§ 10-14-604 — Cash capital

Colorado § 10-14-604

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Fraternal Benefit Societies

Text

To avoid situations where a society's transactions
would create undue financial risks to its enrollees, subscribers, certificate holders,
or the people of this state, the regulations specified in this section are authorized.
The commissioner may by regulation establish standards consistent with those of
the national association of insurance commissioners which require any society to
maintain a minimum surplus level. The minimum surplus level shall reflect the type,
volume, and nature of the insurance business being transacted and the type of
entity for which the surplus levels are being established in accordance with the
assessment features of societies. The regulation may additionally require the
submission of an opinion by a qualified actuary which states whether the surplus
level of the entity is sufficient for the authority requested.

Legislative History

Source: L. 93: Entire article amended with relocations, p. 604, � 1, effective July 1.