§ 10-3-131. Acts of Producers – Responsibility of Insurer – Definitions
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. As […]
§ 10-3-113. Increase of Capital
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 […]
§ 10-3-114. Violations – Penalty
[ Editor’s note: This version of this section is effective until March 1, 2022. ] 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 […]
§ 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 […]
§ 10-3-120. Investments of Officers, Directors, and Principal Stockholders
Every person who is directly or indirectly the beneficial owner of more than ten percent of any class of equity security of a domestic stock insurance company or who is a director or an officer of such company shall file in the office of the commissioner within ten days after the person becomes such beneficial […]
§ 10-3-121. Regulation of Proxies, Consents, or Authorizations
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. […]
§ 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, […]
§ 10-3-123. Assessment Accident Associations
Every contract whereby a benefit is to accrue to a party named therein, upon the accidental death or physical disability from accident or sickness of a person, which benefit is in any degree conditioned upon the collection of an assessment upon persons holding similar contracts, is deemed a contract of accident or casualty insurance upon […]
§ 10-3-125. Redomestication of Foreign Insurers
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 […]
§ 10-3-126. Alien Insurers
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 […]