reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-107 - Ownership of profits

Every domestic insurance company incorporated upon the mutual or assessment plan shall state clearly in its policies or certificates that the accumulations of profits of such corporations over and above all proper liabilities are the sole property of the members or policyholders in good standing and that the same shall be distributed in a just and equitable manner in case such company is reinsured or ceases to do business.
L. 13: p. 364, § 66. C.L. § 2539. CSA: C. 87, § 83. CRS 53: § 72-5-7. C.R.S. 1963: § 72-5-7.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-108 - Mutual insurance companies - corporation policyholders

Any public or private corporation, board, or association in this state or elsewhere may make applications and enter into agreements for and hold policies in any domestic or foreign mutual insurance company. Any officer, stockholder, trustee, or legal representative of any such corporation, board, or association or any estate may be recognized as acting for or on its behalf for the purpose of such membership but shall not be personally liable upon such contract of insurance by reason of acting in such representative capacity. The right of any corporation organized under the laws of this state to participate as a member of any such mutual insurance company is declared to be incidental to the purpose for which such corporation is organized and as much granted as the rights and powers expressly conferred.
L. 21: p. 465, § 8. C.L. § 2564. CSA: C. 87, § 134. CRS 53: § 72-5-8. L. 55: p. 457, § 1. C.R.S. 1963: § 72-5-8.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-109 - Mutual insurance companies - voting powers

Every member of the company shall be entitled to one vote or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws.
L. 21: p. 465, § 9. C.L. § 2565. CSA: C. 87, § 135. CRS 53: § 72-5-9. L. 55: p. 457, § 1. C.R.S. 1963: § 72-5-9.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-110 - Mutual insurance companies - premiums and premium deposits

The policies shall provide for a premium or premium deposit payable in cash and, except as provided in this section, for a contingent premium at least equal to the premium or premium deposit. Such mutual company may issue a policy without a contingent premium while it has a surplus equal to the capital required of a domestic stock insurance company transacting the same kinds of insurance, and in no event shall the holder of any such policy be liable for a greater amount than the premium or premium deposit expressed in the policy. If at any time the admitted assets are less than the reserve and other liabilities, the company shall immediately collect upon policies with a contingent premium a sufficient proportionate part thereof to restore such assets, but no member shall be liable for any part of such contingent premium in excess of the amount demanded within one year after the termination of the policy. The commissioner may, by written order, direct that proceedings to restore such assets be deferred during the time fixed in such order.
L. 21: p. 465, § 10. C.L. § 2566. CSA: C. 87, § 136. CRS 53: § 72-5-10. L. 55: p. 457, § 1. C.R.S. 1963: § 72-5-10.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-111 - Mutual life assessment companies prohibited - when

No life insurance company which is organized under the mutual assessment plan or which issues contracts, the performance of which is contingent upon the payment of assessments or calls made upon its members, shall do business in this state, except such companies authorized on April 15, 1913, to do business in this state and which value their assessment policies or certificates of membership as yearly renewable term policies, according to the standard of valuation of life insurance policies prescribed by the laws of this state. No such company shall provide in any contract of insurance for any cash or other benefit to accrue to any living member or policyholder or to any beneficiary except a death benefit from life insurance upon the yearly renewable term plan.
L. 13: p. 358, § 60. C.L. § 2533. CSA: C. 87, § 77. CRS 53: § 72-5-11. L. 55: p. 458, § 1. C.R.S. 1963: § 72-5-11.
For the valuation of life policies, see § 10-7-101.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 1 - MUTUAL INSURANCE COMPANIES AND MUTUAL PROTECTIVE ASSOCIATIONS (§§ 10-12-101 — 10-12-112) › Section 10-12-112 - Validation clause

All transactions, otherwise lawful and not inconsistent with sections
10-12-108
to
10-12-111
, are hereby validated as though done pursuant to said sections.
L. 55: p. 458, § 1. CRS 53: § 72-5-12. C.R.S. 1963: § 72-5-12.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 2 - [Repealed] EMPLOYERS' MUTUAL LIABILITY INSURANCE (§ 10-12-201) › Section 10-12-201 - to 10-12-218 - [Repealed]

L. 2010: Entire part repealed, (HB 10 -1220), ch. 197, p. 853, § 9, effective July 1.
This part 2 was numbered as article 8 of chapter 72, C.R.S. 1963.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 3 - [Repealed] MUTUAL BENEFIT ASSOCIATIONS (§ 10-12-301) › Section 10-12-301 - to 10-12-333 - [Repealed]

