§ 10-11-113 — Power to reinsure

Colorado § 10-11-113

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Title Insurance

Text

Any title insurance company may cede
reinsurance of all or any part of its liability under one or more of its policies,
contracts, or reinsurance agreements of title insurance to any reinsurer which
meets or exceeds the financial requirements of a title insurance company to do
business in this state and is authorized to engage in the business of reinsurance of
title insurance in this or any other state; but no larger amount of reinsurance shall
be ceded to any reinsurer on a single policy or contract of title insurance, or on any
single insurance risk, as defined in section 10-11-102 (7), than such reinsurer would
be permitted to retain if authorized to engage in the business of title insurance in
this state. Any title insurance company may also reinsure policies of title insurance
issued by other insurance companies on risks located in this state or elsewhere. Any
domestic title insurance company or any foreign or alien title insurance company
authorized to do business in this state shall pay to this state taxes required on all
business taxable within this state and reinsured, as provided in this section, with
any foreign or alien company not authorized to do business within this state.
Issuance of contracts of reinsurance by a reinsurer not authorized to engage in the
business of title insurance in this state but authorized to engage in the business of
title insurance or in the business of reinsurance of title insurance in any of the
United States, which contracts reinsure policies of title insurance issued by a title
insurance company authorized to engage in the business of title insurance in this
state on real property located in this state, shall not of itself constitute the doing of
business in this state by such reinsurer.

Legislative History

Source: L. 69: p. 525, � 1. C.R.S. 1963: � 72-26-13.