reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 10 - MANAGING GENERAL AGENTS ACT (§§ 10-2-1001 — 10-2-1008) › Section 10-2-1005 - Duties of insurers

(1)
The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business.
(2)
If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the MGA. This is in addition to any other required loss reserve certification.
(3)
The insurer shall periodically and at least semiannually conduct an on-site review of the underwriting and claims processing operations of the MGA.
(4)
Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the MGA.
(5)
Within thirty days of entering into or termination of a contract with an MGA, the insurer shall provide written notification of such appointment or termination to the commissioner. Notices of appointment of an MGA shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.
(6)
An insurer shall review its books and records each quarter to determine if any producer has become an MGA as defined in section
10-2-1002 (2)
. If the insurer determines that a producer has become an MGA pursuant to section
10-2-1002 (2)
, the insurer shall promptly notify the producer and the commissioner of such determination and the insurer and producer shall fully comply with the provisions of this part 10 within thirty days.
(7)
An insurer shall not appoint to its board of directors an officer, director, employee, subproducer, or controlling shareholder of its MGA's. This subsection (7) shall not apply to relationships governed by part 8 of article
3
of this title.
L. 93: Entire article R&RE, p. 1387, § 1, effective 1/1/1995.
This section is similar to former § 10-2-405 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 10 - MANAGING GENERAL AGENTS ACT (§§ 10-2-1001 — 10-2-1008) › Section 10-2-1006 - Examination authority

The acts of the MGA are considered to be the acts of the insurer on whose behalf the MGA is acting. An MGA may be examined as if said MGA were the insurer.
L. 93: Entire article R&RE, p. 1388, § 1, effective 1/1/1995.
This section is similar to former § 10-2-406 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 10 - MANAGING GENERAL AGENTS ACT (§§ 10-2-1001 — 10-2-1008) › Section 10-2-1007 - Penalties and liabilities

(1)
If the commissioner finds, after a hearing conducted in accordance with article
4
of title
24
, C.R.S., that any person has violated any provision of this part 10, the commissioner may order:
(a)
For each separate violation, a penalty in an amount not to exceed five thousand dollars;
(b)
Revocation or suspension of the producer's license; and
(c)
The MGA to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this part 10 committed by the MGA.
(2)
The decision, determination, or order of the commissioner pursuant to subsection (1) of this section shall be subject to judicial review by the court of appeals pursuant to section
24-4-106 (11)
, C.R.S.
(3)
Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in this title.
(4)
Nothing contained in this part 10 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.
L. 93: Entire article R&RE, p. 1388, § 1, effective 1/1/1995.
This section is similar to former § 10-2-407 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 10 - MANAGING GENERAL AGENTS ACT (§§ 10-2-1001 — 10-2-1008) › Section 10-2-1008 - Rules and regulations

The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this part 10.
L. 93: Entire article R&RE, p. 1388, § 1, effective 1/1/1995.
This section is similar to former § 10-2-408 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › LICENSES (§§ 10-2-101 — 10-2-1101) › Article 2 - LICENSES (§§ 10-2-101 — 10-2-1101) › Part 11 - EFFECTIVE DATE - APPLICABILITY (§ 10-2-1101) › Section 10-2-1101 - Effective date - applicability

This article shall take effect January 1, 1995. Insurance agent and broker licenses issued pursuant to part 2 of this article prior to said date shall expire at such time as the commissioner shall determine by rule promulgated under the authority of this article. The holders of such licenses may obtain comparable licenses under this article by complying with the rules promulgated by the commissioner under the authority of this article.
L. 93: Entire article R&RE, p. 1389, § 1, effective 1/1/1995.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-103 - Names of companies