L. 81: Entire part repealed, p. 617, § 1, effective April 30.
This part 3 was numbered as article 9 of chapter 72, C.R.S. 1963.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-401 - Legislative declaration

It is the intent of the general assembly by the enactment of this part 4 that the legal existence and status of mutual insurance companies formed under this part 4 and the members thereof be recognized beyond the limits of this state and that, subject to any reasonable registration requirements, any such mutual insurance company transacting business outside this state be granted the protection of full faith and credit under section 1 of article IV of the constitution of the United States.
L. 91: Entire part added, p. 1219, § 1, effective May 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-402 - Scope of provisions

This part 4 shall apply to all domestic and foreign mutual insurers, including captive insurance companies organized as mutual insurers, transacting or being organized to transact any of the kinds of business for which insurance companies regulated by this title are permitted.
L. 91: Entire part added, p. 1219, § 1, effective May 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-403 - Mutual insurer defined

For purposes of this part 4, a "mutual" insurer is an insurance corporation without capital stock, owned by its policyholders collectively, who have the right to vote in the election of its directors.
L. 91: Entire part added, p. 1219, § 1, effective May 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-404 - Company name

The corporate name of any company organized under this article shall contain the word "mutual" and shall not be the same as and shall be distinguishable on the records of the secretary of state from the name of any domestic company or of any foreign or alien company authorized to transact business in this state.
L. 91: Entire part added, p. 1220, § 1, effective May 24. L. 2000: Entire section amended, p. 988, § 102, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-405 - Applicability of other code and corporation code provisions

Domestic mutual insurers, incorporating or qualifying to transact any or all of the classes of insurance designated in section
10-3-102
, shall be subject to all provisions of this title generally applicable to other incorporated insurers, specifically including the provisions of article
3
of this title, and in case of conflict between this part 4 and other provisions of this title, the provisions of this part 4 shall control. Domestic mutual insurers shall be subject to additional articles of this title as they are applicable to the class or classes of insurance made by such domestic mutual insurer. Domestic mutual insurers shall not be required to have or issue capital stock or shares nor shall they be required to distribute an annual report to a member other than at the time of the initial policy issuance or once each year on renewal. Except as otherwise provided in this part 4, incorporated mutual insurers shall be deemed to be incorporated or organized under the general corporation law of this state.
L. 91: Entire part added, p. 1220, § 1, effective May 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-406 - Lines of business

When permitted by its articles of incorporation, a company may be organized under this part 4 to make insurance to the same extent and for the same purposes as permitted for domestic insurance companies under section
10-3-102
or for captive insurance companies under section
10-6-107
.
L. 91: Entire part added, p. 1220, § 1, effective May 24. L. 94: Entire section amended, p. 1648, § 88, effective May 31.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-407 - Bylaws

The bylaws shall provide that each policyholder of the company shall be a member of the company and shall be entitled to one or more votes based upon the amount of insurance in force, the number of policies held, or the amount of premium paid, as shall be stated in such bylaws. The bylaws may permit voting by proxy.
L. 91: Entire part added, p. 1220, § 1, effective May 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-408 - Liability of members

(1)
A member of a mutual insurance company organized under this article is not liable to any other member, to the company, or to any creditor of the company for the payment of losses or expenses of the company beyond payment of premiums for insurance issued to such member, nor may any member be assessed for any liability of the company.
(2)
A mutual insurance company may, if permitted by its articles of incorporation or bylaws and if provision therefor is clearly disclosed to its members on the face of the policy, make contingent premium assessments on its members.
(3)
No person is liable for any obligation arising from membership unless the person was admitted to membership upon the person's application or with the person's consent.
L. 91: Entire part added, p. 1220, § 1, effective May 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-409 - Dividends

