Colorado § 10-13-101 Interinsurance contracts

Colorado Statutes

§ 10-13-101 — Interinsurance contracts

Colorado·Title 10 Insurance·Art. Interinsurance

Subscribers are authorized to
exchange reciprocal or interinsurance contracts with each other, or with individuals,
partnerships, and corporations of other states and countries, providing indemnity
among themselves from any loss which may be insured against under other
provisions of the law, excepting life insurance, if such subscribers, through their
attorneys, attorneys-in-fact, agents, or other representatives, deposit and maintain
on deposit with the commissioner moneys or securities of the value of fifty
thousand dollars as security for the performance of all such contracts issued in this
state or in any other state or country by such subscribers and as security for any
act or omission by an attorney-in-fact required to be bonded for or secured against
under any attorney-in-

Free access — add to your briefcase to read the full text and ask questions with AI

Subscribers are authorized to
exchange reciprocal or interinsurance contracts with each other, or with individuals,
partnerships, and corporations of other states and countries, providing indemnity
among themselves from any loss which may be insured against under other
provisions of the law, excepting life insurance, if such subscribers, through their
attorneys, attorneys-in-fact, agents, or other representatives, deposit and maintain
on deposit with the commissioner moneys or securities of the value of fifty
thousand dollars as security for the performance of all such contracts issued in this
state or in any other state or country by such subscribers and as security for any
act or omission by an attorney-in-fact required to be bonded for or secured against
under any attorney-in-fact bond required by the laws of any state in which the
reciprocal or interinsurance exchange does business. Such securities shall be such
as are required for lawful investments of capital and reserve of domestic insurance
companies by the provisions of sections 10-3-215 to 10-3-230. In lieu of such
deposit or part thereof, the commissioner may accept a certificate of the public
official having supervision over insurers in any other state to the effect that a like
deposit by such insurer or a like part thereof in an equal or a greater amount is held
in public custody in such state. The offices through which such indemnity is
exchanged shall be classified as reciprocal or interinsurance exchanges.

Colorado § 10-13-101 (Interinsurance contracts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 13: p. 373, � 81. C.L. � 2554. CSA: C. 87, � 98. L. 47: p. 589, � 1. CRS 53: � 72-4-1. C.R.S. 1963: � 72-4-1. L. 73: p. 845, � 1. L. 2025: Entire section amended, (SB 25-275), ch. 377, p. 2037, � 42, effective August 6.