles, subject to the following provisions:
(a)
The collateral pledged shall be legally assignable and validly assigned to the lending company.
(b)
As at date made, no such loan shall exceed in amount seventy-five percent of the value of the collateral pledged.
(c)
At no time shall the admitted value of a collateral loan be in excess of the actual market value of the collateral pledged.
(d)
If any of the collateral pledged and taken into account to qualify a loan as an admitted asset under this section is of a category which, if invested in directly, would be subject to a limitation expressed as a percentage of the investing company's admitted assets, then, for the purpose of such limitation, so much of the loan as is so qualified by such collateral will be deemed to be a direct investment in such category.
(e)
No loan shall qualify as an admitted asset under this section unless limited to a term not exceeding five years or, if less, the maturity date, if any, of any of the collateral taken into account in qualifying the loan as an admitted asset under this section.
L. 69: p. 496, § 5. C.R.S. 1963: § 72-2-35. L. 2002: IP(1) amended, p. 1012, § 5, effective June 1. L. 2004: IP(1) amended, p. 1063, § 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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-229 - Investments for purposes of compliance in other jurisdictions

Admitted assets shall consist of such other securities and investments as may be necessary to comply with the laws or the departmental rules of other states or nations in which the company may do business.
L. 69: p. 497, § 5. C.R.S. 1963: § 72-2-36.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-232 - Liens for certain purposes permitted

For the purposes of section
10-3-216
, the existence of any lien existing by law, for the payment of any bonds, indebtedness, or assessments of, or created by a levy of, any special improvement district, any tunnel district, any conservation district, any irrigation district, any other district or territory, any municipality or quasi-municipality, or any state in which any real estate is situated, or by the United States, shall not prevent mortgages, trust deeds, or other encumbrances upon such real estate, if otherwise first liens, from being admitted assets of domestic insurance companies, if the property securing such mortgage, deed of trust, or other encumbrance is not delinquent in the payment of any installment or interest upon any such bonds, indebtedness, or assessments at the time such real estate loan is made.
L. 69: p. 498, § 5. C.R.S. 1963: § 72-2-39.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-233 - Disposition of certain real estate

Any parcel of real estate qualifying as an admitted asset under section
10-3-218
or
10-3-219
at the time of its acquisition by the company and which has not been transferred to qualification as an admitted asset under any other section of this part 2 shall be sold within five years after such acquisition or within five years after its use for the accommodation of the company's business has entirely ceased, whichever is later, unless the company procures a certificate from the commissioner that the company's interests will suffer by such a sale, in which event the time may be extended as the commissioner shall direct in such certificate.
L. 69: p. 498, § 5. C.R.S. 1963: § 72-2-40. L. 81: Entire section amended, p. 530, § 8, 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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-234 - Approval and record of investments

(1)
No investment, loan, or sale thereof shall, except as to loans on a life insurance company's policies or annuity and supplementary contracts, be made by any domestic insurance company:
(a)
Without the advance approval of its board of directors or of a committee appointed by such board and charged with the duty of making such investments, loans, or sales or of an officer charged with such duty; or
(b)
Unless the transaction is:
(I)
Transacted in compliance with a written policy or plan approved by its board of directors prior to the transaction; and
(II)
Ratified by such board or by a committee appointed by such board charged with the duty of reviewing such investments, loans, and sales at a meeting held not less than quarterly.
(2)
A permanent written record of all such investments, loans, and sales shall be maintained by the company.
L. 69: p. 498, § 5. C.R.S. 1963: § 72-2-41. L. 2000: Entire section amended, p. 445, § 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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-235 - Certain admitted assets deemed securities for deposit purposes