No domestic insurance company shall adopt the name of any existing company transacting a similar business nor any name so similar as to be calculated to mislead the public, but any domestic mutual or mutual assessment insurance company, upon complying with the terms and conditions of this title (except article 15), and article
14
of title
24
, C.R.S., may be reorganized and reincorporated as a joint stock company under the same name by which it was incorporated as a mutual or assessment company, with the omission of the word "mutual", and it is unlawful for any other company to be incorporated or transact business under or by the name under which any such mutual or mutual assessment company was operating at the time of reincorporation.
L. 13: p. 334, § 19. C.L. § 2489. CSA: C. 87, § 17. CRS 53: § 72-1-15. C.R.S. 1963: § 72-1-15. L. 92: Entire section amended, p. 1535, § 23, effective May 20. L. 2004: Entire section amended, p. 898, § 9, effective May 21. L. 2012: Entire section amended, (HB 12-1266), ch. 280, p. 1501, § 19, 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-104 - Unauthorized companies - penalties

Except for reinsurance by an authorized insurer or insurance effected pursuant to the provisions of article 5 or article
15
of this title 10, it is unlawful for any person, company, or corporation in this state to procure, receive, or forward applications for insurance in, or to issue or to deliver policies for, any company not legally authorized to do business in this state, as provided in this title 10 and article
14
of title
24
. Any person violating the provisions of this section commits a class 2 misdemeanor and shall be punished as provided in section
18-1.3-501
.
Amended by 2021 Ch. 462,§ 110, eff. 3/1/2022.
L. 13: p. 334, § 20. C.L. § 2490. CSA: C. 87, § 18. L. 49: p. 472, § 17. CRS 53: § 72-1-16. C.R.S. 1963: § 72-1-16. L. 92: Entire section amended, p. 1536, § 24, effective May 20. L. 2003: Entire section amended, p. 849, § 1, effective July 1. L. 2006: Entire section amended, p. 1490, § 9, effective June 1. L. 2012: Entire section amended, (HB 12-1266), ch. 1502, p. 1502, § 20, effective July 1.
Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-106 - Deemed incorporated under corporation law

All insurance companies having capital stock, incorporated under the laws of this state, are deemed to be incorporated under the general corporation laws of this state; but, excepting any provision of existing insurance laws which may purport to prescribe the law under which insurance companies may be or have been incorporated, no law or provision of law specially or expressly applicable to insurance companies or the business of insurance shall be in any way repealed, modified, or affected by this section.
L. 33: p. 615, § 3. CSA: C. 87, § 53. CRS 53: § 72-1-51. C.R.S. 1963: § 72-1-51.
For the general corporation law, see articles 101 to 117 of title 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-108 - File duly certified copy of charter

Except pursuant to the provisions of article
5
of this title, no foreign insurance company shall transact any business in this state unless it first files in the office of the commissioner a duly certified copy of its charter, articles of incorporation, or deed of settlement, together with a statement, under oath, of the president and secretary, or other chief officers of such company, showing the condition of affairs of such company on the thirty-first day of December next preceding the date of such oath. The statement shall be in the same form and shall set forth the same particulars as the annual statement required by this title (except article 15) and article
14
of title
24
, C.R.S. After filing its articles of incorporation or charter with the secretary of state, no insurance company shall be required to file its annual report or any other instrument, except amendments to said articles of incorporation or charter, in the office of the secretary of state or to pay to the secretary of state an annual corporation tax. The filings required pursuant to this section may be made in an electronic format.
L. 13: p. 339, § 23. C.L. § 2493. CSA: C. 87, § 21. L. 49: p. 473, § 20. CRS 53: § 72-1-34. C.R.S. 1963: § 72-1-34. L. 92: Entire section amended, p. 1536, § 26, effective May 20. L. 2004: Entire section amended, p. 1060, § 5, effective July 1. L. 2012: Entire section amended, (HB 12-1266), ch. 280, p. 1502, § 21, 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-109 - Reports, statements, assessments, and maintenance of records - publication - penalties for late filing, late payment, or failure to maintain

