Colorado § 10-3-521 Notice to creditors and others

Colorado Statutes

§ 10-3-521 — Notice to creditors and others

Colorado § 10-3-521

Title 10Insurance

Art.Regulation of Insurance Companies

This text of Colorado § 10-3-521 (Notice to creditors and others) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 10-3-521 (2026).

Text

(1)Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:

(a)By first-class mail and either by telegram or telephone to the insurance department of each jurisdiction in which the insurer is doing business;

(b)By first-class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation;

(c)By first-class mail to all insurance agents of the insurer;

(d)By first-class mail to all persons known or reasonably expected to have claims against the insurer, including all policyholders at their last-known address as indicated by the records of the insurer; and

(e)By publication in a newspaper of general circulation in the county in whic

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(1) Unless the court otherwise
directs, the liquidator shall give or cause to be given notice of the liquidation order
as soon as possible:

(a) By first-class mail and either by telegram or telephone to the insurance
department of each jurisdiction in which the insurer is doing business;

(b) By first-class mail to any guaranty association or foreign guaranty
association which is or may become obligated as a result of the liquidation;

(c) By first-class mail to all insurance agents of the insurer;

(d) By first-class mail to all persons known or reasonably expected to have
claims against the insurer, including all policyholders at their last-known address
as indicated by the records of the insurer; and

(e) By publication in a newspaper of general circulation in the county in
which the insurer has its principal place of business and in such other locations as
the liquidator deems appropriate.

(2) Notice to potential claimants under subsection (1) of this section shall
require claimants to file with the liquidator their claims together with proper proofs
thereof under section 10-3-535, on or before a date the liquidator shall specify in
the notice. Although an earlier date may be set by the liquidator, the last day to file
claims shall be no later than eighteen months after the order of liquidation. The
liquidator need not require persons claiming cash surrender values or other
investment values in life insurance and annuities to file a claim. All claimants shall
have a duty to keep the liquidator informed of any changes of address.

(3) Notice under subsection (1) of this section to agents of the insurer and to
potential claimants who are policyholders shall include, where applicable, notice
that coverage by state guaranty associations may be available for all or part of
policy benefits in accordance with applicable state guaranty laws.

(4) The liquidator shall promptly provide to the guaranty associations such
information concerning the identities and addresses of such policyholders and their
policy coverages as may be within the liquidator's possession or control and shall
otherwise cooperate with guaranty associations to assist them in providing to such
policyholders timely notice of the guaranty associations' coverage of policy
benefits, including, as applicable, coverage of claims and continuation or
termination of coverages.

(5) If notice is given in accordance with this section, the distribution of assets
of the insurer under this part 5 shall be conclusive with respect to all claimants
regardless of whether or not they received notice.