§ 10-13-106 — Certificate of authority issued

(1) Upon the filing of the required
papers, it is the duty of the commissioner to examine and pass upon the same and,
if found in accordance with this title, to issue a certificate of authority which shall
expire on April 1 next succeeding.

(2) To qualify for authority to transact insurance business in this state after
July 1, 1971, every interinsurance exchange or reciprocal exchange shall possess
and maintain an unencumbered surplus in an amount of not less than three hundred
thousand dollars. Any interinsurance exchange or reciprocal exchange currently
authorized to transact insurance business in this state need not meet such surplus
requirements until five years after July 1, 1971; except that the surplus of any such
interinsurance exchange or reciprocal exchange shall be increased annually at the
rate of twenty percent of the difference between its surplus as of December 31,
1970, and three hundred thousand dollars. Upon written request and for good
reason shown, the commissioner may waive the requirement for any one annual
surplus increase, with the provision that said surplus increase will be accomplished
in full within the next year, together with the surplus increase scheduled for that
year.

Legislative History

Source: L. 13: p. 373, � 81. C.L. � 2554. CSA: C. 87, � 98. CRS 53: � 72-4-6. C.R.S. 1963: � 72-4-6. L. 71: p. 719, � 1. L. 2001: (1) amended, p. 1267, � 6, effective June 5.