(1)
Every insurance company doing business in this state, on or before the first day of March in each year, shall submit to the commissioner a report, signed and certified by its chief officers, of its condition on the preceding thirty-first day of December, which shall include a detailed statement of assets and liabilities, the amount and character of its business transacted, and moneys received and expended during the year, and any further details of expenditures, and such other information, to be included in the report or supplementary thereto, as the commissioner deems necessary. A synopsis of such statement, together with the commissioner's certificate of authority to transact business in this state, shall be published in some newspaper of general circulation, published at the state capital, for at least four insertions. Such publication shall be made within thirty days after such certificate of authority is issued, and a copy of the paper containing such publication shall be filed in the office of the commissioner. The commissioner shall revoke and refuse to reissue the certificate of authority of any insurance company failing or refusing to furnish the reports or other information requested by the commissioner as provided in this section. The report required pursuant to this subsection (1) may be filed in an electronic format.
(2)
Repealed.
(3)
If any entity regulated by the division of insurance fails to file any other document required by law or rules and regulations to be filed with the division of insurance or fails to maintain complaint records as required by law, the commissioner may assess a penalty not to exceed five hundred dollars for an initial violation and a penalty not to exceed five thousand dollars for any subsequent failure to comply with any such filing requirement or requirement to maintain records. The commissioner, by rule and regulation, may establish a schedule for the assessment of penalties as authorized in this subsection (3) based upon the frequency and severity of noncompliance.
Amended by 2013 Ch. 338,§ 3, eff. 5/28/2013.
L. 13: p. 340, § 24. C.L. § 2494. CSA: C. 87, § 22. CRS 53: § 72-1-35. C.R.S. 1963: § 72-1-35. L. 92: Entire section amended, p. 1536, § 27, effective May 20. L. 2001: (2) amended, p. 1051, § 35, effective July 1. L. 2004: (1) amended, p. 1060, § 6, effective July 1. L. 2013: (2) amended, (HB 13-1115), ch. 338, p. 1970, § 3, effective May 28.
Subsection (2)(b) provided for the repeal of subsection (2), effective March 31, 2015. (See L. 2013, p. 1970.)
For financial statements, see § 10-3-208; for nondisclosure of reports during periods of supervision or conservatorship, see § 10-3-414.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-110 - [Repealed]

L. 13: p. 354, § 52. C.L. § 2525. CSA: C. 87, § 67. CRS 53: § 72-3-14. C.R.S. 1963: § 72-3-14. L. 71: p. 718, § 1. L. 81: Entire section repealed, p. 524, § 1, effective March 27.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-111 - Violations - penalty

Except for violations of section
10-3-104
or article
15
of this title 10, any officer, director, stockholder, attorney, or agent of any corporation or association who violates any of the provisions of this title 10 and article
14
of title
24
, who participates in or aids, abets, or advises or consents to any such violation, and any person who solicits or knowingly receives any money or property in violation of said references commits a class 2 misdemeanor, and any officer aiding or abetting in any contribution made in violation of said references is liable to the company or association for the amount so contributed. No person shall be excused from attending and testifying or producing any books, papers, or other documents, before any court, upon any investigation, proceeding, or trial, for a violation of any of the provisions of said references upon the ground or for the reason that the testimony or evidence, documentary or otherwise, required of such person may tend to incriminate or degrade him or her; but no person shall be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which he or she may so testify or produce evidence, documentary or otherwise, and no testimony so given or produced shall be used against him or her upon any criminal investigation or proceeding.
Amended by 2021 Ch. 462,§ 111, eff. 3/1/2022.
L. 13: p. 354, § 53. C.L. § 2526. CSA: C. 87, § 68. CRS 53: § 72-3-15. C.R.S. 1963: § 72-3-15. L. 83: Entire section amended, p. 448, § 1, effective March 15. L. 92: Entire section amended, p. 1537, § 28, effective May 20. L. 2003: Entire section amended, p. 849, § 2, effective July 1. L. 2005: Entire section amended, p. 761, § 12, effective June 1. L. 2012: Entire section amended, (HB 12-1266), ch. 1502, p. 1502, § 22, effective July 1.
Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-113 - Increase of capital

