§ 10-3-554 — Claims of nonresidents against insurers domiciled in this state

Colorado § 10-3-554

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

Text

(1) In a liquidation proceeding commenced in this state against an insurer domiciled
in this state, claimants residing in foreign countries or in states that are not
reciprocal states must file claims in this state, and claimants residing in reciprocal
states may file claims either with the ancillary receivers, if any, in their respective
states, if a claim filing procedure is established in the ancillary proceeding, or with
the domiciliary liquidator. Such claims shall be filed on or before the last date fixed
for the filing of claims in the domiciliary liquidation proceeding.

(2) Claims belonging to claimants residing in reciprocal states may be
proved either in the liquidation proceeding in this state as provided in this part 5, or
in ancillary proceedings, if any, in the reciprocal states if a claim filing procedure is
established in the ancillary proceeding. If notice of the claims and opportunity to
appear and be heard is afforded the domiciliary liquidator of this state as provided
in section 10-3-555 (2) with respect to ancillary proceedings, the final allowance of
claims by the courts in ancillary proceedings in reciprocal states shall be conclusive
as to amount and as to priority against special deposits or other security located in
such ancillary states, but shall not be conclusive with respect to priorities against
general assets under section 10-3-541.

Legislative History

Source: L. 92: Entire part R&RE, p. 1482, � 14, effective July 1.