(1)
The board of directors or trustees of any company which is subject to the provisions of this part 4 and which writes life, accident, or accident and health insurance may declare dividends to its members.
(2)
After retaining sufficient funds for the payment by the company of all outstanding policy and other obligations, the board of directors or trustees of any company which is subject to the provisions of this article and which writes casualty, fidelity and surety, fire, elements and marine, or similar insurance may from time to time fix and determine the amount of dividends payable, or of unabsorbed or unused premiums or premium deposits to be returned, to each policyholder, may establish reasonable classifications or groupings of policyholders and plans for the distribution of such dividends or refunds upon each general kind of insurance or groups or classes thereof, and may establish reasonable territorial divisions upon policies expiring during a fixed period.
(3)
The declaration and payment of dividends by any company subject to the provisions of this part 4 shall be subject to the following conditions:
(a)
No dividends shall be declared or paid at any time except out of the earned, as distinguished from contributed, surplus nor when the surplus of the company is less than the original surplus required for the kind or kinds of insurance the company is authorized to write nor when the payment of such dividends will reduce its surplus to less than such amount.
(b)
No dividends shall be declared or paid contrary to any restriction contained in the articles of incorporation.
L. 91: Entire part added, p. 1221, § 1, effective May 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Article 12 - MUTUAL INSURANCE (§§ 10-12-101 — 10-12-411) › Part 4 - MUTUAL INSURANCE COMPANIES (§§ 10-12-401 — 10-12-411) › Section 10-12-410 - Insolvency or impairment of mutual insurance company

A mutual 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 guaranty fund, and is deemed impaired when its admitted assets are less than its liabilities, including as a liability the aggregate amount of its guaranty fund, or when its surplus is less than the minimum requirements of section
10-3-201
.
L. 91: Entire part added, p. 1221, § 1, effective May 24.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-101 - Interinsurance contracts

Individuals, partnerships, and corporations of this state, referred to in this article as "subscribers", are authorized to exchange reciprocal or interinsurance contracts with each other, or with individuals, partnerships, and corporations of other states and countries, providing indemnity among themselves from any loss which may be insured against under other provisions of the law, excepting life insurance, if such subscribers, through their attorneys, attorneys-in-fact, agents, or other representatives, deposit and maintain on deposit with the commissioner moneys or securities of the value of fifty thousand dollars as security for the performance of all such contracts issued in this state or in any other state or country by such subscribers and as security for any act or omission by an attorney-in-fact required to be bonded for or secured against under any attorney-in-fact bond required by the laws of any state in which the reciprocal or interinsurance exchange does business. Such securities shall be such as are required for lawful investments of capital and reserve of domestic insurance companies by the provisions of sections
10-3-215
to
10-3-230
. In lieu of such deposit or part thereof, the commissioner may accept a certificate of the public official having supervision over insurers in any other state to the effect that a like deposit by such insurer or a like part thereof in an equal or a greater amount is held in public custody in such state. The offices through which such indemnity is exchanged shall be classified as reciprocal or interinsurance exchanges.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. L. 47: p. 589, § 1. CRS 53: § 72-4-1. C.R.S. 1963: § 72-4-1. L. 73: p. 845, § 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-102 - Licensing of solicitors

Such contracts may be executed by an attorney, attorney-in-fact, agent, or other representative, referred to in this article as an "attorney", duly authorized and acting for such subscribers. Each attorney or exchange doing business in this state shall be required to license each solicitor, agent, special agent, special representative, or salaried representative soliciting business in this state. Such representative need not be a resident of this state, nor will such representative be required to countersign policies issued. The application for such license shall be made by the employer, and the commissioner shall issue to such individual requested in the application the required license upon payment of the usual agent's license fee if the individual is found by the commissioner to be qualified therefor.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. L. 47: p. 590, § 2. CRS 53: § 72-4-2. C.R.S. 1963: § 72-4-2.
For fees for licensing agents, see § 10-3-207.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-103 - Declaration of subscribers

(1)
Such subscribers so contracting among themselves shall through their attorney file with the commissioner of this state a declaration verified by the oath of such attorney setting forth:
(a)
The name or title of the office at which such subscribers propose to exchange such indemnity contracts. Such name or title shall not be so similar to any other name or title previously adopted by a similar organization or by any insurance corporation or association as in the opinion of the commissioner is calculated to result in confusion or deception.
(b)
The kind of insurance to be effected or exchanged;
(c)
A copy of the form of policy contract or agreement under or by which such insurance is to be effected or exchanged;
(d)
A copy of the form of power of attorney or other authority of such attorney under which such insurance is to be effected or exchanged, which shall show the allowance for expense;
(e)
The location of the office from which such contracts or agreements are to be issued;
(f)
That applications have been made for indemnity upon at least one hundred separate risks aggregating not less than one and one-half million dollars, as represented by executed contracts or bona fide applications to become concurrently effective, or, in case of liability or compensation insurance, covering a total payroll of not less than one and one-half million dollars;
(g)
A financial statement in such form as the commissioner may require;
(h)
Such other information as the commissioner may deem necessary for the protection of the public.
L. 13: p. 373, § 81. L. 15: p. 273, § 1. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-3. C.R.S. 1963: § 72-4-3.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-104 - Venue of actions - service of process

