Colorado Statutes
§ 10-3-234 — Approval and record of investments
(1)No investment, loan, or
sale thereof shall, except as to loans on a life insurance company's policies or
annuity and supplementary contracts, be made by any domestic insurance
company:
(a)Without the advance approval of its board of directors or of a committee
appointed by such board and charged with the duty of making such investments,
loans, or sales or of an officer charged with such duty; or
(b)Unless the transaction is:
(I)Transacted in compliance with a written policy or plan approved by its
board of directors prior to the transaction; and
(II)Ratified by such board or by a committee appointed by such board
charged with the duty of reviewing such investments, loans, and sales at a meeting
held not less than quarterly.
(2)A permanent written record of all such in
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Legislative History
Source: L. 69: p. 498, � 5. C.R.S. 1963: � 72-2-41. L. 2000: Entire section
amended, p. 445, � 1, effective August 2.
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