§ 10-3-601. Short Title

This part 6 shall be known and may be cited as the “Colorado Exchange of Insurance Securities Act”. Source: L. 69: p. 529, § 1. C.R.S. 1963: § 72-27-1.

§ 10-3-602. Exchange of Securities

Any stock insurance company organized under the laws of this state, referred to in this part 6 as a “domestic company”, may adopt a plan of exchange providing for the exchange by its shareholders of their stock in the domestic company for: Shares of stock issued by an acquiring corporation; or Other securities issued by […]

§ 10-3-603. Acquiring Corporation – Definition

As used in this part 6, “acquiring corporation” means: Any stock insurance company organized under the laws of this state, other than the domestic company whose shareholders are to exchange their stock under a plan of exchange, as provided in this part 6; or Any stock corporation organized under the “Colorado Corporation Code” which is […]

§ 10-3-604. Procedure for Exchange

Any domestic company may adopt a plan of exchange with any acquiring corporation providing for the exchange of the outstanding stock of the domestic company for shares of stock or other securities issued by the acquiring corporation, or cash, or other consideration, or any combination thereof, in the following manner: The boards of directors of […]

§ 10-3-605. Filing Plan of Exchange

Not earlier than thirty-one days after the date of the meeting of shareholders of the domestic company at which the plan of exchange was approved by such shareholders, a certificate setting forth the plan of exchange, the manner of the approval thereof by the directors of the acquiring corporation and the domestic company, and the […]

§ 10-3-606. Effect of Exchange

Upon the plan of exchange becoming effective, the exchange provided for therein shall be deemed to have been consummated, each shareholder of the domestic company shall cease to be a shareholder of such company, the ownership of all shares of the issued and outstanding stock of the domestic company, except shares payment of the value […]

§ 10-3-607. Authorized Insurance Business and Regulatory Authority

Nothing contained in this part 6 shall be construed to authorize any insurance company to engage in any kind of insurance business not authorized by its articles of incorporation or to authorize any acquiring corporation which is not an insurance company to engage directly in the business of insurance. Source: L. 69: p. 534, § […]

§ 10-3-608. Domestic Company and Acquiring Corporation Separate and Distinct Entities

The domestic company and the acquiring corporation shall in all respects be regarded in law as separate and distinct corporations, with neither of such corporations having any liability to the creditors, policyholders, if any, or shareholders of the other, any acts or omissions of the officers, directors, or shareholders of either or both of such […]

§ 10-3-609. Examination

After any acquiring corporation becomes the owner of all the outstanding shares of a domestic company pursuant to a plan of exchange consummated under the provisions of this part 6, the commissioner may, in connection with any examination of the domestic company, examine all records and documents of the acquiring corporation pertaining to the relationships […]

§ 10-3-610. Application of This Part 6

Nothing contained in this part 6 shall be construed to prohibit the consummation of a plan of exchange of the kind described in section 10-3-602, without compliance with the provisions of this part 6, and, if any such plan of exchange is consummated other than in compliance with this part 6, none of the provisions […]