§ 10-3-534 — Filing of claims

Colorado § 10-3-534

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

Text

(1) Proof of all claims shall be filed with the
liquidator in the form required by section 10-3-535 on or before the last day for
filing specified in the notice required under section 10-3-521; except that proof of
claims for cash surrender values or other investment values in life insurance and
annuities need not be filed unless the liquidator expressly so requires.

(2) The liquidator may permit a claimant making a late filing to share in
distributions, whether past or future, as if the claimant's filing were not late, to the
extent that any such payment will not prejudice the orderly administration of the
liquidation, under the following circumstances:

(a) A transfer to a creditor was avoided under sections 10-3-525 to 10-3-527,
or was voluntarily surrendered under section 10-3-528, and the filing satisfies the
conditions set forth in section 10-3-528; or

(b) The valuation, under section 10-3-540, of security held by a secured
creditor shows a deficiency which is filed within thirty days after the valuation.

(3) The liquidator shall permit late-filed claims to share in distributions,
whether past or future, as if they were not late, if such claims are claims of a
guaranty association or foreign guaranty association for reimbursement of covered
claims paid or expenses incurred, or both, subsequent to the last day for filing
where such payments were made and expenses incurred as provided by law.

Legislative History

Source: L. 92: Entire part R&RE, p. 1470, � 14, effective July 1.