(1)
Any such corporation organized and duly licensed by the commissioner to conduct an insurance business may sell additional stock or increase its capital for the purpose, in the manner, and to the extent prescribed by law, but the expense incurred in connection with such sale shall not exceed twenty percent of the amount realized from the sale of its capital stock, whether in cash or notes, and said expense shall be paid from surplus funds of the corporation.
(2)
The provisions of this title (except article 15) and article
14
of title
24
, C.R.S., also apply in the formation and authorization of domestic insurance companies formed upon the mutual plan, and to associations formed upon the assessment plan, that are organized with a guaranty fund in lieu of capital as provided in said references.
L. 13: p. 346, § 2. L. 15: p. 270, § 1. L. 21: p. 457, § 5. C.L. § 2503. CSA: C. 87, § 30. L. 41: p. 502, § 2. CRS 53: § 72-1-44. L. 57: p. 758, § 9. C.R.S. 1963: § 72-1-44. L. 92: (2) amended, p. 1538, § 29, effective May 20. L. 2004: (2) amended, p. 898, § 10, effective May 21. L. 2012: (2) amended, (HB 12-1266), ch. 280, p. 1503, § 23, 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-114 - Violations - penalty

Any officer, director, clerk, employee, or agent of any such company who receives or pays out, or orders the payment of, any money, or incurs any obligation for the payment of money, in violation of the terms of section
10-3-113
commits a class 2 misdemeanor.
Amended by 2021 Ch. 462,§ 112, eff. 3/1/2022.
L. 13: p. 346, § 33. C.L. § 2504. CSA: C. 87, § 31. CRS 53: § 72-1-45. C.R.S. 1963: § 72-1-45.
Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-115 - [Repealed]

L. 13: p. 347, § 34. C.L. § 2505. CSA: C. 87, § 32. CRS 53: § 72-1-46. C.R.S. 1963: § 72-1-46. L. 92: Entire section repealed, p. 1538, § 30, effective May 20.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-116 - [Repealed]

L. 13: p. 347, § 35. C.L. § 2506. CSA: C. 87, § 33. CRS 53: § 72-1-47. C.R.S. 1963: § 72-1-47. L. 92: Entire section repealed, p. 1538, § 31, effective May 20.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-117 - License automatically extended - when

When the annual statement of an insurance company licensed to do business in this state has been filed and the company's check or cash for the amount of all fees and taxes required has been tendered, the company's license to do business in this state shall be automatically extended until the commissioner refuses to relicense such company, and, when a check or cash for the fee has been tendered by the company for renewal of an agent's license, the license shall automatically be extended until the commissioner refuses to renew the license.
L. 25: p. 316, § 6. CSA: C. 87, § 47. CRS 53: § 72-2-7. C.R.S. 1963: § 72-2-6.
For statements generally, see § 10-3-109; for financial statements, 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-118 - [Repealed]

L. 25: p. 318, § 10. CSA: C. 87, § 51. L. 51: p. 488, § 1. CRS 53: § 72-2-12. C.R.S. 1963: § 72-2-10. L. 71: p. 707, § 1. L. 79: Entire section R&RE, p. 380, § 1, effective May 25. L. 85: (7)(a)(IV) added, p. 378, § 1, effective July 1. L. 86: (6)(c) and (6)(d) added, p. 554, § 3, effective July 1. L. 89: (6)(c) and (6)(d) amended, p. 436, § 5, effective July 1. L. 91: (6) amended, p. 1229, § 3, effective June 5. L. 92: Entire section amended, p. 1539, § 32, effective May 20. L. 95: (5)(d)(I) amended, p. 489, § 2, effective May 16. L. 2003: (5)(d)(I), IP(6), and (6)(c) amended, p. 615, § 8, effective July 1. L. 2005: Entire section amended, p. 552, § 1, effective August 8. L. 2014: Entire section repealed, (HB 14-1315), ch. 295, p. 1217, § 3, effective 1/1/2015.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-119 - [Repealed]

L. 25: p. 319, § 11. CSA: C. 87, § 52. CRS 53: § 72-2-13. L. 63: p. 290, § 8. C.R.S. 1963: § 72-2-11. L. 92: Entire section repealed, p. 1424, § 4, 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-121 - Regulation of proxies, consents, or authorizations

