§ 10-3-701 — Purpose

The purpose of this part 7 is to protect the interest of
insureds, claimants, ceding insurers, assuming insurers, and the public generally.
The general assembly hereby declares its intent is to ensure adequate regulation of
insurers and reinsurers and adequate protection for those to whom they owe
obligations. In furtherance of that state interest, the general assembly hereby
provides a mandate that upon the insolvency of a non-United States insurer or
reinsurer that provides security to fund its United States obligations in accordance
with this part 7, the assets representing the security must be maintained in the
United States, claims must be filed with and valued by the state insurance
commissioner with regulatory oversight, and the assets must be distributed in
accordance with the insurance laws of the state in which the trust is domiciled that
are applicable to the liquidation of domestic United States insurance companies.
The general assembly declares that the matters contained in this part 7 are
fundamental to the business of insurance in accordance with 15 U.S.C. secs. 1011
and 1012.

Legislative History

Source: L. 2014: Entire part R&RE, (HB 14-1315), ch. 295, p. 1201, � 1, effective January 1, 2015.