§ 10-3-102 — Purpose of organization or admittance

Colorado § 10-3-102

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

Text

(1) Any domestic
insurance company having the required amount of capital or guaranty fund and
surplus, when permitted by its articles of incorporation or charter, may be
authorized and licensed by the commissioner to make insurance under one of the
following paragraphs:

(a) To make insurance or reinsurance on dwelling houses, stores, and all
kinds of buildings and household furniture, and other property against loss or
damage, including loss of use or occupancy, by fire, lightning, windstorm, tornado,
cyclone, earthquake, hail, bombardment, invasion, insurrection, riot, civil war or
commotion, military or usurped power, and by explosion whether fire ensues or not;
also against loss or damage by water or other fluid to any goods or premises arising
from the breakage or leakage of sprinklers, pumps, or other apparatus erected for
extinguishing fires or of other conduits or containers or by waters entering through
leaks or openings in buildings and of water pipes, and against accidental injury to
such sprinklers, pumps, apparatus, conduits, containers, or water pipes, and upon
vessels, boats, cargoes, goods, merchandise, freights, and other property against
loss or damage by any of the risks of lake, river, canal, inland, and ocean navigation
and transportation, including all personal property floater risks and including
insurance upon automobiles and all types of aircraft, whether stationary or being
operated under their own power, which include all of the hazards of fire, explosion,
transportation, collision, loss by legal liability for damage to persons and to
property resulting from the maintenance and use of automobiles, and airplanes,
seaplanes, dirigibles, or other aircraft, and loss by burglary or theft, vandalism, or
malicious mischief, or the wrongful conversion, disposal, or concealment of
automobiles, and all types of aircraft, whether held under conditional sale contract
or subject to chattel mortgages or any one or more of such hazards;

(b) To make insurance or reinsurance upon the lives of persons, and every
insurance pertaining thereto or connected therewith, including health and accident
insurance, and to grant, purchase, or dispose of annuities, group annuities,
unallocated annuities, guaranteed investment contracts, and funding agreement
contracts;

(c) To make any of the following kinds of insurance, or reinsurance:

(I) Upon the health of persons;

(II) Against injury, disablement, or death of persons, resulting from traveling
or from accidents by land or water;

(III) Upon the lives of horses, cattle, and other livestock;

(IV) Upon plate glass against breakage;

(V) Upon steam boilers, flywheels, and other forms of liability insurance,
against explosion and against loss by damage to life or property resulting
therefrom;

(VI) Against loss by burglary or theft or both;

(VII) To engage in the business of suretyship, and guaranteeing the fidelity of
persons holding places of trust, public or private;

(VIII) Full coverage for motor vehicles;

(IX) All forms of casualty insurance, including all personal property floater
risks;

(d) To make insurance or reinsurance upon any of the risks set forth in
paragraphs (a) and (c) of this subsection (1);

(e) To make title insurance or reinsurance.

(2) Any foreign or alien insurance company having the required amount of
capital or guaranty fund, surplus, and deposit, when permitted by its articles of
incorporation or charter and by the proper insurance supervisory authority of its
domiciliary jurisdiction, may be authorized and licensed by the commissioner to
make insurance under any one of the subsections of this section if otherwise
qualified according to law.

(3) No foreign, alien, or domestic insurance company, excluding life
insurance companies and title insurance companies, shall expose itself to loss in an
amount exceeding ten percent of its paid-up capital or guaranty fund and surplus
on any one risk or hazard, unless the same is reinsured through an insurance
company which is licensed or accredited in this state, or otherwise through an
insurance company acceptable to the commissioner.

(4) Any insurance company authorized to transact the business of title
insurance under section 72-1-41 (4)(i), C.R.S. 1963, prior to July 1, 1969, shall not, by
reason of the provisions of this part 1, be prohibited from transacting said business.

Legislative History

Source: L. 13: p. 344, � 29. C.L. � 2500. CSA: C. 87, � 27. L. 47: p. 597, � 1. L. 51: p. 481, � 1. CRS 53: � 72-1-41. L. 57: p. 458, � 1. C.R.S. 1963: � 72-1-41. L. 69: p. 527, �� 3, 4. L. 92: (3) amended, p. 1423, � 3, effective July 1. L. 2000: (1)(b) amended, p. 1729, � 1, effective August 15.