Colorado § 10-4-624 Self-insurers

Colorado Statutes

§ 10-4-624 — Self-insurers

Colorado·Title 10 Insurance·Art. Property and Casualty Insurance

(1)Any person in whose name more than twenty-five motor vehicles are registered may qualify as a self-insurer by obtaining a certificate of self-insurance issued by the commissioner.

(2)The commissioner may, in his or her discretion, upon the application of such person, issue a certificate of self-insurance when the commissioner is satisfied that such person is able and will continue to be able to pay benefits as required under section 10-4-620 and to pay any and all judgments that may be obtained against such person. Upon not less than five days' notice and a hearing pursuant to such notice, the commissioner may, upon reasonable grounds, cancel a certificate of self-insurance. Failure to pay any benefits under section 10-4-620 or failure to pay any judgment within thirty days a

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(1) Any person in whose name more than twenty-five motor vehicles are registered may qualify as a self-insurer by obtaining a
certificate of self-insurance issued by the commissioner.

(2) The commissioner may, in his or her discretion, upon the application of
such person, issue a certificate of self-insurance when the commissioner is
satisfied that such person is able and will continue to be able to pay benefits as
required under section 10-4-620 and to pay any and all judgments that may be
obtained against such person. Upon not less than five days' notice and a hearing
pursuant to such notice, the commissioner may, upon reasonable grounds, cancel a
certificate of self-insurance. Failure to pay any benefits under section 10-4-620 or
failure to pay any judgment within thirty days after such judgment has become final
shall constitute a reasonable ground for the cancellation of a certificate of self-insurance.

(3) For purposes of subsection (2) of this section, the commissioner shall
accept, as proof that a motor carrier as defined in article 10.1 of title 40, C.R.S., is
able and will continue to be able to pay all judgments that might be obtained
against the carrier, a surety bond in a form acceptable to the commissioner in an
amount determined by the commissioner sufficient to ensure that the carrier has
the ability to pay all judgments that may be obtained against any such carrier.

Colorado § 10-4-624 (Self-insurers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2003: (2) amended, p. 2433, � 3, effective June 5; entire section added, p. 1563, � 3, effective July 1. L. 2011: (3) amended, (HB 11-1198), ch. 127, p. 417, � 6, effective August 10.