to (IV) Repealed. (1) (a) (I) to (IV) Repealed. (V) No insurance company, issued a certificate of authority on or after July 1, 1995, shall be permitted to do any business in this state, unless, in addition to the other requirements of law, it possesses the minimum capital or guaranty fund and an accumulated surplus […]
Surplus of domestic insurance companies shall be ascertained by offsetting as a liability against the company’s admitted assets the par value of its outstanding capital stock, if any, its reserve liability, and its current obligations of every kind. The excess of said admitted assets over said liabilities shall be the company’s surplus. Surplus of domestic […]
Any domestic insurance company depositing its insurance reserves with the commissioner under the optional reserve deposit law, section 10-7-101, at its option and in addition to its insurance reserves deposit, may also deposit with the commissioner approved securities not less in amount than the reserve required to mature any or all of the company’s other […]
The amount of dividend payments by any domestic insurance company is wholly within the discretion of its directors or of the duly constituted executive committee thereof. No dividend shall be paid except from the company’s surplus. It is unlawful for the directors, trustees, managers, or officers of any domestic insurance company, directly or indirectly, to […]
Every policyholder on all participating policies issued shall be permitted at the time the first dividend is declared to select from among the options set forth in the policy the manner and method of the payment of the surplus to be annually apportioned to his policy. Source: L. 13: p. 353, § 49. C.L. § […]
The commissioner shall receive and hold on deposit, in the manner provided in this law, the securities of domestic companies that are deposited by any such company under the provisions of this title (except article 15) and article 14 of title 24, C.R.S., for the purpose of securing policyholders or to comply with any similar […]
Every entity regulated by the division in this state shall pay the following fees to the division: For investigating and processing an initial application for authorization or licensure as a foreign or domestic insurance company to do business in this state, a nonrefundable fee of five hundred dollars, which fee shall accompany each application for […]
All insurance companies doing business in this state, unless otherwise provided in this title (except article 15) and article 14 of title 24, C.R.S., shall make and file with the commissioner annually, on or before the first day of March in each year, a statement under oath, upon a form to be prescribed by the […]
All insurance companies writing business in this state, including, without limitation, those defined in section 10-1-102 (6), except a disqualified insurance company, shall pay to the division of insurance a tax on the gross amount of all premiums collected or contracted for on policies or contracts of insurance covering property or risks in this state […]
The commissioner shall give receipts for all securities deposited with the commissioner, as required or permitted by law, to the company depositing them. If the company depositing securities in accordance with paragraph (a) of this subsection (1) is adjudged insolvent, such deposit shall be released only upon the entry of an order of a court […]
Deposits made with the commissioner as permitted or required by law shall be only those admitted assets of the company that are securities eligible for the purpose of a deposit, as provided in section 10-3-235 (1) or (2). The company may deposit, withdraw, exchange, or substitute any security at any time if the total amount […]
A stock 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 outstanding capital stock, and is deemed impaired when its admitted assets are less than its liabilities, including as a liability the aggregate amount of its outstanding capital stock, […]
Domestic insurance companies may invest their funds in the categories of assets described in sections 10-3-215 to 10-3-230 and 10-3-242. Every such investment shall be an admitted asset of the company; except that, if the section describing a category of asset contains a quantitative limitation, an investment in that category of asset shall be an […]
In applying the investment limitations set forth in this part 2, which are expressed as percentages of a company’s admitted assets, there shall be used as a base the total of all assets of the company that would be admitted under this title (except article 15) and article 14 of title 24, C.R.S., without regard […]
A domestic insurance company may invest in lawfully issued interest-bearing evidences of indebtedness, including interest-bearing bonds, bonds that provide for imputed interest payable at maturity, revenue bonds, debentures, and other instruments evidencing indebtedness for the payment of money: Issued by the United States, by an agency or instrumentality of the United States, or by any […]
As used in this section, unless the context otherwise requires: “Aggregate amount of medium-grade and lower-grade obligations” means the aggregate statutory statement value of medium-grade and lower-grade obligations. “Domestic obligation” means an obligation described in section 10-3-215 (1)(a) to (1)(f). “Foreign obligation” means an obligation described in section 10-3-215 (1)(h) and (1)(i). “Lower-grade obligation” means […]
A domestic insurance company may acquire, either directly or indirectly, obligations secured by mortgages on real estate located in the United States or Canada, but the company shall not acquire a mortgage loan that is not secured by a first lien unless the company is the holder of the first lien. Authority to acquire a […]
Domestic insurance companies may invest in obligations for the payment of money secured by real estate mortgages or deeds of trust which are either guaranteed or insured by the United States, any state, territory, or district thereof, or by any agency, instrumentality, or political subdivision of one or more of the foregoing, if any such […]
Domestic insurance companies may invest in real estate for the accommodation of the company’s business, but the aggregate investments by a company that may be admitted assets under this section shall not exceed fifteen percent of the company’s admitted assets unless the commissioner has given prior approval of a greater aggregate investment. Any space in […]
The following shall be admitted assets: Such real estate as has been mortgaged to the company in good faith, by way of security for loans or for money due it; Such real estate as is conveyed to the company in good faith in satisfaction of debts previously contracted in the course of its business; Such […]
