§ 10-3-101 — Formation of insurance companies

Colorado § 10-3-101

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

(1) Whenever any number of
persons associate to form an insurance company for any of the purposes named in
section 10-3-102, they shall submit articles of incorporation to the commissioner
and attorney general for examination. After being approved by the commissioner
and the attorney general, the articles shall be filed in the office of the secretary of
state, who shall issue a certificate of incorporation. A copy of such articles, certified
by the secretary of state, shall be filed with the commissioner. Any filings made
pursuant to this subsection (1) may be in an electronic format.

(2) When not less than the amount required by section 10-3-201 has been
paid in by the incorporators and deposited with the commissioner, as provided for in
this title (except article 15) and article 14 of title 24, C.R.S., the commissioner shall
cause an examination to be made either by the commissioner or some disinterested
person especially appointed by the commissioner for the purpose, who shall certify
that said provisions have been complied with by said company, as far as applicable
thereto. Such certificate shall be filed in the office of the commissioner, who shall
thereupon deliver to such company a certified copy thereof, which, together with a
copy of the articles of incorporation, shall be filed in the office of the recorder of
deeds of the county wherein the company is to be located, before the authority to
commence business is granted. Any filings required to be made with the
commissioner pursuant to this subsection (2) may be in an electronic format.

(3) Whenever any such corporation thereafter desires to amend its articles
of incorporation, it shall file its certificate of amendment with the commissioner
before filing the same with the secretary of state, and if the commissioner, with the
advice of the attorney general, finds the same to be legally adopted and in due
legal form and not in conflict with the provisions of law governing such companies,
then and not otherwise such certificate of amendment shall be filed with the
secretary of state. Filings required pursuant to this subsection (3) may be in an
electronic format.

(4) To supplement the examination powers of the commissioner, as provided
in this article, the commissioner may request or require a company, entity, or
applicant, or the company, entity, or applicant may make a request to the
commissioner, to be examined by independent examiners certified by the society of
financial examiners, actuaries who are members of the American academy of
actuaries, or other qualified loss reserve specialists, independent risk managers,
independent certified public accountants, or other qualified examiners of insurance
companies deemed competent by the commissioner, or any combination of such
qualified persons. The commissioner may also accept as part of his examination
reports made by any qualified person pursuant to this subsection (4). Neither such
persons nor members of their immediate families shall be officers of, connected
with, or financially interested in the entity, company, or applicant being examined
other than as policyholders, nor shall they be financially interested in any other
corporation or person affected by the examination, investigation, or hearing. The
commissioner shall establish guidelines for assuring the neutrality of those persons
to be authorized to supplement the examination procedures authorized in this
article. The reasonable expenses and charges of such persons so retained or
designated shall be paid directly by the company, entity, or applicant to any such
outside authorized examiner.

Legislative History

Source: L. 13: p. 345, � 30. L. 15: p. 269, � 1. L. 21: p. 455, � 4. C.L. � 2501. CSA: C. 87, � 28. L. 41: p. 501, � 1. CRS 53: � 72-1-42. C.R.S. 1963: � 72-1-42. L. 89: (4) added, p. 432, � 2, effective June 7. L. 91: (4) amended, p. 1242, � 3, effective July 1. L. 92: (2) amended, p. 1535, � 22, effective May 20. L. 2004: (1), (2), and (3) amended, p. 1058, � 3, effective July 1. L. 2012: (2) amended, (HB 12-1266), ch. 280, p. 1501, � 18, effective July 1.