(1)
For purposes of the minimum capital or guaranty fund deposit required by section
10-3-201
, the following admitted assets shall be deemed to be securities eligible for such deposit: Any asset qualified as an admitted asset under sections
10-3-215
to
10-3-217
and
10-3-225
.
(2)
For purposes of optional reserve deposits permitted by section
10-7-101(3)
or other deposits permitted but not required by this title (except article 15) and article
14
of title
24
, C.R.S., the following admitted assets, in addition to those referred to in subsection (1) of this section, shall be deemed to be securities eligible for such deposits: Any asset qualified as an admitted asset under section
10-3-220
or
10-3-226
to
10-3-228
, and any life insurance policy, to the extent of the company's interest in the cash value thereof.
(3)
If a company deposits the stock of a wholly owned insurance subsidiary with the commissioner as an optional reserve deposit, the value of such stock for purposes of such deposit shall be reduced by the value of any cash or securities owned by the subsidiary and on deposit with the commissioner or with the duly authorized officer in any other jurisdiction as a deposit of the subsidiary required or permitted by law.
(4)
For purposes of all deposits required or permitted by this title (except article 15) and article
14
of title
24
, C.R.S., assets shall be valued at their fair market value; except that, for purposes of optional reserve deposits permitted by section
10-7-101(3)
, or other deposits permitted but not required by said references, bonds and mortgages shall be valued at their current book values under the methods used in determining admitted asset values for annual statement purposes.
L. 69: p. 499, § 5. C.R.S. 1963: § 72-2-42. L. 92: (2) and (4) amended, p. 1550, § 43, effective May 20. L. 2002: (1) and (2) amended, p. 1013, § 7, effective June 1. L. 2004: (2) and (4) amended, p. 901, § 18, effective May 21. L. 2012: (2) and (4) amended, (HB 12-1266), ch. 280, p. 1506, § 32, 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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-236 - Assets acquired through merger, consolidation, or reinsurance

Any investments acquired through merger, consolidation, or reinsurance that are not admitted assets under this title 10, other than article
15
of this title 10, and article
14
of title
24
are not deemed admitted assets by reason of their acquisition through merger, consolidation, or reinsurance.
Amended by 2020 Ch. 87,§ 6, eff. 9/14/2020.
L. 69: p. 499, § 5. C.R.S. 1963: § 72-2-43. L. 92: Entire section amended, p. 1551, § 44, effective May 20. L. 2004: Entire section amended, p. 902, § 19, effective May 21. L. 2012: Entire section amended, (HB 12-1266), ch. 1506, p. 1506, § 33, effective July 1. L. 2020: Entire section amended, (HB 20-1136), ch. 352, p. 352, § 6, effective September 14.
(1) Section 10 of chapter 87 (HB 20-1136), Session Laws of Colorado 2020, provides that:
(a) The act changing this section applies to investments made on or after September 14, 2020; and
(b) On or after January 1, 2021, the act changing this section applies to all investments of an insurer.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-238 - Refunds

Whenever it appears to the satisfaction of the commissioner that, because of some mistake of fact, error in calculation, or erroneous interpretation of a statute of this or any other state, any insurer or other person engaged in the business of insurance in this state has paid to the commissioner or to the state of Colorado, pursuant to any provision of this title (except article 15) and article
14
of title
24
, C.R.S., any taxes, fees, or other charges in excess of the amount legally chargeable against said insurer or other person during the one-year period immediately preceding the discovery of such overpayment, the commissioner has the authority to refund to such insurer or other person the amount of such excess by applying the amount thereof toward the payment of taxes, fees, or other charges already due, or that may thereafter become due, from such insurer or other person until such excess has been fully refunded; or, at the commissioner's discretion, the commissioner may make a cash refund thereof.
L. 71: p. 704, § 1. C.R.S. 1963: § 72-1-63. L. 92: Entire section amended, p. 1551, § 46, effective May 20. L. 2004: Entire section amended, p. 902, § 20, effective May 21. L. 2012: Entire section amended, (HB 12-1266), ch. 280, p. 1507, § 35, 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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-239 - Subordinated indebtedness

Domestic insurance companies may borrow and thereby assume a liability for the repayment of a sum of money upon a written agreement that the loan or advance with interest shall be repaid only out of surplus of the company in excess of such minimum surplus as is stipulated in and by the agreement. The agreement shall first be submitted to and approved by the commissioner. Repayment of principal or payment of interest may be made only with the approval of the commissioner when he is satisfied that the financial condition of the company warrants such action, but such approval may not be withheld if the company has and submits satisfactory evidence of surplus of not less than the amount stipulated in the repayment of principal or interest clause of the agreement. No loan or advance made under the provisions of this section or interest accruing thereon shall form a part of the legal liabilities of the company until authorized for payment by the commissioner, but, until such authorization, all statements published by the company or filed with the commissioner shall show the amount thereof then remaining as a special surplus account. Nothing in this section shall be construed to mean that a company may not otherwise borrow money, but the amount so borrowed with accrued interest thereon shall be carried by the company as a liability.
L. 73: p. 837, § 1. C.R.S. 1963: § 72-1-66.
For financial statements that must be filed, see § 10-3-208.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-240 - Approval of investments