Concurrently with the filing of the declaration provided for by the terms of section
10-13-103
, the attorney shall file with the commissioner an instrument in writing executed by him for said subscribers, conditioned that, upon the issuance of the certificate of authority provided for in section
10-13-111
, action may be brought in the county in which the property insured thereunder is situated, and service of process may be had upon the commissioner or deputy commissioner in all suits in this state arising out of such policies, contracts, or agreements, which service shall be valid and binding upon all subscribers exchanging at any time reciprocal or interinsurance contracts through such attorney. Three copies of such process shall be served, and the commissioner shall file one copy, forward one copy to said attorney, and return one copy with his admission of service.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-4. C.R.S. 1963: § 72-4-4. L. 73: p. 847, § 2. L. 86: Entire section amended, p. 556, § 8, effective July 1. L. 89: Entire section amended, p. 438, § 10, effective July 1. L. 92: Entire section amended, p. 1574, § 99, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-105 - Maximum indemnity on single risk

There shall be filed with the commissioner by such attorney a statement under oath showing the maximum amount of indemnity upon any single risk, and such attorney, as often as the same is required, shall file with the commissioner a statement verified by his oath to the effect that he has examined the commercial rating of such subscribers as shown by the reference book of a commercial agency having at least one hundred thousand subscribers and that from such examination or from other information in his possession it appears that no subscriber has assumed on any single risk an amount greater than ten percent of the net worth of such subscriber.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-5. C.R.S. 1963: § 72-4-5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-106 - Certificate of authority issued

(1)
Upon the filing of the required papers, it is the duty of the commissioner to examine and pass upon the same and, if found in accordance with this title, to issue a certificate of authority which shall expire on April 1 next succeeding.
(2)
To qualify for authority to transact insurance business in this state after July 1, 1971, every interinsurance exchange or reciprocal exchange shall possess and maintain an unencumbered surplus in an amount of not less than three hundred thousand dollars. Any interinsurance exchange or reciprocal exchange currently authorized to transact insurance business in this state need not meet such surplus requirements until five years after July 1, 1971; except that the surplus of any such interinsurance exchange or reciprocal exchange shall be increased annually at the rate of twenty percent of the difference between its surplus as of December 31, 1970, and three hundred thousand dollars. Upon written request and for good reason shown, the commissioner may waive the requirement for any one annual surplus increase, with the provision that said surplus increase will be accomplished in full within the next year, together with the surplus increase scheduled for that year.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-6. C.R.S. 1963: § 72-4-6. L. 71: p. 719, § 1. L. 2001: (1) amended, p. 1267, § 6, effective June 5.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-107 - Reserve required

There shall be maintained at all times an unearned premium reserve computed on a monthly or more frequent pro rata basis. The computation of this reserve shall be based upon premium deposits other than membership fees and without any deduction for expenses and the compensation of an attorney.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-7. C.R.S. 1963: § 72-4-7. L. 71: p. 720, § 2. L. 75: Entire section R&RE, p. 369, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-108 - Annual financial report

(1)
Such attorney shall make a sworn annual report to the commissioner of the business of the preceding year ending December thirty-first, on or before the first day of March succeeding, showing that the financial condition of affairs at the office where such contracts are issued is in accordance with the standard of solvency, and shall furnish such additional information and reports as may be required to show the total premiums or deposits collected, the total losses paid, the total amounts returned to subscribers, and the amounts retained for expenses and subject to taxation. Such attorney shall not be required to furnish the names and addresses of any subscribers, except for purposes of verifying by the commissioner the reports furnished under section
10-13-105
. These names and addresses are not to be filed or to become any part of the public records. The report shall be on a form prescribed by the commissioner.
(2)
The business affairs and assets of any reciprocal or interinsurance exchange or attorney's office shall be subject to examination by the commissioner.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-8. C.R.S. 1963: § 72-4-8. L. 64: p. 144, § 74.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-109 - Authority conferred on corporations

