As used in this part 3, unless the context otherwise requires: “Alien insurer” means any insurer incorporated or organized under the laws of any country other than the United States. “Domestic insurer” means any insurer incorporated or organized under the laws of this state. “Foreign insurer” means any insurer incorporated or organized under the laws […]
No foreign or alien insurer authorized to transact business in this state, except a life insurance company, shall do such business unless it deposits and continuously maintains with the commissioner, or with an official of some other state of the United States designated by law to accept such deposit, cash, or securities having a fair […]
In the event any domestic insurer or alien insurer using this state as a state of entry into the United States is required, pursuant to the laws of any other state, country, province, district, or territory, to make a deposit differing in amount or character from the deposit required of domestic insurers by the laws […]
Upon request of the insurer, the commissioner may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this state as the commissioner’s depositary to receive and hold any such deposit. Any such deposit so held shall be at the expense of the insurer. The state of Colorado shall be […]
So long as the insurer remains solvent and complies with this part 3, it may: Demand, receive, sue for, and recover the income from securities or cash deposited in accordance with this part 3; Exchange and substitute for the deposited cash or securities, or any part thereof, cash or eligible securities of equivalent or greater […]
Any deposit made in this state under this part 3 shall be released and returned: To the insurer upon extinguishment by reinsurance or otherwise of all liability of the insurer for the security of which the deposit is held; or To the insurer to the extent such deposit is in excess of the amount required; […]
No such release shall be made except upon application to and the written order of the commissioner. The commissioner shall have no personal liability for any such release of any such deposit or part thereof so made by him in good faith. Source: L. 53: p. 362, § 7. CRS 53: § 72-16-7. C.R.S. 1963: […]
