Colorado § 10-4-1201 Definitions

Colorado Statutes

§ 10-4-1201 — Definitions

Colorado·Title 10 Insurance·Art. Property and Casualty Insurance

As used in this part 12, unless the context otherwise requires:

(1)Accredited state means a state in which the insurance department has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners (NAIC).

(2)Control or controlled has the meaning set forth in section 10-3-801

(3).

(3)Controlled insurer means a licensed insurer which is controlled, directly or indirectly, by a producer.

(4)Controlling producer means a producer who, directly or indirectly, controls an insurer.

(5)Insurance department means the commissioner or other government official or agency of a state other than Colorado exercising powers and duties substantially equivalent to those of the commissione

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As used in this part 12, unless the context otherwise
requires:

(1) Accredited state means a state in which the insurance department has
qualified as meeting the minimum financial regulatory standards promulgated and
established from time to time by the national association of insurance
commissioners (NAIC).

(2) Control or controlled has the meaning set forth in section 10-3-801
(3).

(3) Controlled insurer means a licensed insurer which is controlled, directly
or indirectly, by a producer.

(4) Controlling producer means a producer who, directly or indirectly,
controls an insurer.

(5) Insurance department means the commissioner or other government
official or agency of a state other than Colorado exercising powers and duties
substantially equivalent to those of the commissioner or the division.

(6) Insurer or licensed insurer means any person, firm, association, or
corporation duly licensed to transact a property and casualty insurance business in
this state. The following are not licensed insurers for the purposes of this part 12,
and this list is not exclusive:

(a) All risk retention groups as defined in the Superfund Amendments and
Reauthorization Act of 1986, Pub.L. 99-499, 100 Stat. 1613 (1986), the Liability
Risk Retention Act of 1986, 15 U.S.C. sec. 3901 et seq., and the Model Risk
Retention Act, part 14 of article 3 of this title;

(b) All residual market pools and joint underwriting authorities or
associations; and

(c) All captive insurers. For the purposes of this part 12, captive insurers
are insurance companies owned by another organization and whose exclusive
purpose is to insure risks of the parent organization and affiliated companies, or, in
the case of groups and associations, captive insurers are insurance organizations
owned by the insureds whose exclusive purpose is to insure risks to member
organizations, or to group members and their affiliates, or to both.

(7) Producer means an insurance broker or brokers or any other person,
firm, association, or corporation when, for any compensation, commission, or other
thing of value, such person, firm, association, or corporation acts or aids in any
manner in soliciting, negotiating, or procuring the making of any insurance contract
on behalf of an insured other than the said person, firm, association, or corporation.

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