(1)
The purpose of this section is to regulate the solicitation of proxies, consents, or authorizations by domestic stock insurers having one hundred or more stockholders of record in accordance with the intent of congress as expressed in the "Securities Acts Amendments of 1964", by declaring unlawful certain solicitation practices and providing for the regulation thereof.
(2)
No person shall, in contravention of such rules and regulations as the commissioner may prescribe as necessary or appropriate in the public interest or for the protection of investors, solicit, or permit the use of his name to solicit, any proxy or consent or authorization in respect of any security of a domestic stock insurer having one hundred or more stockholders of record.
(3)
Unless proxies, consents, or authorizations in respect of a security of a domestic stock insurer are solicited by or on behalf of the management of the insurer from the holders of record of such security in accordance with the rules and regulations prescribed under subsection (2) of this section, prior to any annual or other meeting of the holders of such security, such insurer shall, in accordance with the rules and regulations prescribed by the commissioner, file with the commissioner and transmit to all holders of record of such security information substantially equivalent to the information which would be required to be transmitted if a solicitation were made.
(4)
This section is applicable to all domestic stock insurers having one hundred or more stockholders of record; except that this section shall not apply to any insurer if ninety-five percent or more of its stock is owned or controlled by a parent or an affiliated insurer and the remaining shares are held by less than five hundred stockholders. A domestic stock insurer that files with the securities and exchange commission forms of proxies, consents, and authorizations complying with the requirements of the federal "Securities Exchange Act of 1934", as amended, is exempt from the provisions of this section.
(5)
The term "person" as used in this section includes a natural person, corporation, partnership, and association.
(6)
Repealed.
L. 65: p. 763, § 1. C.R.S. 1963: § 72-2-18. L. 95: Entire section repealed, p. 196, § 8, effective April 13; entire section RC&RE, p. 718, § 2, effective May 23. L. 96: (6) repealed, p. 95, § 2, effective March 25. L. 2008: (4) amended, p. 1880, § 11, effective August 5.
For the "Securities Acts Amendments of 1964" and the "Securities Exchange Act of 1934", see 15 U.S.C. § 78a 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-122 - Duties of foreign companies

Any foreign life or accident insurance company doing business in the state of Colorado, if the insurance contract is made in this state, shall pay its obligations when same are due and payable through its agent in the county where the contract was made, or at the office of its general agent within this state, after approval by the proper officers at the home office of the company, upon presentation of the insurance contract and proofs required thereunder by the insured, assigns, or beneficiaries. This insurance contract is deemed to be made and payable in the state of Colorado, if made through an authorized agent of such insurance company within this state, irrespective of where the insurance contract may be written.
L. 13: p. 357, § 58. C.L. § 2531. CSA: C. 87, § 75. CRS 53: § 72-3-22. C.R.S. 1963: § 72-3-22.
For life insurance generally, see article 7 of this title 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-124 - [Repealed]

L. 73: p. 836, § 1. C.R.S. 1963: § 72-1-65. L. 77: Entire section repealed, p. 502, §§ 7, 8, effective 1/1/1978.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-125 - Redomestication of foreign insurers

