Colorado § 10-6-103 Definitions

Colorado Statutes

§ 10-6-103 — Definitions

Colorado § 10-6-103

Title 10Insurance

Art.Captive Insurance Companies

This text of Colorado § 10-6-103 (Definitions) 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. § 10-6-103 (2026).

Text

As used in this article, unless the context otherwise requires:

(1)Affiliated company means any company that directly or indirectly owns or controls a pure captive insurance company and any company owned or controlled, directly or indirectly, by a parent or subsidiary.

(2)Captive insurance company means a pure captive insurance company or a group captive insurance company.

(3)Commissioner means the commissioner of insurance.

(4)Group means any association of individual professional practitioners, corporations, partnerships, limited liability companies, or associations with substantially similar or related risks, the members of which collectively own, control, or hold with power to vote all of the outstanding voting securities or other ownership interest of a group captive i

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As used in this article, unless the context otherwise
requires:

(1) Affiliated company means any company that directly or indirectly owns
or controls a pure captive insurance company and any company owned or
controlled, directly or indirectly, by a parent or subsidiary.

(2) Captive insurance company means a pure captive insurance company or
a group captive insurance company.

(3) Commissioner means the commissioner of insurance.

(4) Group means any association of individual professional practitioners,
corporations, partnerships, limited liability companies, or associations with
substantially similar or related risks, the members of which collectively own,
control, or hold with power to vote all of the outstanding voting securities or other
ownership interest of a group captive insurance company.

(5) Group captive insurance company means any domestic insurance
company licensed under the provisions of this article for the purpose of making
insurance and reinsurance, including any company organized under the federal
Liability Risk Retention Act of 1986, as amended, 15 U.S.C. secs. 3901 to 3905.
Such insurance and reinsurance shall be limited to the risks, hazards, and liabilities
of its group members and employee benefits coverages.

(6) Impairment means that a captive insurance company's permissible
assets are less than its liabilities, including as a liability the aggregate amount of
any outstanding capital stock, or that its capital and surplus are less than the
capital and surplus established pursuant to section 10-6-116.

(7) Insolvency means that a captive insurance company's permissible
assets are less than all of its liabilities, excluding from such liabilities the
aggregate amount of any outstanding capital stock.

(8) Parent means a corporation, partnership, or individual who directly or
indirectly owns, controls, or holds with power to vote more than fifty percent of the
outstanding voting securities or other ownership interest of a pure captive
insurance company.

(9) Pure captive insurance company means any domestic insurance
company licensed under the provisions of this article for the purpose of making
insurance and reinsurance. Such insurance and reinsurance shall be limited to the
risks, hazards, and liabilities of its parent and affiliated entities along with
employee benefits coverages.

Legislative History

Source: L. 72: p. 429, � 1. C.R.S. 1963: � 72-36-4. L. 76: (3), (4), and (9) amended, p. 380, � 1, effective April 6. L. 87: (3), (4), (5), and (7) amended and (6.1) to (6.3) added, p. 435, � 1, effective May 22. L. 89: (3) and (10) amended, p. 462, � 2, effective April 15. L. 91: (9) amended, p. 1224, � 2, effective May 24. L. 94: Entire section R&RE, p. 541, � 2, effective April 6.