(1)All insurance companies doing business
in this state, unless otherwise provided in this title (except article 15) and article 14
of title 24, C.R.S., shall make and file with the commissioner annually, on or before
the first day of March in each year, a statement under oath, upon a form to be
prescribed by the commissioner, stating the amount of all premiums collected or
contracted for in this state or from residents thereof, in cash or notes, by the
company making such statement during the year ending the last day of December
next preceding; the amounts actually paid policyholders on losses and the amounts
paid policyholders as returned premiums by property and casualty insurance
companies; the amount of insurance reinsured in other companies authorized to do
business in thi
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(1) All insurance companies doing business
in this state, unless otherwise provided in this title (except article 15) and article 14
of title 24, C.R.S., shall make and file with the commissioner annually, on or before
the first day of March in each year, a statement under oath, upon a form to be
prescribed by the commissioner, stating the amount of all premiums collected or
contracted for in this state or from residents thereof, in cash or notes, by the
company making such statement during the year ending the last day of December
next preceding; the amounts actually paid policyholders on losses and the amounts
paid policyholders as returned premiums by property and casualty insurance
companies; the amount of insurance reinsured in other companies authorized to do
business in this state and the amount of premiums paid therefor; the amount of
insurance reinsured in companies, naming them, not authorized to do business in
this state and the amount of premiums paid therefor; and the amount of reinsurance
accepted from admitted companies and the premiums received from such
reinsurance on residents of this state or risks located in this state, with the name of
the companies so reinsured. The annual statement made to the commissioner
pursuant to this section or other provisions of said references shall at least include
the substance of that which is required by what is known as the convention blank
form adopted from year to year by the national association of insurance
commissioners, including any instructions, procedures, and guidelines not in
conflict with any provision of this title for completing the convention blank form.
(2) The commissioner may require any insurance company authorized to do
business in this state to submit interim financial statements and reports on a
monthly or quarterly basis in such form as he prescribes, as deemed necessary in
the public interest.
(3) Each domestic, foreign, and alien insurer that is authorized to transact
the business of insurance in this state shall on or before March 1 of each year file
with the national association of insurance commissioners a copy of its annual
statement convention blank, along with such additional filings as prescribed by the
commissioner for the preceding year. The information filed with the national
association of insurance commissioners shall include the signed jurat page and the
actuarial certification, if applicable. Any amendments and addendums to the annual
statement filing subsequently made with the commissioner shall also be filed with
the national association of insurance commissioners.
(4) Foreign insurers that are domiciled in a state which has a law
substantially similar to subsection (3) of this section shall be deemed in compliance
with the provisions of said subsection (3).
(5) In the absence of actual malice, members of the national association of
insurance commissioners, their duly authorized committees, subcommittees, and
task forces, their delegates, employees of the national association of insurance
commissioners, and all others charged with the responsibility of collecting,
reviewing, analyzing, and disseminating the information developed from the filing of
the annual statement convention blanks shall be acting as agents of the
commissioner under the authority of this section and shall not be subject to civil
liability for libel, slander, or any other cause of action by virtue of their collection,
review, and analysis or dissemination of the data and information collected from the
required filings.
(6) Examination synopses concerning insurance companies that are
submitted to the division by the national association of insurance commissioners'
insurance regulatory information system are confidential and shall not be disclosed
by the division.
(7) (a) In preparing the statements required by subsection (1) of this section,
all insurance companies shall follow the instructions, procedures, and guidelines of
the national association of insurance commissioners. If the initial application of any
such instruction, procedure, or guideline would cause a reduction in the total
capital and surplus of a domestic insurer of ten percent or more or would cause the
capital and surplus of a domestic insurer to fall to or below the company action
level as defined by the commissioner by rule, such insurer may, within thirty days
after the effective date of such instruction, procedure, or guideline, file with the
commissioner a request to phase in the effect of the instruction, procedure, or
guideline over a period not to exceed three years or a time period approved by the
commissioner.
(b) Any request made pursuant to paragraph (a) of this subsection (7) shall
include a complete analysis, in a form prescribed by the commissioner, of the
impact upon the insurer making the request that is expected to result from
application of the subject instruction, procedure, or guideline and, if a phase-in is
requested, a description of the insurer's plan for the phase-in period. The
commissioner shall not deny a request for a phase-in except upon notice and the
opportunity for a hearing as provided in section 24-4-105, C.R.S.
(c) Any request for a hearing made pursuant to paragraph (b) of this
subsection (7) shall include a description of the basis on which relief is sought.
Upon receiving such a request, the commissioner shall, with regard to the insurer
making the request, postpone the effective date of the subject instruction,
procedure, or guideline pending the conclusion of the hearing and the taking of
final agency action thereon. The hearing shall commence within sixty days after the
commissioner receives the request and shall be conducted in accordance with
section 24-4-105, C.R.S.
(8) Repealed.