§ 10-11-114 — Legal investments and admitted assets

Colorado § 10-11-114

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

Text

(1) Title insurance
companies shall comply with the investment requirements for other insurance
companies under the laws of this state but, in addition, may invest in a title plant.
Such title plant shall be considered an admitted asset as provided by nationally
recognized insurance statutory accounting principles. The real estate in which the
title plant is housed shall be considered an investment under section 10-3-218.
Subject to the limitations of this section and with the approval of the commissioner,
a title insurance company may enter into agreements with one or more other title
insurance companies authorized to do business in this state whereby such
companies shall participate in the ownership, management, and control of a title
plant to serve the needs of all such companies, or such companies may hold stock
of a corporation owning and operating a title plant for such purposes.

(2) A title insurance company shall include as an admitted asset accounts
receivable relating to gross premiums, less agent retention, in the course of
collection. Accounts receivable that are more than ninety days past due from the
date of notification of the issuance of the policy shall not be included as an
admitted asset.

Legislative History

Source: L. 69: p. 525, � 1. C.R.S. 1963: � 72-26-14. L. 2001: Entire section amended, p. 287, � 12, effective March 30.