§ 10-3-1002 — Legislative declaration

Colorado § 10-3-1002

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

The purpose of this part 10 is to subject
certain insurers to the jurisdiction of courts of this state in suits by or on behalf of
insureds or beneficiaries under insurance contracts. The general assembly declares
that it is a subject of concern that many residents of this state hold policies of
insurance issued or delivered in this state by insurers while not authorized to do
business in this state, thus presenting to such residents the often insuperable
obstacle of resorting to distant forums for the purpose of asserting legal rights
under such policies. In furtherance of such state interest, the general assembly
provides in this part 10 a method of substituted service of process upon such
insurers and declares that in so doing it exercises its power to protect its residents
and to define, for the purpose of this part 10, what constitutes doing business in this
state, and also exercises powers and privileges available to the state by virtue of
Public Law 15, 79th Congress of the United States, Chapter 20, 1st Sess., S. 340, as
amended, which declares that the business of insurance and every person engaged
therein shall be subject to the laws of the several states.

Legislative History

Source: L. 55: p. 475, � 1. CRS 53: � 72-19-1. C.R.S. 1963: � 72-18-1.