(1)
Any foreign insurer which is authorized or which may be authorized to do business in this state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type. Said domestic insurer shall be entitled to like certificates and licenses to transact business in this state and shall be subject to the authority and jurisdiction of this state.
(2)
Any domestic insurer may, upon the approval of the commissioner, transfer its domicile to any other state in which it is authorized to transact the business of insurance and, upon such a transfer, shall cease to be a domestic insurer and shall be admitted to this state if qualified as a foreign insurer. The commissioner shall approve any such proposed transfer unless he determines that such transfer is not in the interest of the policyholders of this state.
(3)
Any foreign insurance company admitted or which may be admitted to transact business in this state may, upon proper notice to the commissioner, change its domicile by merger, consolidation, or otherwise to another foreign state without interruption of its license and without reapplying as a foreign insurer if:
(a)
The change in domicile does not result in a reduction in the company's assets or surplus below the requirements for admission as a foreign insurer; and
(b)
There is no substantial change in the lines of insurance to be written by the company; and
(c)
The change in domicile has been approved by the supervising regulatory officials of both the former and new state of domicile.
(4)
The certificate of authority, the agents' appointments and licenses, and the rates and other items which the commissioner allows, in his discretion, which are in existence at the time any insurer transfers its corporate domicile to this or any other state by merger, consolidation, or any other lawful method shall continue in full force and effect upon such transfer if such insurer remains duly qualified to transact the business of insurance in this state. All outstanding policies of any transferring insurer shall remain in full force and effect. In the event of a company name change, all outstanding policies shall be endorsed with the company's new name. Every transferring insurer shall file new policy forms with the commissioner on or before the effective date of the transfer. Such insurers may use existing policy forms with appropriate endorsements if allowed by and under such conditions as approved by the commissioner. Every such transferring insurer shall notify the commissioner of the details of the proposed transfer and shall file promptly any resulting amendments to corporate documents filed or required to be filed with the commissioner.
L. 89: Entire section added, p. 443, § 1, effective April 19.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-126 - Alien insurers

(1)
Any alien insurer, as defined in section
10-3-301(1)
, may be admitted to do business in this state by qualifying and establishing an administrative office in this state and maintaining its corporate and insurance records in the United States for insurance of risks primarily in the United States of America, its territories, and its possessions and by complying with all of the requirements of law related to the organization and licensing of a domestic insurer of the same type.
(2)
Any alien insurer, as defined in section
10-3-301(1)
, which is authorized to do business (whether as an admitted company or nonadmitted company) for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type and by making its principal place of business at a place in this state. Said domestic insurer shall be entitled to like certificates and licenses to transact business in this state and shall be subject to the authority and jurisdiction of this state.
L. 89: Entire section added, p. 444, § 1, effective April 19.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-127 - Domicile of nonprofit hospital, medical-surgical, and health services corporations

(1)
A corporation organized under the laws of another state for the purposes set forth in section
10-16-302
may qualify under parts 1 and 3 of article
16
of this title to do business in this state as a nonprofit hospital, medical-surgical, and health services corporation, and upon notice to the commissioner may change its domicile by merger, consolidation, or otherwise under the procedures of section
10-3-125
for insurers. Except as specified in this section, any such corporation shall comply with all provisions of parts 1 and 3 of article
16
of this title with respect to the business of the corporation in this state.
(2)
The provisions of sections
10-16-304(1)
and
10-16-305(1)
shall apply to a foreign corporation to the extent such provisions do not conflict with the governing laws of the corporation's domicile.
L. 89: Entire section added, p. 444, § 1, effective April 19. L. 92: Entire section amended, p. 1723, § 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-128 - Domestic insurer - requirement to maintain offices in this state

(1)
Before granting the initial certificate of authority to an applicant to become a domestic insurer, the commissioner shall be satisfied by proper evidence that:
(a)
The insurer's books and records are located or maintained in this state or are readily accessible to the examiners of this state; and
(b)
The grant of a certificate of authority as a domestic insurer will provide benefit to the state of Colorado through either significant economic development or through the offering of insurance coverage desired by and beneficial to the Colorado insurance buying public.
(2)
No later than January 1, 1992, any domestic insurer licensed in this state prior to July 1, 1991, shall file a plan for compliance with this section.
(3)
The commissioner may modify or waive the requirements of this section for cause on a case by case basis.
(4)
The commissioner may promulgate such rules and regulations as are necessary to carry out the provisions of this section.
L. 91: Entire section added, p. 1243, § 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-129 - Prohibition - display of social security number - insurance companies

(1)
An insured may require that an insurance company or insurer doing business in Colorado not display the insured's social security number on his or her insurance identification card or proof of insurance card. If an insured makes the request, the insurance company or insurer shall reissue the insured an insurance identification card or proof of insurance card that does not display the insured's social security number.
(2)
After January 1, 2006, upon issuance or renewal of an insurance policy, an insurance company or insurer doing business in Colorado shall not issue an insurance identification card or proof of insurance card that displays the insured's social security number.
L. 2004: Entire section added, p. 1959, § 4, effective August 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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-130 - Certificate of authority application process - tracking compliance with uniform process

