Colorado § 10-5-103 Conditions for export

Colorado Statutes

§ 10-5-103 — Conditions for export

Colorado § 10-5-103

Title 10Insurance

Art.Nonadmitted Insurance

This text of Colorado § 10-5-103 (Conditions for export) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 10-5-103 (2026).

Text

(1)If certain insurance coverages cannot be procured from admitted insurers, such coverages, designated in this article as surplus lines, may be procured from nonadmitted insurers, subject to the following conditions:

(a)The insurance must be procured through a licensed broker.

(b)The full amount of insurance required shall not be procurable, after diligent effort has been made to do so, from among admitted insurers authorized to transact and actually transacting that kind of insurance in this state; and placing the insurance with a nonadmitted insurer shall not be for the purpose of securing a lower premium rate than that which would be accepted by an admitted insurer unless the premium rate quoted by the admitted insurer is more than ten percent higher than that quoted by t

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(1) If certain insurance coverages cannot
be procured from admitted insurers, such coverages, designated in this article as
surplus lines, may be procured from nonadmitted insurers, subject to the
following conditions:

(a) The insurance must be procured through a licensed broker.

(b) The full amount of insurance required shall not be procurable, after
diligent effort has been made to do so, from among admitted insurers authorized to
transact and actually transacting that kind of insurance in this state; and placing
the insurance with a nonadmitted insurer shall not be for the purpose of securing a
lower premium rate than that which would be accepted by an admitted insurer
unless the premium rate quoted by the admitted insurer is more than ten percent
higher than that quoted by the nonadmitted insurer.

(c) At the time of the procuring of any such insurance, an affidavit setting
forth facts referred to in paragraph (b) of this subsection (1) must be executed by
the broker. Such affidavit shall be filed with the commissioner within thirty days
after the insurance is procured. In lieu thereof, the commissioner may provide for
simplified monthly reporting of coverages procured pursuant to this article.

(2) The diligent effort requirements of this section shall not apply to
transactions with exempt commercial policyholders, as defined pursuant to section
10-4-1402 and rules adopted by the commissioner pursuant to that section.

Legislative History

Source: L. 49: p. 467, � 2. CSA: C. 87, � 319. CRS 53: � 72-14-2. C.R.S. 1963: � 72-13-2. L. 81: Entire section R&RE, p. 538, � 2, effective January 1, 1982. L. 95: IP(1) and (1)(b) amended, p. 492, � 10, effective May 16. L. 99: (2) added, p. 388, � 10, effective January 15, 2000.