(1)
Except for investments made under sections
10-3-802
and
10-7-402
, a domestic insurance company shall not, directly or indirectly, invest more than two percent of the company's admitted assets in stocks, bonds, debentures, notes, or other securities of its affiliates, as defined in section
10-3-801
, without the prior approval of the commissioner.
(2)
Notwithstanding the provisions of subsection (1) of this section, the commissioner may, upon written notice, require a domestic insurance company to obtain his prior approval for all investments in its affiliates if, based on past transactions of the insurance company, he determines that such investments might render the company's operation hazardous, or its condition unsound, to the public or its policyholders.
(3)
Any domestic insurance company proposing to make an investment subject to approval under subsection (1) or (2) of this section shall give written notice thereof to the commissioner. If the commissioner has not approved or disapproved such investment within thirty days after receipt of such notice, the investment shall be deemed approved at the end of such thirty-day period.
Amended by 2020 Ch. 87,§ 8, eff. 9/14/2020.
L. 75: Entire section added, p. 337, § 5, effective July 1.
(1) Section 10 of chapter 87 (HB 20-1136), Session Laws of Colorado 2020, provides that:
(a) The act changing this section applies to investments made on or after September 14, 2020; and
(b) On or after January 1, 2021, the act changing this section applies to all investments of an insurer.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-241 - [Repealed]

L. 81: Entire section added, p. 531, § 10, effective July 1. L. 83: Entire section amended, p. 453, § 1, effective April 21. L. 2001: Entire section repealed, p. 286, § 10, effective March 30.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-242 - Qualified money market funds - definition

(1)
As used in this section, "qualified money market fund" means a mutual fund that complies with
17 CFR 270.2a-7
, as amended, and that is registered under the federal "Investment Company Act of 1940",
15 U.S.C. sec. 80a-1
et seq., as amended. A domestic insurance company may invest in the shares of any one or more qualified money market funds subject to the following limitations:
(a)
(I)
A domestic insurance company may invest in qualified money market funds that, at the time the investment is made, are either:
(A)
Qualified money market funds that invest only in obligations issued, guaranteed, or insured by the federal government of the United States or in collateralized repurchase agreements composed of these obligations, and that qualify for investment without a reserve under the purposes and procedures manual of the securities valuation office of the National Association of Insurance Commissioners; or
(B)
Qualified money market funds that qualify for investment using the bond class one reserve factor under the purposes and procedures manual of the securities valuation office of the National Association of Insurance Commissioners.
(II)
Investments in the shares of any one qualified money market fund qualifying under this subsection (1)(a) must not exceed ten percent of the domestic insurance company's total admitted assets.
(b)
Investments in shares of any one qualified money market fund not qualified under subsection (1)(a) of this section must not exceed five percent of the domestic insurance company's total admitted assets. The aggregate value of all shares that may be admitted assets under this subsection (1)(b) must not exceed ten percent of the company's total admitted assets.
(c)
At the time of an investment in a qualified money market fund under this section, the aggregate value of a domestic insurance company's investment in the fund must not exceed five percent of the shares of the fund.
(2) to (4)
(Deleted by amendment, L. 2000, p. 1731, § 5, effective August 15, 2000.)
Amended by 2020 Ch. 87, § 9, eff. 9/14/2020.
L. 85: Entire section added, p. 379, § 1, effective May 1. L. 96: (1) amended, p. 555, § 4, effective April 24. L. 2000: Entire section amended, p. 1731, § 5, effective August 15. L. 2020: (1) amended, (HB 20-1136), ch. 353, p. 353, § 9, effective September 14.
(1) Section 10 of chapter 87 (HB 20-1136), Session Laws of Colorado 2020, provides that:
(a) The act changing this section applies to investments made on or after September 14, 2020; and
(b) On or after January 1, 2021, the act changing this section applies to all investments of an insurer.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-244 - Climate risk disclosure - insurer participation - rules - reporting - definition

