Colorado § 10-7-301.5 Definitions

Colorado Statutes

§ 10-7-301.5 — Definitions

Colorado § 10-7-301.5

Title 10Insurance

Art.Life Insurance

This text of Colorado § 10-7-301.5 (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. § 10-7-301.5 (2026).

Text

As used in this part 3, unless the context otherwise requires:

(1)Accident and health insurance means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual.

(2)Appointed actuary means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in section 10-7-114 (2).

(3)Company means an entity that:

(a)Has written, issued, or reinsured life insurance, accident and health insurance, or deposit-type contracts in this state and has at least one such policy in force or on claim; or

(b)Has written, issued, or reinsured life insurance, accident and health insurance, or deposit-type

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As used in this part 3, unless the context otherwise
requires:

(1) Accident and health insurance means contracts that incorporate
morbidity risk and provide protection against economic loss resulting from
accident, sickness, or medical conditions and as may be specified in the valuation
manual.

(2) Appointed actuary means a qualified actuary who is appointed in
accordance with the valuation manual to prepare the actuarial opinion required in
section 10-7-114 (2).

(3) Company means an entity that:

(a) Has written, issued, or reinsured life insurance, accident and health
insurance, or deposit-type contracts in this state and has at least one such policy in
force or on claim; or

(b) Has written, issued, or reinsured life insurance, accident and health
insurance, or deposit-type contracts in any state and is required to hold a
certificate of authority to write life insurance, accident and health insurance, or
deposit-type contracts in this state.

(4) Deposit-type contract means a contract that does not incorporate
mortality or morbidity risks and as may be specified in the valuation manual.

(5) Life insurance means a contract that incorporates mortality risk,
including annuity and pure endowment contracts and as may be specified in the
valuation manual.

(6) NAIC means the National Association of Insurance Commissioners.

(7) Operative date of the valuation manual means the date described in
section 10-7-313.3 (2).

(8) Policyholder behavior means any action a policyholder, contract holder,
or any other person with the right to elect options, such as a certificate holder, may
take under a policy or contract subject to this part 3 including lapse, withdrawal,
transfer, deposit, premium payment, loan, annuitization, or benefit elections
prescribed by the policy or contract but excluding events of mortality or morbidity
that result in benefits prescribed in their essential aspects by the terms of the
policy or contract.

(9) Principle-based valuation means a reserve valuation that uses one or
more methods or one or more assumptions determined by the insurer and is
required to comply with section 10-7-313.4 as specified in the valuation manual.

(10) Qualified actuary means an individual who is qualified to sign the
applicable statement of actuarial opinion in accordance with the American
Academy of Actuaries qualification standards for actuaries signing such
statements and who meets the requirements specified in the valuation manual.

(11) Tail risk means a risk that occurs either when the frequency of low
probability events is higher than expected under a normal probability distribution or
when there are observed events of very significant size or magnitude.

(12) Valuation manual means the manual of valuation instructions adopted
by the NAIC as specified in this part 3 or as subsequently amended.