Any corporation organized under the laws of this state, in addition to the rights, powers, and franchises specified in its articles of incorporation, has full power to exchange insurance contracts of the kind and character mentioned in section
10-13-101
. The right to exchange such contracts is declared to be incidental to the purposes for which such corporations are organized and as much granted as the rights and powers expressly conferred.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-9. C.R.S. 1963: § 72-4-9.
The word "corporation" as used in this section is limited to those engaged in the business of insurance or suretyship. See definition in §
10-1-102(6)
.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-110 - Noncompliance a misdemeanor

Any attorney, agent, or representative who, except for the purpose of applying for a certificate of authority, exchanges any contracts of indemnity of the kind and character specified in section
10-13-101
or directly or indirectly solicits or negotiates any application for the same without first complying with the provisions of this title is guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not less than one hundred dollars nor more than one thousand dollars.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-10. C.R.S. 1963: § 72-4-10.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-111 - Annual certification - revocation

Each attorney by or through whom are issued any policies of or contracts for indemnity of the character referred to in this title shall procure from the commissioner annually a certificate of authority stating that all the requirements of this title have been complied with, and, upon such compliance and the payment of the fees and taxes required by this title, the commissioner shall issue such certificate of authority. The commissioner may revoke or suspend any certificate of authority issued in case of breach of any of the conditions imposed by this title after reasonable notice has been given said attorney in writing so that he may appear and show cause why such action should not be taken. Pending such investigation, no information shall be published, but, in case of revocation or suspension of a certificate of authority, notice of the same shall be published by the commissioner in the Denver daily newspapers. Any final action of the commissioner pursuant to this section shall be subject to judicial review by the court of appeals pursuant to section
24-4-106(11)
, C.R.S.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-11. C.R.S. 1963: § 72-4-11. L. 92: Entire section amended, p. 1574, § 100, effective May 20.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-112 - [Repealed]

L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. L. 51: p. 473, § 1. CRS 53: § 72-4-12. C.R.S. 1963: § 72-4-12. L. 71: p. 720, § 3. L. 73: p. 845, § 2. L. 86: Entire section amended, p. 556, § 9, effective July 1. L. 89: Entire section amended, p. 438, § 11, effective July 1. L. 91: Entire section amended, p. 1233, § 8, effective June 5. L. 2000: Entire section repealed, p. 1617, § 3, effective August 2.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-113 - Additional penalties

In addition to the foregoing penalties and where not otherwise provided, the penalty for failure or refusal to comply with any provisions or terms of this title, upon the part of the attorney, shall be the refusal, suspension, or revocation of the certificate of authority by the commissioner, and publication of his act, after due notice and opportunity for hearing as provided for in section
10-13-111
.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-13. C.R.S. 1963: § 72-4-13.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Article 13 - INTERINSURANCE (§§ 10-13-101 — 10-13-114) › Section 10-13-114 - Laws applicable

Except as they may be inconsistent with the provisions of this article, all other provisions of this title shall apply to interinsurance and reciprocal exchanges.
L. 13: p. 373, § 81. C.L. § 2554. CSA: C. 87, § 98. CRS 53: § 72-4-14. C.R.S. 1963: § 72-4-14. L. 71: p. 720, § 4. L. 73: p. 846, § 3.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 1 - DEFINITIONS - STRUCTURE AND PURPOSE (§§ 10-14-101 — 10-14-105) › Section 10-14-101 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Benefit contract" means the agreement for the provision of benefits authorized by section
10-14-401
, as that agreement is described in section
10-14-404
.
(2)
"Benefit member" means an adult member who is designated by the governing documents of the society to be a benefit member under a benefit contract.
(3)
"Certificate" means the document issued as written evidence of the benefit contract.
(4)
"Governing documents" mean the society's articles of incorporation, constitution, bylaws, and rules, however designated.
(5)
"Lodge" means any subordinate member unit of the society, known as camps, courts, councils, branches, or by any other designation as described in section
10-14-103
.
(6)
"Premium" means any premium, rate, dues, or other required contributions by whatever name known, which are payable under the certificate.
(7)
"Rule" means any rule, regulation, or resolution adopted by the supreme governing body or board of directors which is intended to have general application to the members of the society.
(8)
"Society" means a fraternal benefit society as set forth in section
10-14-102
, unless otherwise indicated.
L. 93: Entire article amended with relocations, p. 585, § 1, effective July 1.
The former § 10-14-101 was relocated to §
10-14-102
in 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 1 - DEFINITIONS - STRUCTURE AND PURPOSE (§§ 10-14-101 — 10-14-105) › Section 10-14-102 - Fraternal benefit societies - what constitutes

