§ 10-3-901. Short Title
This part 9 shall be known and may be cited as the “Regulation of Unauthorized Insurance Act”. Source: L. 67: p. 873, § 10. C.R.S. 1963: § 72-25-10.
§ 10-3-902. Legislative Declaration
The purpose of this part 9 is to subject certain persons and insurers to the jurisdiction of the commissioner, of proceedings before the commissioner, and of the courts of this state in suits. The general assembly declares that it is a subject of concern that many residents of this state hold policies of insurance issued […]
§ 10-3-903. Definition of Transacting Insurance Business
Any of the following acts in this state, effected by mail or otherwise, by an unauthorized insurer constitute transacting insurance business in this state as the term is used in section 10-3-105: The making of, or proposing to make, as an insurer, an insurance contract; The making of, or proposing to make, as guarantor or […]
§ 10-3-903.5. Jurisdiction Over Providers of Health-Care Benefits – Rules
Notwithstanding any other provision of law, and except as provided in this section, any person or other entity which provides coverage in this state for medical, surgical, chiropractic, physical therapy, speech pathology, audiology, professional mental health, dental, hospital, or optometric expenses, whether such coverage is by direct payment, reimbursement, or otherwise, shall be presumed to […]
§ 10-3-904. Commissioner May Enjoin Unauthorized Company
Whenever the commissioner of insurance believes, from evidence satisfactory to him, that any foreign or alien company is violating the provisions of section 10-3-105 and this part 9, the commissioner may, through the attorney general of this state, cause a complaint to be filed in the district court in and for the city and county […]
§ 10-3-904.5. Emergency Cease-and-Desist Orders – Issuance
The commissioner may issue an emergency cease-and-desist order ex parte if: The commissioner believes that an unauthorized person is engaging in the business of insurance in violation of the provisions of section 10-3-105 or 10-3-903 or is in violation of a rule promulgated by the commissioner; and It appears to the commissioner that the alleged […]
§ 10-3-904.6. Emergency Cease-and-Desist Orders – Hearings – Judicial Review – Violations
Any person who is the subject of an emergency cease-and-desist order may contest such order by requesting an immediate hearing before the commissioner, pursuant to section 24-4-105 (12), C.R.S., at which such person shall have the opportunity to show cause why the order should not be affirmed or upheld. Any immediate hearing requested by a […]
§ 10-3-904.7. Failure to Pay Penalties or Restitution
If a person fails to pay a penalty or make complete restitution as directed by the commissioner under section 10-3-904.6 (5)(a) or (5)(b), the commissioner may: Refer the matter to the attorney general for enforcement; or Cancel or revoke any permit, license, certificate of authority, certificate, registration, or other authorization issued to such person. Source: […]
§ 10-3-905. Service of Process Upon Unauthorized Company
Any act of entering into a contract of insurance as an insurer, or transacting insurance business in this state, as such term is defined by section 10-3-903, by an unauthorized foreign or alien company is equivalent to and constitutes an appointment by such company of the commissioner to be its true and lawful attorney upon […]
§ 10-3-906. Validity of Insurance Contracts – Liability Under Insurance Contract
The failure of a company transacting insurance business in Colorado to obtain a certificate of authority shall not impair the validity of any act or contract of such company and shall not prevent such company from defending any action in any court of this state. In event of failure of any such unauthorized insurer to […]
§ 10-3-907. Investigation and Disclosure of Insurance Contracts
Whenever the commissioner has reason to believe that insurance has been effectuated by or for any person in this state with an unauthorized insurer, the commissioner shall in writing order such person to produce for examination all insurance contracts and other documents evidencing insurance with both authorized and unauthorized insurers and to disclose to the […]
§ 10-3-908. Reporting of Unauthorized Insurance
Every person investigating or adjusting any loss or claim on a subject of insurance in this state shall immediately report to the commissioner every insurance policy or contract which has been entered into by any insurer not authorized to transact such insurance business in this state. Every person acting in the capacity of insurance adviser, […]
§ 10-3-909. Unauthorized Insurance Premium Tax
Except as to premiums that are subject to a federal premium, excise, or stamp tax equal to or in excess of two and one-fourth percent of net premiums, and except as to premiums on independently procured insurance on which tax has been paid pursuant to section 10-3-209, 10-5-111, or 10-5-111.5, every insured under a contract […]
§ 10-3-910. Application of This Part 9
Other than section 10-3-909, this part 9 shall not apply to any insurance company or underwriter issuing contracts of insurance to industrial insureds nor to any contract of insurance issued to any one or more industrial insureds. For purposes of this section, an “industrial insured” is: An insured who procures the insurance of any risk […]