§ 10-3-203 — Additional deposits - withdrawals

Colorado § 10-3-203

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

Text

Any domestic insurance
company depositing its insurance reserves with the commissioner under the
optional reserve deposit law, section 10-7-101, at its option and in addition to its
insurance reserves deposit, may also deposit with the commissioner approved
securities not less in amount than the reserve required to mature any or all of the
company's other contractual obligations of every kind designated at the time the
deposits are made. Such additional deposits shall be to secure the payment of such
other contractual obligations so designated. In determining the amount of deposit
to be maintained with the commissioner on account of insurance or other reserves,
he shall make proper deductions from the mathematical reserves for all
indebtedness to the company on account of each policy and each contractual
obligation not exceeding the reserve thereon, and for deferred and uncollected
premiums on the policies and for the reserve on such part of each policy as may be
reinsured as provided by law. Any amount at any time on deposit in excess of the
amount required may be withdrawn by the depositing company. Whenever any such
company makes an application to withdraw any excess deposit, the commissioner
may accept the estimate or calculation of the company of such reserves or, at his
option, may have a calculation or estimate thereof made for said purpose or an
appraisal of the depositing company's securities, or both, at the expense of the
company so applying, at such reasonable expense as may be agreed to by the
company.

Legislative History

Source: L. 31: p. 421, � 1. CSA: C. 87, � 55. CRS 53: � 72-3-3. C.R.S. 1963: � 72-3-3.