As used in this title 10, unless the context otherwise
requires:
(1) Actuary means a person designated by the commissioner as a qualified
actuary based on requirements set forth in rules promulgated by the commissioner.
(2) Admitted assets includes the investments that are admitted assets of a
domestic company under parts 1 and 2 of article 3 and part 4 of article 7 of this title
and, in addition thereto, includes:
(a) Those assets defined as admitted by nationally recognized insurance
statutory accounting principles; and
(b) Other assets deemed by the commissioner to be available for the
payment of losses and claims, at values to be determined by the commissioner.
(3) Admitted company or authorized company designates companies
duly qualified and licensed to transact business in this state, under the provisions of
this title. Nonadmitted companies or unauthorized companies designates
companies not licensed to transact business in this state, under the provisions of
this title (except article 15) and article 14 of title 24, C.R.S.
(3.5) Bail insurance company means an insurer engaged in the business of
writing bail bonds through bonding agents and subject to regulation by the division.
(3.7) Bail recovery means actions taken by a person other than a peace
officer to apprehend an individual or take an individual into custody because of the
individual's failure to comply with bail conditions.
(4) Charitable gift annuity means an annuity that:
(a) Meets the definition and standards contained in section 501 (m)(5) of the
federal Internal Revenue Code of 1986, as amended;
(b) Contains on its face the following statement: This annuity is not issued
by an insurance company nor regulated by the Colorado division of insurance and is
not protected by any state guaranty fund or protective association.
(c) Is issued or guaranteed by an organization that at all times during the
three years preceding the date of the issuance of such annuity:
(I) Was qualified to receive contributions described in section 170 (c) of the
federal Internal Revenue Code of 1986, as amended; and
(II) If required as a condition of such qualification by provisions of the federal
Internal Revenue Code of 1986, as amended, was in receipt of notification from
the federal internal revenue service that such organization was so qualified.
(5) Commissioner or insurance commissioner means the commissioner of
insurance.
(6) (a) Company, corporation, insurance company, or insurance
corporation includes all corporations, associations, partnerships, or individuals
engaged as insurers in the business of insurance, including the attorney-in-fact
authorized by and acting for the subscribers of a reciprocal insurer or
interinsurance exchange, or suretyship except fraternal or benevolent orders and
societies.
(b) Company, corporation, insurance company, or insurance
corporation does not include health maintenance organizations unless the specific
provision of law by its terms applies to health maintenance organizations.
(c) For the purposes of a company, corporation, or insurance company,
a reciprocal insurer shall be considered a single economic entity.
(6.5) Disqualified insurance company means a company licensed as a
captive insurance company under the laws of this state or the laws of another
jurisdiction with gross receipts for the taxable year that consist fifty percent or less
of premiums from arrangements that constitute insurance for federal income tax
purposes.
(7) Division means the division of insurance.
(8) Domestic designates those companies incorporated or formed in this
state.
(9) Foreign, when used without limitation, includes all those companies
formed by authority of any other state or government.
(10) Institution means any entity including, but not limited to, a corporation,
a joint-stock company, a limited liability company, an association, a bank, a trust, a
partnership, a joint venture, a special district, a government, or a quasi-governmental agency.
(11) Insurable interest in property means every interest in property or any
relation thereto, or liability in respect thereof, of such a nature that a contemplated
peril might directly damnify the insured.
(12) Insurance means a contract whereby one, for consideration,
undertakes to indemnify another or to pay a specified or ascertainable amount or
benefit upon determinable risk contingencies, and includes annuities.
(13) Insurer means every person engaged as principal, indemnitor, surety,
or contractor in the business of making contracts of insurance.
(14) Motor vehicle rental agreement means an agreement for the rental of
a motor vehicle for transportation purposes, for a period of no more than ninety
days, in return for a fee that is calculated on a daily, weekly, or monthly basis.
(15) Motor vehicle rental company means an entity that is in the business
of renting, pursuant to motor vehicle rental agreements, motor vehicles that do not
come within the definition of a commercial motor vehicle as set forth in section 42-2-402 (4), C.R.S.
(16) Nonadmitted assets includes, but is not limited to, those assets
defined as nonadmitted by nationally recognized insurance statutory accounting
principles. Nonadmitted assets shall not be taken into account in determining the
financial condition of a company.
(17) (a) Qualified United States financial institution means an institution
that is:
(I) Organized or, in the case of a United States office of a foreign banking
organization, licensed under the laws of the United States or any state thereof; and
(II) Regulated, supervised, and examined by United States federal or state
authorities having regulatory authority over banks, trust companies, or savings and
loan associations.
(b) If any qualified United States financial institution issues letters of credit,
such institution shall have been determined by either the commissioner or the
securities valuation office of the national association of insurance commissioners to
meet such standards of financial condition and standing as are considered
necessary and appropriate to regulate the quality of financial institutions whose
letters of credit will be acceptable to the commissioner.
(c) If any qualified United States financial institution operates a trust, such
institution shall be eligible to operate as a fiduciary of a trust and shall have been
granted authority to operate with fiduciary powers.
(18) Real estate and real property include fee simple and leasehold
estates therein.
(19) Transact as applied to insurance means and includes any of the
following:
(a) Solicitation and inducement;
(b) Negotiations preliminary to effectuation of a contract of insurance;
(c) Execution of a contract of insurance;
(d) Transaction of matters subsequent to effectuation of a contract of
insurance and arising out of the contract obligations.