§ 10-3-542 — Liquidator's recommendations to the court

Colorado § 10-3-542

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

Text

(1) The liquidator
shall review all claims duly filed in the liquidation and shall make such further
investigation as deemed necessary. The liquidator may compound, compromise, or
in any other manner negotiate the amount for which claims will be recommended to
the court except where the liquidator is required by law to accept claims as settled
by any person or organization, including any guaranty association or foreign
guaranty association. Unresolved disputes shall be determined under section 10-3-538. As soon as practicable, the liquidator shall present to the court a report of the
claims against the insurer with the liquidator's recommendations. The report shall
include the name and address of each claimant and the amount of the claim finally
recommended, if any. If the insurer has issued annuities or life insurance policies,
the liquidator shall report the persons to whom, according to the records of the
insurer, amounts are owed as cash surrender values or other investment value and
the amounts owed.

(2) The court may approve, disapprove, or modify the liquidator's report on
claims. Claims allowed in any report not modified by the court within a period of
sixty days after submission by the liquidator shall be treated by the liquidator as
allowed claims, subject thereafter to later modification or to rulings made by the
court pursuant to section 10-3-538. No claim under a policy of insurance shall be
allowed for an amount in excess of the applicable policy limits.

Legislative History

Source: L. 92: Entire part R&RE, p. 1476, � 14, effective July 1.