The division shall make every effort to comply with the uniform process established and endorsed by the national association of insurance commissioners for applications for certificates of authority, including compliance with established deadlines for evaluating, approving, and denying applications for certificates of authority. The division shall track all aspects of the certificate of authority application process in order to monitor compliance with the uniform standards and to enable comparison with other states for purposes of determining areas for improvement.
L. 2006: Entire section added, p. 76, § 2, effective March 27.
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 1 - GENERAL (§§ 10-3-101 — 10-3-131) › Section 10-3-131 - Acts of producers - responsibility of insurer - definitions

(1)
An insurer authorized to conduct business in this state, who knew or should have known about the unfair business practices of an insurance producer, may be financially responsible for the unfair business practices of the insurance producer, who, while acting on behalf of the insurer, engaged in unfair business practices that violate this title.
(2)
As used in this section, "insurance producer" shall have the meaning set forth in section
10-2-103
.
L. 2008: Entire section added, p. 586, § 3, 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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-202 - Surplus ascertained - disposition of

Surplus of domestic insurance companies shall be ascertained by offsetting as a liability against the company's admitted assets the par value of its outstanding capital stock, if any, its reserve liability, and its current obligations of every kind. The excess of said admitted assets over said liabilities shall be the company's surplus. Surplus of domestic stock insurance companies belongs to their stockholders, and such part of the surplus may be apportioned or paid to policyholders, beneficiaries, and annuity and supplementary contract holders as the companies may from time to time determine.
L. 25: p. 312, § 1. CSA: C. 87, § 42. CRS 53: § 72-2-2. C.R.S. 1963: § 72-2-1. L. 69: p. 491, § 2. L. 2004: Entire section amended, p. 1061, § 7, 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 10-3-203 - Additional deposits - withdrawals

Any domestic insurance company depositing its insurance reserves with the commissioner under the optional reserve deposit law, section
10-7-101
, at its option and in addition to its insurance reserves deposit, may also deposit with the commissioner approved securities not less in amount than the reserve required to mature any or all of the company's other contractual obligations of every kind designated at the time the deposits are made. Such additional deposits shall be to secure the payment of such other contractual obligations so designated. In determining the amount of deposit to be maintained with the commissioner on account of insurance or other reserves, he shall make proper deductions from the mathematical reserves for all indebtedness to the company on account of each policy and each contractual obligation not exceeding the reserve thereon, and for deferred and uncollected premiums on the policies and for the reserve on such part of each policy as may be reinsured as provided by law. Any amount at any time on deposit in excess of the amount required may be withdrawn by the depositing company. Whenever any such company makes an application to withdraw any excess deposit, the commissioner may accept the estimate or calculation of the company of such reserves or, at his option, may have a calculation or estimate thereof made for said purpose or an appraisal of the depositing company's securities, or both, at the expense of the company so applying, at such reasonable expense as may be agreed to by the company.
L. 31: p. 421, § 1. CSA: C. 87, § 55. CRS 53: § 72-3-3. C.R.S. 1963: § 72-3-3.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-204 - Payment of dividends

(1)
The amount of dividend payments by any domestic insurance company is wholly within the discretion of its directors or of the duly constituted executive committee thereof. No dividend shall be paid except from the company's surplus.
(2)
It is unlawful for the directors, trustees, managers, or officers of any domestic insurance company, directly or indirectly, to make or pay any dividends or pay any interest, bonus, or other allowance in lieu of dividends, other than premium refunds and deductions guaranteed, except from the company's surplus and from profits arising from the company's business. Any person who is found guilty of violating any provision of this section shall be punished by a fine of not more than one thousand dollars.
L. 25: p. 313, § 2. L. 33: p. 615, § 2. CSA: C. 87, § 43. CRS 53: § 72-2-3. C.R.S. 1963: § 72-2-2.
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 10-3-205 - Manner of paying surplus