Any incorporated society, order, or supreme lodge, without capital stock, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work, having a representative form of government, and which provides any of the benefits enumerated in section
10-14-401
, is hereby declared to be a fraternal benefit society.
L. 93: Entire article amended with relocations, p. 586, § 1, effective July 1.
This section is similar to former § 10-14-101 as it existed prior to 1993, and the former § 10-14-102 was relocated to §
10-14-103
.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 1 - DEFINITIONS - STRUCTURE AND PURPOSE (§§ 10-14-101 — 10-14-105) › Section 10-14-103 - Lodge system - defined

(1)
A society is operating on the lodge system if it has a supreme governing or legislative body and subordinate lodges into which members are elected, initiated, or admitted in accordance with its governing documents, and rituals. Subordinate lodges shall be required by the governing documents of the society to hold regular meetings at least once in each month in furtherance of the purposes of the society.
(2)
A society may, at its option, organize and operate lodges for children under the minimum age for adult membership. Membership and initiation in local lodges shall not be required of such children, nor shall they have a voice or vote in the management of the society.
L. 93: Entire article amended with relocations, p. 586, § 1, effective July 1.
This section is similar to former § 10-14-102 as it existed prior to 1993, and the former § 10-14-103 was relocated to §
10-14-104
.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 1 - DEFINITIONS - STRUCTURE AND PURPOSE (§§ 10-14-101 — 10-14-105) › Section 10-14-104 - Representative form of government - defined

(1)
A society has a representative form of government when:
(a)
The supreme governing body is either:
(I)
An assembly composed of delegates elected directly by the members or at intermediate assemblies or conventions of members or their representatives, together with other delegates as may be prescribed in the society's governing documents. A society may provide for the election of delegates by mail. The elected delegates shall constitute at least a majority of the delegates and not less than two-thirds of the votes of the assembly and not less than the number of votes required to amend the society's governing documents. The assembly shall be elected, shall meet at least once every four years, and shall elect a board of directors to conduct the business of the society between meetings of the assembly. Vacancies on the board of directors between elections may be filled in the manner prescribed by the society's governing documents.
(II)
A board composed of persons elected by the members, either directly or by their representatives in intermediate assemblies, and any other persons prescribed in the society's governing documents. A society may provide for election of the board by mail. Each term of a board member shall not exceed four years. Vacancies on the board between elections shall be filled in the manner prescribed by the society's governing documents. Those persons elected to the board shall constitute at least a majority of the board and not less than the number of votes required to amend the society's governing documents. A person filling the unexpired term of an elected board member shall be considered to be an elected member. The board shall meet at least semiannually to conduct the business of the society.
(b)
The officers of the society are elected either by the supreme governing body or by the board of directors, pursuant to the governing documents of the society;
(c)
Only benefit members are eligible for election to the supreme governing body, the board of directors, or any intermediate assembly; and
(d)
Each voting member has one vote. No vote may be cast by proxy.
L. 93: Entire article amended with relocations, p. 586, § 1, effective July 1.
This section is similar to former § 10-14-103 as it existed prior to 1993, and the former § 10-14-104 was relocated to §
10-14-503
.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 1 - DEFINITIONS - STRUCTURE AND PURPOSE (§§ 10-14-101 — 10-14-105) › Section 10-14-105 - Purposes and powers

(1)
A society shall operate for the benefit of members and their beneficiaries by:
(a)
Providing benefits as specified in section
10-14-401
; and
(b)
Operating for one or more lawful social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic, or religious purposes for the benefit of its members, which may also be extended to others. Such purposes may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations.
(2)
Every society shall have the power to adopt governing documents for the government of the society, the admission of its members, and the management of its affairs. Each society shall have the power to change, alter, add to, or amend such governing documents and shall have such other powers as are necessary and incidental to carrying into effect the objects and purposes of the society.
L. 93: Entire article amended with relocations, p. 588, § 1, effective July 1.
This section is similar to former § 10-14-113(1)(b) and (6) as they existed prior to 1993, and the former § 10-14-105 was relocated to §
10-14-401
.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 2 - MEMBERSHIP (§§ 10-14-201 — 10-14-204) › Section 10-14-201 - Qualifications for membership

