§ 10-3-302 — Deposits required - when

No foreign or alien insurer authorized
to transact business in this state, except a life insurance company, shall do such
business unless it deposits and continuously maintains with the commissioner, or
with an official of some other state of the United States designated by law to
accept such deposit, cash, or securities having a fair market value of not less than
the amounts required to be deposited for such insurers by the statutes of the state
of Colorado. Such deposit shall be held for the benefit and protection of all the
policyholders of such insurer in the United States. If the deposit is made with an
official of some other state, the commissioner shall be furnished with and shall
accept as evidence of deposit the certificate of such state officer under his hand
and seal certifying that he holds such deposit for the benefit and protection of all
the policyholders of such insurer in the United States. The provisions of this part 3
excepting life insurance companies from its stipulations shall not in any manner
affect the duty and obligation of such companies to comply with the requirements
of section 10-3-201, concerning cash capital, guaranty fund deposits, and surplus,
and all such life insurance companies shall strictly comply therewith.

Legislative History

Source: L. 53: p. 361, � 2. CRS 53: � 72-16-2. L. 57: p. 466, � 1. C.R.S. 1963: � 72-15-2. L. 69: p. 500, � 7.