(1)
The commissioner shall adopt rules requiring that, beginning in 2024, an insurer issued a certificate of authority to transact business pursuant to part 1 of this article 3 that reports more than one hundred million dollars on its annual NAIC schedule T filing, or such other threshold dollar amount that the NAIC establishes in subsequent years, must participate in and complete the NAIC's annual "Insurer Climate Risk Disclosure Survey", or such other survey or reporting mechanism that the NAIC adopts in subsequent years. If an insurer reports less than one hundred million dollars on its annual NAIC schedule T filing, or such other threshold dollar amount that the NAIC establishes in subsequent years, the insurer may participate in and complete the survey voluntarily.
(2)
As used in this section, "NAIC" means the National Association of Insurance Commissioners, an organization of insurance regulators from the fifty states of the United States, the District of Columbia, and the five United States territories.
Added by 2023 Ch. 165,§ 1, eff. 8/7/2023.
2023 Ch. 165, 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 3 - UNIFORM GUARANTY DEPOSITS (§§ 10-3-301 — 10-3-307) › Section 10-3-301 - Definitions

As used in this part 3, unless the context otherwise requires:
(1)
"Alien insurer" means any insurer incorporated or organized under the laws of any country other than the United States.
(2)
"Domestic insurer" means any insurer incorporated or organized under the laws of this state.
(3)
"Foreign insurer" means any insurer incorporated or organized under the laws of any state, as defined in this section, other than this state.
(4)
"Insurer" means any insurance company except a life insurance company and includes any reciprocal or interinsurance exchange.
(5)
"Policyholders" means claimants under the insurer's policies, claimants having claims which arise under or by reason of the insurer's policies, and obligees under its surety contracts.
(6)
"State" means any state of the United States, the Commonwealth of Puerto Rico, and the District of Columbia.
(7)
"United States" means the states of the United States, the Commonwealth of Puerto Rico, and the District of Columbia.
L. 53: p. 360, § 1. CRS 53: § 72-16-1. C.R.S. 1963: § 72-15-1.
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 3 - UNIFORM GUARANTY DEPOSITS (§§ 10-3-301 — 10-3-307) › Section 10-3-302 - Deposits required - when

No foreign or alien insurer authorized to transact business in this state, except a life insurance company, shall do such business unless it deposits and continuously maintains with the commissioner, or with an official of some other state of the United States designated by law to accept such deposit, cash, or securities having a fair market value of not less than the amounts required to be deposited for such insurers by the statutes of the state of Colorado. Such deposit shall be held for the benefit and protection of all the policyholders of such insurer in the United States. If the deposit is made with an official of some other state, the commissioner shall be furnished with and shall accept as evidence of deposit the certificate of such state officer under his hand and seal certifying that he holds such deposit for the benefit and protection of all the policyholders of such insurer in the United States. The provisions of this part 3 excepting life insurance companies from its stipulations shall not in any manner affect the duty and obligation of such companies to comply with the requirements of section
10-3-201
, concerning cash capital, guaranty fund deposits, and surplus, and all such life insurance companies shall strictly comply therewith.
L. 53: p. 361, § 2. CRS 53: § 72-16-2. L. 57: p. 466, § 1. C.R.S. 1963: § 72-15-2. L. 69: p. 500, § 7.
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 3 - UNIFORM GUARANTY DEPOSITS (§§ 10-3-301 — 10-3-307) › Section 10-3-303 - Deposits with commissioner

In the event any domestic insurer or alien insurer using this state as a state of entry into the United States is required, pursuant to the laws of any other state, country, province, district, or territory, to make a deposit differing in amount or character from the deposit required of domestic insurers by the laws of this state, such insurer may deposit with the commissioner cash or securities of the kind and amount sufficient to enable the insurer to meet such requirement, and the commissioner shall issue a certificate as evidence of such deposit for filing with an official of such other state, country, province, district, or territory.
L. 53: p. 361, § 3. CRS 53: § 72-16-3. C.R.S. 1963: § 72-15-3.
For the deposit and safekeeping of deposits generally, see § 10-3-210.
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 3 - UNIFORM GUARANTY DEPOSITS (§§ 10-3-301 — 10-3-307) › Section 10-3-304 - Depositaries - responsibility

