§ 10-6-116. Capital and Surplus Requirements
No captive insurance company issued a certificate of authority shall be permitted to do any business in this state unless it maintains total capital and surplus of not less than five hundred thousand dollars. (1.5) Upon a written finding by the commissioner that the approved plan of operation or the operational results of the captive […]
§ 10-6-120. Examinations and Investigations
The commissioner or any person so authorized has the authority to examine the financial condition, affairs, and management of any applicant or captive insurance company operating under the laws of this state. For such purpose the commissioner shall have free access to all the books, papers, and documents relating to the business of the company, […]
§ 10-6-121. Legal Investments
Group captive insurance companies shall comply with the investment requirements and limitations applicable to other insurance companies under the laws of this state as described in sections 10-1-102 (2) and (16), 10-3-213 to 10-3-242, and 10-3-802. Pure captive insurance companies shall not be subject to any restrictions on investments whatsoever; except that the commissioner may […]
§ 10-6-122. Reinsurance
Except as otherwise provided in subsection (2) of this section, any captive insurance company authorized to do business in this state may take credit for reserves on risks ceded to a reinsurer pursuant to part 7 of article 3 of this title and any applicable rules. Notwithstanding the provisions of subsection (1) of this section, […]
§ 10-6-125. Filing of Rates
A group captive insurance company’s rates, rate classification systems, or funding levels shall be sufficient to fund expected operations and expenses. The commissioner may require that a pure captive insurance company file rating or funding data if such pure captive insurance company provides or plans to provide employee benefits. Rating structures for insurance applied to […]
§ 10-6-127. Guaranty Fund Coverage – Not Required
Any provision of the law to the contrary notwithstanding, no captive insurance company shall be compelled to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state; nor shall any captive insurance company or its insured receive any benefit from such plan, pool, association, or guaranty or insolvency […]
§ 10-6-128. Tax on Premiums Collected – Exemptions – Penalties
All captive insurance companies doing business in this state, except a disqualified insurance company, shall pay to the division of insurance an annual tax on the gross amount of all premiums collected, less premiums or premium credits returned to policyholders, on policies or contracts of insurance covering property or risks in this state and on […]
§ 10-6-128.5. Penalties
The commissioner may charge a late fee of up to one hundred dollars per day for any required or reasonably requested report which is received after the filing deadline. Any company failing to pay taxes as specified in this article shall be liable to pay a penalty of up to one hundred dollars for each […]
§ 10-6-129. Rules of Commissioner
The commissioner may establish and from time to time amend such reasonable rules as are necessary to enable the commissioner to carry out the commissioner’s duties under this article, including rules concerning the establishment and nature of loss reserves. Source: L. 72: p. 439, § 1. C.R.S. 1963: § 72-36-29. L. 92: Entire section amended, […]
§ 10-6-130. Laws Applicable
The provisions of law generally applicable to insurance companies shall not apply to captive insurance companies except as specifically provided in this article and except that captive insurance companies are subject to parts 9 and 10 of article 2 of this title and parts 7, 11, and 12 of article 3 of this title. Group […]