§ 10-3-237 — Assets acquired under prior law

Colorado § 10-3-237

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

Text

(1) Notwithstanding any
condition, restriction, or exclusion set forth in sections 10-3-215 to 10-3-229, any
asset held by a domestic insurance company on May 31, 1969, that met the
requirements of the law in effect immediately prior to that date for an investment of
the company's reserves, paid-up capital stock, and other liabilities is an admitted
asset of the company, but, if any such asset is in a category for which a limitation
expressed in terms of a percentage of admitted assets is prescribed in section 10-3-218, 10-3-220, 10-3-225, or 10-3-226, the asset shall be taken into account in
determining whether any additional investment in that category made after May 31,
1969, may be an admitted asset under the section prescribing the limitation.

(2) Notwithstanding any other provision of this title (except article 15) and
article 14 of title 24, C.R.S., any asset held by a company on May 31, 1969, that is not
an admitted asset under section 10-1-102 (2) or subsection (1) of this section and
that did not meet the requirements of the law in effect immediately prior to such
date for an investment of the company's reserves, paid-up capital stock, and other
liabilities but which, under such law, would have been taken into account as an
asset in determining the surplus of the company shall be taken into account as an
admitted asset at all times at which the company has aggregate admitted assets
under section 10-1-102 (2) and subsection (1) of this section in an amount at least
equal to the total of its reserves, paid-up capital stock, and all other liabilities.

(3) Notwithstanding any condition, restriction, or exclusion set forth in
section 10-3-215 (1)(e), 10-3-216 (1)(f), or 10-3-226, any asset held prior to July 1,
1975, or thereafter acquired by exercise of warrants or other rights which were held
prior to that date which met or would have met the requirements of the law in effect
immediately prior to July 1, 1975, for an investment of the company's reserves, paid-up stock, and other liabilities shall be an admitted asset of the company; but, if any
such asset is in a category for which a limitation expressed in terms of a
percentage of admitted assets is prescribed in such sections, such asset shall be
taken into account in determining whether any additional investment in such
category made after July 1, 1975, may be an admitted asset under the section
prescribing such limitation.

(4) Notwithstanding any condition, restriction, or exclusion set forth in
section 10-3-218, any asset held by a company on July 1, 1981, which met the
requirements of the law in effect immediately prior to such date for an investment
of the company qualified as an admitted asset under this part 2 shall remain an
admitted asset; but such asset shall be taken into account in determining whether
any additional investment made on or after July 1, 1981, may be an admitted asset
under this part 2.

Legislative History

Source: L. 69: p. 499, � 5. C.R.S. 1963: � 72-2-44. L. 75: (3) added, p. 337, � 4, effective July 1. L. 81: (4) added, p. 530, � 9, effective July 1. L. 92: (2) amended, p. 1551, � 45, effective May 20. L. 2002: (2) amended, p. 1013, � 8, effective June 1. L. 2003: (2) amended, p. 616, � 10, effective July 1. L. 2004: (2) amended, p. 1063, � 12, effective July 1. L. 2012: (2) amended, (HB 12-1266), ch. 280, p. 1506, � 34, effective July 1. L. 2020: (1) amended, (HB 20-1136), ch. 87, p. 352, � 7, effective September 14.