Upon request of the insurer, the commissioner may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this state as the commissioner's depositary to receive and hold any such deposit. Any such deposit so held shall be at the expense of the insurer. The state of Colorado shall be responsible for the safekeeping and return of all funds and securities deposited pursuant to this part 3 with the commissioner or in any such depositary so designated by him.
L. 53: p. 361, § 4. CRS 53: § 72-16-4. C.R.S. 1963: § 72-15-4.
For the deposit and safekeeping of deposits generally, see § 10-3-210.
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 3 - UNIFORM GUARANTY DEPOSITS (§§ 10-3-301 — 10-3-307) › Section 10-3-305 - Rights of depositors

(1)
So long as the insurer remains solvent and complies with this part 3, it may:
(a)
Demand, receive, sue for, and recover the income from securities or cash deposited in accordance with this part 3;
(b)
Exchange and substitute for the deposited cash or securities, or any part thereof, cash or eligible securities of equivalent or greater value; and
(c)
Inspect, at reasonable times, any deposit made in accordance with this part 3.
L. 53: p. 362, § 5. CRS 53: § 72-16-5. C.R.S. 1963: § 72-15-5.
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 3 - UNIFORM GUARANTY DEPOSITS (§§ 10-3-301 — 10-3-307) › Section 10-3-306 - Release of deposits

(1)
Any deposit made in this state under this part 3 shall be released and returned:
(a)
To the insurer upon extinguishment by reinsurance or otherwise of all liability of the insurer for the security of which the deposit is held; or
(b)
To the insurer to the extent such deposit is in excess of the amount required; or
(c)
Upon proper order of a court of competent jurisdiction to the receiver, conservator, rehabilitator, liquidator of the insurer, or any other properly designated official who succeeds to the management and control of the insurer's assets.
L. 53: p. 362, § 6. CRS 53: § 72-16-6. C.R.S. 1963: § 72-15-6.
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 3 - UNIFORM GUARANTY DEPOSITS (§§ 10-3-301 — 10-3-307) › Section 10-3-307 - Commissioner order release

No such release shall be made except upon application to and the written order of the commissioner. The commissioner shall have no personal liability for any such release of any such deposit or part thereof so made by him in good faith.
L. 53: p. 362, § 7. CRS 53: § 72-16-7. C.R.S. 1963: § 72-15-7.
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 4 - DELINQUENCIES (§§ 10-3-401 — 10-3-414) › Section 10-3-401 - Legislative declaration

(1)
The purpose of this part 4 is to make available to the commissioner supplemental remedial authority in instances of insurance company delinquencies of various kinds and degrees which demand regulation and control by the commissioner in order to effectuate his responsibility that the business of insurance in this state is conducted according to law and his responsibility to protect the policyholders and public of this state. Most delinquencies are of such a kind or degree as to not justify the imposing of the remedy or sanction of loss of certificate or of rehabilitation or liquidation by court order. Either of the remedies of loss of certificate or of rehabilitation or liquidation by court order would in many instances defeat any realistic opportunity to rehabilitate the delinquent company. Such remedies are likely to destroy or diminish one or more of the following values or assets: The value of the insurance account or in-force business of the insurer; the value of the insurer as a going concern; the value of its agency force; and the value of other of its assets.
(2)
The remedial steps provided by this part 4 are provided with the purpose in mind that insurance companies committing or suffering a delinquency be rehabilitated where and whenever possible with no loss of public confidence in the companies, and thus avoid the loss of a certificate of or the institution of rehabilitation or liquidation proceedings, by court order, against any insurance company, where possible. Furthermore, the remedial steps provided in this part 4 are provided to protect the assets of an insurer pending determination of whether or not the insurer can be successfully rehabilitated. In instances where rehabilitation or liquidation by court order are inevitable, it is nevertheless the purpose of this part 4 to allow preliminary or emergency supervision to prevent a dissipation of assets from taking place, and thus benefit the policyholders of the company. In such an instance, this part 4 shall operate in conjunction with part 5 of this article.
L. 69: p. 544, § 3. C.R.S. 1963: § 72-29-1. L. 92: Entire section amended, p. 1424, § 5, 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 4 - DELINQUENCIES (§§ 10-3-401 — 10-3-414) › Section 10-3-402 - Definitions

