This part 5 shall not be interpreted to limit the powers granted the commissioner by other provisions of law. This part 5 shall be liberally construed to effect the purpose stated in subsection (3) of this section. The purpose of this part 5 is to protect the interests of insureds, claimants, creditors, and the public […]
As used in this part 5, unless the context otherwise requires: “Ancillary state” means any state other than a domiciliary state. “Creditor” means a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, fixed or contingent, or absolute. “Delinquency proceeding” means any proceeding instituted against an insurer for the purpose […]
The proceedings authorized by this part 5 may be applied to: All insurers who are doing, or have done, an insurance business in this state and against whom claims arising from that business may exist now or in the future; All insurers who purport to do an insurance business in this state; All insurers who […]
No delinquency proceeding shall be commenced under this part 5 by anyone other than the commissioner, and no court shall have jurisdiction to entertain, hear, or determine any proceeding commenced by any other person. The district court in and for the city and county of Denver shall have jurisdiction to entertain, hear, or determine any […]
[ Editor’s note: This version of this section is effective until March 1, 2022. ] No application or proceeding for a receivership of any domestic insurance company shall be made in any court in this state by any person, nor shall any court receive or entertain any such application or proceeding, unless and until such […]
Any receiver appointed in a proceeding under this part 5 may at any time apply for, and any court of general jurisdiction may grant, such restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent: The transaction of further business; The transfer of property; Interference with the […]
Any officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other person with authority over or in charge of any segment of the insurer’s affairs, shall cooperate with the commissioner in any proceeding under this part 5 or any investigation preliminary to the proceeding. The term “person” as used in this […]
Every proceeding commenced prior to July 1, 1992, shall be deemed to have been commenced under this part 5 for the purpose of conducting the proceeding thereafter; except that, in the discretion of the commissioner, the proceeding may be continued, in whole or in part, as it would have been continued had this part 5 […]
No insurer subject to any delinquency proceedings, whether formal, informal, administrative, or judicial, shall: Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding; Be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority; […]
The commissioner may file in the district court in and for the city and county of Denver a petition alleging, with respect to a domestic insurer: That there exists any fact or circumstance that would justify a court order for a formal delinquency proceeding against an insurer under this part 5; That the interests of […]
In all proceedings and judicial reviews thereof under section 10-3-509, all records of the insurer, other documents, and all division files and court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remain confidential except as is necessary to obtain compliance therewith, […]
The commissioner may apply by petition to the district court in and for the city and county of Denver for an order authorizing the commissioner to rehabilitate a domestic insurer or an alien insurer domiciled in this state on any one or more of the following grounds: The insurer is in such condition that the […]
An order to rehabilitate the business of a domestic insurer or an alien insurer domiciled in this state shall appoint the commissioner as the rehabilitator and shall direct the rehabilitator forthwith to take possession of the assets of the insurer and to administer such assets under the general supervision of the court. The filing or […]
The commissioner as rehabilitator may appoint one or more special deputies, who shall have all the powers and responsibilities of the rehabilitator granted under this section, and the commissioner may employ such counsel, clerks, and assistants as deemed necessary. The compensation of the special deputy, counsel, clerks, and assistants and all expenses of taking possession […]
Any court in this state before which any action or proceeding in which the insurer is a party, or is obligated to defend a party, is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for a minimum of ninety days and for such additional time as is […]
For the purposes of this section, the persons entitled to protection are: All receivers responsible for the conduct of a delinquency proceeding under this part 5 including present and former receivers; and Their employees, meaning all present and former special deputies and assistant special deputies appointed by the commissioner and all persons whom the commissioner, […]
Whenever the commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the commissioner may petition the district court in and for the city and county of Denver for an order of liquidation. A petition under this subsection (1) shall […]
The commissioner may petition the district court in and for the city and county of Denver for an order directing the commissioner to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis: Of any ground for an order of rehabilitation as specified in section 10-3-511, whether or not there […]
An order to liquidate the business of a domestic insurer shall appoint the commissioner as liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of the court. The liquidator shall be vested by operation of law with title to all […]
All policies, including bonds and other noncancellable business but not including life or health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force only for the lesser of: A period of thirty days from the date of entry of the liquidation order; The expiration of […]
