§ 10-3-206 — Security deposits - certificates

Colorado § 10-3-206

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

Text

(1) The commissioner shall
receive and hold on deposit, in the manner provided in this law, the securities of
domestic companies that are deposited by any such company under the provisions
of this title (except article 15) and article 14 of title 24, C.R.S., for the purpose of
securing policyholders or to comply with any similar law of another state to enable
the company to transact business in such state. All securities so offered for deposit
shall belong to and be the sole property of such company and shall be free and
clear of any claims whatsoever, and the commissioner shall determine the same by
proper inquiry.

(2) The commissioner shall furnish to such company a certificate, under his
hand and official seal, certifying that he holds said securities in trust for the benefit
of the policyholders of such company.

Legislative History

Source: L. 13: p. 325, � 10. L. 21: p. 454, � 2. C.L. � 2480. CSA: C. 87, � 9. CRS 53: � 72-1-9. C.R.S. 1963: � 72-1-9. L. 92: (1) amended, p. 1545, � 35, effective May 20. L. 2004: (1) amended, p. 900, � 13, effective May 21. L. 2012: (1) amended, (HB 12-1266), ch. 280, p. 1504, � 26, effective July 1.