As used in this part 5, unless the context otherwise
requires:
(1) Ancillary state means any state other than a domiciliary state.
(2) Creditor means a person having any claim, whether matured or
unmatured, liquidated or unliquidated, secured or unsecured, fixed or contingent, or
absolute.
(3) Delinquency proceeding means any proceeding instituted against an
insurer for the purpose of liquidating, rehabilitating, reorganizing, or conserving
such insurer.
(4) Doing business includes any of the following acts, whether effected by
mail or otherwise:
(a) Issuing or delivering contracts of insurance to persons resident in this
state;
(b) Soliciting applications for such contracts or other negotiations
preliminary to the execution of such contracts;
(c) Collecting premiums, membership fees, assessments, or other
consideration for such contracts;
(d) Transacting matters subsequent to execution of such contracts and
arising out of them; or
(e) Operating under a license or certificate of authority, as an insurer, issued
by the commissioner or the insurance department of any state other than Colorado.
(5) Domiciliary state means the state in which an insurer is incorporated or
organized, or, in the case of an alien insurer, its state of entry.
(6) Fair consideration is given for property or an obligation when:
(a) In exchange for such property or obligation in good faith and as a fair
equivalent therefor, property is conveyed or services are rendered or an obligation
is incurred or an antecedent debt is satisfied; or
(b) Such property or obligation is received in good faith to secure a present
advance or antecedent debt in an amount not disproportionately small as compared
to the value of the property or obligation obtained.
(6.5) Federal home loan bank means an institution chartered under the
Federal Home Loan Bank Act, 12 U.S.C. sec. 1421 et seq., or its successor statute.
(7) Foreign country means any other jurisdiction not in any state.
(8) General assets means all property, real, personal, or otherwise, not
specifically mortgaged, pledged, deposited, or otherwise encumbered for the
security or benefit of specified persons or classes of persons. As to specifically
encumbered property, general assets includes all such property or its proceeds in
excess of the amount necessary to discharge the sum or sums secured thereby.
Assets held in trust and on deposit for the security or benefit of all policyholders or
all policyholders and creditors, in more than a single state, shall be treated as
general assets.
(9) Guaranty association means the Colorado insurance guaranty
association created in part 5 of article 4 of this title, the life and health insurance
protection association created in article 20 of this title, and any other similar entity
now or hereafter created by this state for the payment of claims of insolvent
insurers. Foreign guaranty association means any similar entity now in existence
in, or hereafter created by, any other state.
(10) Insolvency or insolvent means:
(a) For an insurer issuing only assessable fire insurance policies:
(I) The inability to pay any obligation within thirty days after the obligation
becomes payable; or
(II) If an assessment is made within thirty days after the date the obligation
becomes payable, the inability to pay such obligation thirty days following the date
specified in the first assessment notice issued after the date of loss.
(b) For any other insurer, that it is unable to pay its obligations when they are
due, or that it is deemed insolvent pursuant to section 10-3-212.
(11) Insurance department means the commissioner or other government
official or agency of a state other than Colorado exercising powers and duties
substantially equivalent to those of the commissioner or the division.
(12) Insurer means any person who has done, purports to do, is doing, or is
licensed to do an insurance business and is or has been subject to the authority of,
or to liquidation, rehabilitation, reorganization, supervision, or conservation by, the
commissioner or any insurance department.
(13) Preferred claim means any claim with respect to which the terms of
this part 5 accord priority of payment from the general assets of the insurer.
(14) Receiver means a receiver, liquidator, rehabilitator, or conservator.
(15) Reciprocal state means any state other than this state in which, in
substance and effect, sections 10-3-517 (1), 10-3-551, 10-3-552, 10-3-554, 10-3-555, and 10-3-556 are in force, and in which provisions are in force requiring that
the commissioner or equivalent official be the receiver of a delinquent insurer, and
in which some provision exists for the avoidance of fraudulent conveyances and
preferential transfers.
(16) Secured claim means any claim secured by mortgage, trust deed,
pledge, deposit as security, escrow, or otherwise, but not including special deposit
claims or claims against general assets. The term also includes claims which have
become liens upon specific assets by reason of judicial process.
(17) Special deposit claim means any claim secured by a deposit made
pursuant to statute for the security or benefit of a limited class or classes of
persons, but not including any claim secured by general assets.
(18) State means any state, district, or territory of the United States and
the Panama canal zone.
(19) Transfer includes the sale and any other or different mode, direct or
indirect, of disposing of or parting with property or any interest therein, or with the
possession thereof, or of fixing a lien upon property or upon any interest therein,
absolutely or conditionally, voluntarily, either by or without judicial proceedings.
The retention of a security title to property delivered to a debtor shall be deemed a
transfer suffered by the debtor.