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 10-3-237 - Assets acquired under prior law

(1)
Notwithstanding any condition, restriction, or exclusion set forth in sections
10-3-215
to
10-3-229
, any asset held by a domestic insurance company on May 31, 1969, that met the requirements of the law in effect immediately prior to that date for an investment of the company's reserves, paid-up capital stock, and other liabilities is an admitted asset of the company, but, if any such asset is in a category for which a limitation expressed in terms of a percentage of admitted assets is prescribed in section
10-3-218
,
10-3-220
,
10-3-225
, or
10-3-226
, the asset shall be taken into account in determining whether any additional investment in that category made after May 31, 1969, may be an admitted asset under the section prescribing the limitation.
(2)
Notwithstanding any other provision of this title (except article 15) and article
14
of title
24
, C.R.S., any asset held by a company on May 31, 1969, that is not an admitted asset under section
10-1-102(2)
or subsection (1) of this section and that did not meet the requirements of the law in effect immediately prior to such date for an investment of the company's reserves, paid-up capital stock, and other liabilities but which, under such law, would have been taken into account as an asset in determining the surplus of the company shall be taken into account as an admitted asset at all times at which the company has aggregate admitted assets under section
10-1-102(2)
and subsection (1) of this section in an amount at least equal to the total of its reserves, paid-up capital stock, and all other liabilities.
(3)
Notwithstanding any condition, restriction, or exclusion set forth in section
10-3-215(1)(e)
,
10-3-216(1)(f)
, or
10-3-226
, any asset held prior to July 1, 1975, or thereafter acquired by exercise of warrants or other rights which were held prior to that date which met or would have met the requirements of the law in effect immediately prior to July 1, 1975, for an investment of the company's reserves, paid-up stock, and other liabilities shall be an admitted asset of the company; but, if any such asset is in a category for which a limitation expressed in terms of a percentage of admitted assets is prescribed in such sections, such asset shall be taken into account in determining whether any additional investment in such category made after July 1, 1975, may be an admitted asset under the section prescribing such limitation.
(4)
Notwithstanding any condition, restriction, or exclusion set forth in section
10-3-218
, any asset held by a company on July 1, 1981, which met the requirements of the law in effect immediately prior to such date for an investment of the company qualified as an admitted asset under this part 2 shall remain an admitted asset; but such asset shall be taken into account in determining whether any additional investment made on or after July 1, 1981, may be an admitted asset under this part 2.
Amended by 2020 Ch. 87,§ 7, eff. 9/14/2020.
L. 69: p. 499, § 5. C.R.S. 1963: § 72-2-44. L. 75: (3) added, p. 337, § 4, effective July 1. L. 81: (4) added, p. 530, § 9, effective July 1. L. 92: (2) amended, p. 1551, § 45, effective May 20. L. 2002: (2) amended, p. 1013, § 8, effective June 1. L. 2003: (2) amended, p. 616, § 10, effective July 1. L. 2004: (2) amended, p. 1063, § 12, effective July 1. L. 2012: (2) amended, (HB 12-1266), ch. 1506, p. 1506, § 34, effective July 1. L. 2020: (1) amended, (HB 20-1136), ch. 352, p. 352, § 7, 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.