§ 10-16-315 — Revocation of certificate - appeal

Colorado § 10-16-315

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Health-care Coverage

Text

(1) The commissioner shall not
make public the result of any examination or investigation of any corporation found
to be insolvent or with its capital impaired prior to suspending or revoking the
authority of such company to do business in this state. If the commissioner
determines, after examination, hearing, or other evidence, that such corporation is
in an unsound condition, or has failed to comply with the law, or with the provisions
of its charter, or that its condition is, or its methods are, such as to render its
operations hazardous to the public, or to its subscribers, or that its actual assets,
exclusive of its capital, are less than its liabilities, or if its officers or agents refuse
to submit to examination, or to perform any legal obligation relative thereto, or
refuse on behalf of the corporation to pay the examination charges, the
commissioner shall suspend or revoke all certificates of authority granted to said
corporation, and to its officers or agents, and shall cause notice thereof to be
published in one or more daily newspapers published in the city and county of
Denver, which shall have a general state circulation, and no solicitation of new
business shall thereafter be done by it or its agents in this state while such default
or disability continues, nor until its authority to do business is restored. Before
suspending or revoking the certificate of authority of any such corporation, unless it
is insolvent or its capital impaired, the commissioner shall grant fifteen days in
which to show cause why such action should not be taken.

(2) A corporation whose certificate of authority has been suspended or
revoked by the commissioner, may appeal any such action to the court of appeals
pursuant to section 24-4-106 (11), C.R.S.

(3) The court has the power to make an order suspending or staying the
order of the commissioner suspending or revoking the license of a corporation
pending the appeal; but the corporation appealing shall give a bond, with sureties
satisfactory to the court, in such amount as the court determines to be just and
proper, conditioned to pay to the state and to any persons whomsoever any loss
that may be sustained by reason of the stay or suspension of such order of said
commissioner, and that during the period allowed for taking such appeal, the
publication of notice of the revocation or suspension of license of such corporation
as provided by this section shall not be made. If the order of the commissioner has
been stayed or suspended by the order of said court, such publication shall not be
made until after the discharge of such stay or until the affirmation of such order of
revocation or suspension.

(4) (Deleted by amendment, L. 92, p. 1598, � 122, effective July 1, 1992.)

(5) (a) In the event of such a finding of insolvency, the commissioner shall
have and exercise all of the powers and authority set forth in part 5 of article 3 of
this title.

(b) (Deleted by amendment, L. 92, p. 1598, � 122, effective July 1, 1992.)

Legislative History

Source: L. 92: Entire article R&RE, p. 1689, � 1, effective July 1; (2), (4), and (5)(b) amended, p. 1598, � 122, effective July 1.