Every policyholder on all participating policies issued shall be permitted at the time the first dividend is declared to select from among the options set forth in the policy the manner and method of the payment of the surplus to be annually apportioned to his policy.
L. 13: p. 353, § 49. C.L. § 2522. CSA: C. 87, § 63. CRS 53: § 72-3-10. C.R.S. 1963: § 72-3-10.
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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-206 - Security deposits - certificates

(1)
The commissioner shall receive and hold on deposit, in the manner provided in this law, the securities of domestic companies that are deposited by any such company under the provisions of this title (except article 15) and article
14
of title
24
, C.R.S., for the purpose of securing policyholders or to comply with any similar law of another state to enable the company to transact business in such state. All securities so offered for deposit shall belong to and be the sole property of such company and shall be free and clear of any claims whatsoever, and the commissioner shall determine the same by proper inquiry.
(2)
The commissioner shall furnish to such company a certificate, under his hand and official seal, certifying that he holds said securities in trust for the benefit of the policyholders of such company.
L. 13: p. 325, § 10. L. 21: p. 454, § 2. C.L. § 2480. CSA: C. 87, § 9. CRS 53: § 72-1-9. C.R.S. 1963: § 72-1-9. L. 92: (1) amended, p. 1545, § 35, effective May 20. L. 2004: (1) amended, p. 900, § 13, effective May 21. L. 2012: (1) amended, (HB 12-1266), ch. 280, p. 1504, § 26, effective July 1.
For procedure for deposit and commissioner's duty to safeguard, 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 2 - FINANCIAL AFFAIRS (§§ 10-3-201 — 10-3-244) › Section 10-3-207.5 - [Repealed]

L. 2010: Entire section added with relocations, (HB 10-1385), ch. 204, p. 882, §1, effective May 5. L. 2012: Entire section repealed, (SB 12-110), ch. 158, p. 560, § 2, effective July 1.
This section was similar to former § 10-3-207 (1)(e) as it existed prior to 2010.
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 10-3-211 - Deposit only admitted assets

(1)
Deposits made with the commissioner as permitted or required by law shall be only those admitted assets of the company that are securities eligible for the purpose of a deposit, as provided in section
10-3-235 (1) or (2)
. The company may deposit, withdraw, exchange, or substitute any security at any time if the total amount of securities remaining on deposit is no less than required by law.
(2)
When a domestic insurance company reinsures all of its business in another company, the securities deposited by the reinsured company with the commissioner, subject to any existing liens against and restrictions upon them, may be assigned or transferred to the reinsuring company, and the latter company shall thereupon acquire all the rights, title, and interest of the reinsured company in and to such securities and shall be entitled to all the rights, benefits, and privileges of the reinsured company pertaining thereto. If a domestic company, having securities on deposit with the commissioner, reinsures all of its business, such securities may only be withdrawn, except for the purpose of exchange or substitution, upon a showing satisfactory to the commissioner that all debts, obligations, and liabilities of the insurance company have been paid and discharged, or adequate provisions for payment and discharge have been made, and upon return of the company's certificate of authority to the commissioner.
(3)
(Deleted by amendment, L. 2004, p. 1062, § 9, effective July 1, 2004.)
L. 33: p. 611, § 1. CSA: C. 87, § 45. CRS 53: § 72-2-5. C.R.S. 1963: § 72-2-4. L. 69: p. 491, § 3. L. 2004: Entire section amended, p. 1062, § 9, 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 10-3-212 - Insolvency or impairment of stock insurance company

A stock insurance company is deemed insolvent when its admitted assets are less than all of its liabilities, excluding from such liabilities the aggregate amount of its outstanding capital stock, and is deemed impaired when its admitted assets are less than its liabilities, including as a liability the aggregate amount of its outstanding capital stock, or when its surplus is less than the minimum requirements of section
10-3-201
.
L. 25: p. 315, § 5. CSA: C. 87, § 46. CRS 53: § 72-2-6. C.R.S. 1963: § 72-2-5. L. 69: p. 544, § 2.