§ 10-7-802 — Definitions

Colorado § 10-7-802

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Life Insurance

Text

As used in this part 8, unless the context otherwise
requires:

(1) Contract means an annuity contract. The term does not include an
annuity used to fund an employment-based retirement plan or program if:

(a) The insurer does not perform the record-keeping services; or

(b) The insurer is not committed by terms of the annuity contract to pay
death benefits to the beneficiaries of specific plan participants.

(2) Death master file means the United States social security
administration death master file or other databases or service that is at least as
comprehensive as the United States social security administration death master file
for determining that an individual reportedly has died.

(3) Death master file match means a search of the death master file that
results in a match of the social security number or the name and date of birth of an
insured, annuity owner, or retained asset account holder.

(4) Knowledge of death means:

(a) Receipt of an original or valid copy of a certified death certificate; or

(b) A death master file match validated by the insurer in accordance with
section 10-7-803 (2)(a)(I).

(5) Policy means any policy or certificate of life insurance that provides a
death benefit. The term does not include:

(a) A policy or certificate of life insurance that provides a death benefit
under an employee benefit plan:

(I) Subject to the federal Employee Retirement Income Security Act of
1974, 29 U.S.C. sec. 1001 et seq., as amended; or

(II) Under any federal employee benefit program;

(b) A policy or certificate of life insurance that is used to fund a pre-need
funeral contract or prearrangement;

(c) A policy or certificate of credit life or accidental death insurance; or

(d) A policy issued to a group master policyholder for which the insurer does
not provide record-keeping services.

(6) Record-keeping services means those services which the insurer has
agreed with a group policy or contract customer to be responsible for obtaining,
maintaining, and administering in its own or its agents' systems information about
each individual insured under an insured's group insurance contract, or a line of
coverage thereunder, including at least the following information:

(a) Social security number or name and date of birth;

(b) Beneficiary designation information;

(c) Coverage eligibility;

(d) Benefit amount; and

(e) Premium payment status.

(7) Retained asset account means a mechanism whereby the settlement of
proceeds payable under a policy or contract is accomplished by the insurer or an
entity acting on behalf of the insurer depositing the proceeds into an account with
check or draft writing privileges, if those proceeds are retained by the insurer or its
agent, pursuant to a supplementary contract not involving annuity benefits other
than death benefits.

Legislative History

Source: L. 2019: Entire part added, (SB 19-088), ch. 110, p. 463, � 4, effective July 1, 2020. L. 2020: (5)(a)(I) amended, (HB 20-1402), ch. 216, p. 1043, � 14, effective June 30.