Colorado Statutes
§ 10-3-1706 — Abandoning plan of division
(1)A dividing insurer may abandon
its plan of division only as follows:
(a)After the dividing insurer has approved the plan of division without any
action by the shareholders and in accordance with any procedures set forth in the
plan of division, or if procedures are not set forth in the plan of division, in a manner
determined by the board of directors of the dividing insurer; or
(b)After the dividing insurer has filed a certificate of division with the
commissioner pursuant to section 10-3-1710, the dividing insurer may file a signed
certificate of abandonment with the commissioner. The certificate of abandonment
is effective on the date it is filed with the commissioner.
(2)A dividing insurer shall not abandon its plan of division after the plan of
division becomes effec
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Legislative History
Source: L. 2021: Entire part added, (HB 21-1013), ch. 144, p. 846, � 1, effective
September 7.
Nearby Sections
15
§ 10-1-101
Legislative declaration§ 10-1-102
Definitions§ 10-1-105
Actuary§ 10-1-107
Personal fees prohibited§ 10-1-109
Rules of commissioner§ 10-1-111
Invoking aid of courts§ 10-1-113
No seal required on policies§ 10-1-114
Sale of premium notes prohibited§ 10-1-115
Penalty§ 10-1-116
Defamation of other companies - penalty§ 10-1-117
Company unauthorized in other states