§ 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 by persons and insurers not authorized to do
insurance business in this state, thus presenting to such residents the often
insuperable obstacle of asserting their legal rights under such policies in forums
foreign to them under laws and rules of practice with which they are not familiar
and are deprived of the benefit of Colorado laws regulating insurance. The general
assembly declares that it is also concerned with the protection of residents of this
state against acts by persons and insurers not authorized to do an insurance
business in this state by the maintenance of fair and honest insurance markets; by
protecting the premium tax revenues of this state; by protecting authorized persons
and insurers, which are subject to strict regulation, from unfair competition by
unauthorized persons and insurers; and by protecting against the evasion of the
insurance regulatory laws of this state. In furtherance of such state interest, the
general assembly in this part 9 exercises its power to protect residents of this state
and to define what constitutes transacting insurance business in this state.

Legislative History

Source: L. 67: p. 868, � 1. C.R.S. 1963: � 72-25-1.