Colorado § 10-7-610 Limited purchase in incontestability period

Colorado Statutes

§ 10-7-610 — Limited purchase in incontestability period

Colorado § 10-7-610

Title 10Insurance

Art.Life Insurance

This text of Colorado § 10-7-610 (Limited purchase in incontestability period) 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. § 10-7-610 (2026).

Text

(1)It is a violation of this part 6 for a person to enter into a viatical settlement contract within a two-year period commencing with the date of issuance of the policy unless the viator certifies to the viatical settlement provider that one or more of the following conditions has been met within the two-year period:

(a)The policy was issued upon the viator's exercise of conversion rights arising out of a group or individual policy, if the total of the time covered under the conversion policy plus the time covered under the prior policy is at least twenty-four months. The time covered under a group policy shall be calculated without regard to a change in insurance carriers if the coverage has been continuous and under the same group sponsorship.

(b)The viator submits independ

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(1) It is a violation of
this part 6 for a person to enter into a viatical settlement contract within a two-year
period commencing with the date of issuance of the policy unless the viator
certifies to the viatical settlement provider that one or more of the following
conditions has been met within the two-year period:

(a) The policy was issued upon the viator's exercise of conversion rights
arising out of a group or individual policy, if the total of the time covered under the
conversion policy plus the time covered under the prior policy is at least twenty-four months. The time covered under a group policy shall be calculated without
regard to a change in insurance carriers if the coverage has been continuous and
under the same group sponsorship.

(b) The viator submits independent evidence to the viatical settlement
provider that one or more of the following conditions has been met within the two-year period:

(I) The viator or insured is terminally or chronically ill; or

(II) The viator or insured disposes of his or her ownership interests in a
closely held corporation pursuant to the terms of a buyout or other similar
agreement in effect at the time the insurance policy was initially issued.

(2) Copies of the independent evidence described in paragraph (b) of
subsection (1) of this section and documents required must be submitted to the
insurer when the viatical settlement provider submits a request to the insurer for
verification of coverage. The copies shall be accompanied by a letter of attestation
from the viatical settlement provider that the copies are true and correct copies of
the documents received by the viatical settlement provider.

(3) If the viatical settlement provider submits to the insurer a copy of
independent evidence provided for in paragraph (b) of subsection (1) of this section
when the viatical settlement provider submits a request to the insurer to effect the
transfer of the policy to the viatical settlement provider, the copy is deemed to
conclusively establish that the viatical settlement contract satisfies the
requirements of this section and the insurer shall respond timely to the request.