(1)
A society shall specify in its governing documents or rules:
(a)
Eligibility standards for each and every class of membership. If benefits are provided on the lives of children, the minimum age for adult membership shall be set at not less than fifteen years of age and not greater than twenty-one years of age.
(b)
The process for admission to membership for each membership class; and
(c)
The rights and privileges of each membership class. Only benefit members shall have the right to vote on the management of the insurance affairs of the society.
(2)
A society may also admit social members who shall have no voice or vote in the management of the insurance affairs of the society.
(3)
Membership rights in the society are personal to the member and are not assignable.
L. 93: Entire article amended with relocations, p. 588, § 1, effective July 1.
This section is similar to former § 10-14-108 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 2 - MEMBERSHIP (§§ 10-14-201 — 10-14-204) › Section 10-14-202 - Principal office - meetings - communications to members - grievance procedures

(1)
The principal office of any domestic society shall be located in this state and comply with the provisions of section
10-3-128
. The meetings of its supreme governing body may be held in any state, district, province, or territory wherein such society has at least one subordinate lodge, or in such other location as determined by the supreme governing body, and all business transacted at such meetings shall be as valid in all respects as if such meetings were held in this state.
(2)
(a)
A society may provide in its governing documents for an official publication in which any notice, report, or statement required by statute to be given to members, including notice of election, may be published. Such required reports, notices, and statements shall be printed conspicuously in the publication. If the records of a society show that two or more members have the same mailing address, an official publication mailed to one member is deemed to be mailed to all members at the same address unless a member requests a separate copy.
(b)
Not later than June 1 of each year, a synopsis of the society's annual statement, as of the immediately preceding December 31, providing an explanation of the facts concerning the condition of the society thereby disclosed shall be printed and mailed to each benefit member of the society or, in lieu thereof, such synopsis may be published in the society's official publication.
(c)
A society may provide for procedures in its governing documents for grievances or complaints by members.
L. 93: Entire article amended with relocations, p. 589, § 1, effective July 1.
This section is similar to former § 10-14-119 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 2 - MEMBERSHIP (§§ 10-14-201 — 10-14-204) › Section 10-14-204 - Waiver

The governing documents of the society may provide that no subordinate body nor any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the governing documents of the society. Such provision shall be binding on the society and every member and beneficiary of a member.
L. 93: Entire article amended with relocations, p. 590, § 1, effective July 1.
This section is similar to former § 10-14-121 as it existed prior to 1993.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 3 - GOVERNANCE (§§ 10-14-301 — 10-14-306) › Section 10-14-303 - Institutions

A society may create, maintain, and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by section
10-14-105(1)(b)
. Such institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held, or leased by the society for this purpose shall be reported in every annual statement.
L. 93: Entire article amended with relocations, p. 595, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 3 - GOVERNANCE (§§ 10-14-301 — 10-14-306) › Section 10-14-304 - Reinsurance

(1)
A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer (other than another fraternal benefit society) having the power to make such reinsurance and authorized to do business in this state. It may take credit for the reserves on such ceded risks to the extent reinsured, but no credit is allowed as an admitted asset or as a deduction from liability to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective after July 1, 1993, unless the reinsurance complies with the applicable provisions of part 7 of article
3
of this title and all pertinent insurance rules.
(2)
Notwithstanding the limitation in subsection (1) of this section, a society may reinsure the risks of another society in a consolidation or merger approved by the commissioner under section
10-14-305
.
Amended by 2014 Ch. 295, § 7, eff. 1/1/2015.
L. 93: Entire article amended with relocations, p. 595, § 1, effective July 1. L. 2014: (1) amended, (HB 14-1315), ch. 295, p. 1218, § 7, effective 1/1/2015.
2023 Colorado Revised Statutes › Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110) › FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Article 14 - FRATERNAL BENEFIT SOCIETIES (§§ 10-14-101 — 10-14-705) › Part 3 - GOVERNANCE (§§ 10-14-301 — 10-14-306) › Section 10-14-306 - Conversion of fraternal benefit society into a mutual or stock life insurance company

Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company or stock life insurance company by compliance with all the requirements of this title pertaining to a life insurance company. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such plan. No such conversion shall take effect unless and until approved by the commissioner, who may give such approval if the commissioner finds that the proposed change is in conformity with the statutory requirements and not prejudicial to the certificate holders of the society.
L. 93: Entire article amended with relocations, p. 597, § 1, effective July 1.
This section is similar to former § 10-14-115(2) as it existed prior to 1993.