All terms defined in section
10-1-102
shall have the same meaning in this part 4. As used in this part 4, unless the context otherwise requires:
(1)
(Deleted by amendment, L. 92, p. 1425, § 6, effective July 1, 1992.)
(2)
"Delinquency" means any act, omission, or condition, or combination thereof, which is contrary to the applicable laws of this state or any other state, including any regulation lawfully promulgated by the commissioner of insurance of any state or any other person or state agency having supervision of the business of insurance. It includes, but is not limited to, any such act, omission, or condition, or combination thereof, committed or created by or under the direction or authority of any insurance company or any officer or representative thereof. Specifically, it includes any act, omission, or condition, or combination thereof, which, although not otherwise proscribed by law, nevertheless renders the operation of the insurance company hazardous to the public or its policyholders.
(3)
"Direct supervision" means the institution of control of an insurance company by order of the commissioner whereby one or more specifically enumerated acts shall be required of the company by order of the commissioner, or one or more specifically enumerated acts or decisions of the company shall not be permitted without prior written approval of the commissioner. In addition, such term includes the power to take all steps necessary to preserve, protect, and recover an insurance company's assets as set forth in section
10-3-405(2)
. It is a condition of control beyond normal regulation by the division of insurance and beyond the notifying of an insurance company of a determination of delinquency by the commissioner and supplying the company a list of requirements to abate the condition.
(4)
"Rehabilitation" or "to rehabilitate" refers to the removal of an existing delinquency and restoration of the company to a condition of compliance with the law.
L. 69: p. 545, § 3. C.R.S. 1963: § 72-29-3. L. 92: Entire section amended, p. 1425, § 6, 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 4 - DELINQUENCIES (§§ 10-3-401 — 10-3-414) › Section 10-3-403 - Scope of part 4

In addition to, and not to the exclusion of, any remedies or powers otherwise available to him, the commissioner may elect to take action against any insurance company formed or incorporated under the laws of this state or doing business in this state, whether authorized or not, which commits or suffers a delinquency according to the provisions of this part 4.
L. 69: p. 545, § 3. C.R.S. 1963: § 72-29-2.
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 4 - DELINQUENCIES (§§ 10-3-401 — 10-3-414) › Section 10-3-404 - Determination of delinquency - procedure

Whenever evidence exists to the satisfaction of the commissioner that an insurance company has committed or suffered a delinquency, the commissioner may, upon determination of delinquency, notify the insurance company of his determination and furnish the insurance company a written list of requirements to abate his determination, and, if deemed necessary by the commissioner, he may place the insurance company under his direct supervision, with written notice to the company that it is so placed under direct supervision.
L. 69: p. 545, § 3. C.R.S. 1963: § 72-29-4.
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 4 - DELINQUENCIES (§§ 10-3-401 — 10-3-414) › Section 10-3-405 - Direct supervision

(1)
Any insurance company placed under direct supervision shall remain under direct supervision until all delinquencies are remedied, or until the commissioner deems such direct supervision no longer is necessary or desirable. During the period of direct supervision, the commissioner may appoint a supervisor other than himself to supervise the company and may provide that the company may not take any of the following actions without prior approval in writing of the commissioner or his duly appointed supervisor:
(a)
Dispose of, convey, or encumber any of its assets or its business in force;
(b)
Withdraw any of its bank accounts;
(c)
Lend any of its funds;
(d)
Invest any of its property;
(e)
Transfer any of its property;
(f)
Incur any debt, obligation, or liability;
(g)
Merge or consolidate with another company;
(h)
Enter into any new reinsurance contract or treaty.
(2)
In addition to the power to require prior written approval of any of the actions set forth in subsection (1) of this section, the commissioner or the commissioner's duly appointed supervisor may take any further steps necessary to preserve, protect, and recover any assets or property of an insurance company under direct supervision.
L. 69: p. 546, § 3. C.R.S. 1963: § 72-29-5. L. 92: Entire section amended, p. 1425, § 7, effective July 1.