§ 42-7-412 — Certificate furnished by nonresident

Colorado § 42-7-412

• Jurisdiction: Colorado
• Title 42: Vehicles and
• Art.: Motor Vehicle Financial Responsibility Law

Text

(1) The nonresident owner
of a foreign vehicle may give proof of financial responsibility by filing with the
director a written certificate of an insurance carrier authorized to transact business
in the state in which the motor vehicle described in such certificate is registered or
if such nonresident does not own a motor vehicle then in the state in which the
insured resides and otherwise conforming to the provisions of this article, and the
director shall accept the same upon condition that said insurance carrier complies
with the following provisions of this section:

(a) Said insurance carrier shall execute a power of attorney authorizing the
director to accept service on its behalf of notice or process in any action arising out
of a motor vehicle accident in this state.

(b) Said insurance carrier shall duly adopt a resolution which shall be binding
upon it, declaring that its policies shall be deemed to be varied to comply with the
law of this state relating to the terms of motor vehicle liability policies issued in this
article.

(c) Said insurance carrier shall also agree to accept as final and binding any
final judgment of any court of competent jurisdiction in this state duly rendered in
any action arising out of a motor vehicle accident.

(2) If any foreign insurance carrier which has qualified to furnish proof of
financial responsibility defaults in any of said undertakings or agreements, the
director shall not subsequently accept any certificate of said carrier, whether
previously filed or subsequently tendered, as proof of financial responsibility so
long as such default continues.

Legislative History

Source: L. 94: Entire title amended with relocations, p. 2483, � 1, effective January 1, 1995.