§ 10-3-508 — Condition on release from delinquency proceedings

Colorado § 10-3-508

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

Text

(1) No
insurer subject to any delinquency proceedings, whether formal, informal,
administrative, or judicial, shall:

(a) Be released from such proceeding, unless such proceeding is converted
into a judicial rehabilitation or liquidation proceeding;

(b) Be permitted to solicit or accept new business or request or accept the
restoration of any suspended or revoked license or certificate of authority;

(c) Be returned to the control of its shareholders or private management; or

(d) Have any of its assets returned to the control of its shareholders or
private management until all payments of or on account of the insurer's contractual
obligations by all guaranty associations, along with all expenses thereof and
interest on all such payments and expenses, shall have been repaid to the guaranty
associations or a plan of repayment by the insurer shall have been approved by the
guaranty association.

Legislative History

Source: L. 92: Entire part R&RE, p. 1435, � 14, effective July 1.