§ 10-12-111 — Mutual life assessment companies prohibited - when

No life
insurance company which is organized under the mutual assessment plan or which
issues contracts, the performance of which is contingent upon the payment of
assessments or calls made upon its members, shall do business in this state, except
such companies authorized on April 15, 1913, to do business in this state and which
value their assessment policies or certificates of membership as yearly renewable
term policies, according to the standard of valuation of life insurance policies
prescribed by the laws of this state. No such company shall provide in any contract
of insurance for any cash or other benefit to accrue to any living member or
policyholder or to any beneficiary except a death benefit from life insurance upon
the yearly renewable term plan.

Legislative History

Source: L. 13: p. 358, � 60. C.L. � 2533. CSA: C. 87, � 77. CRS 53: � 72-5-11. L. 55: p. 458, � 1. C.R.S. 1963: � 72-5-11.