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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) The commissioner shall notify a domestic society when the commissioner upon investigation finds that a domestic society:
(a) Has exceeded its powers;
(b) Has failed to comply with any provision of this article;
(c) Is not fulfilling its contracts in good faith;
(d) Has a membership of less than four hundred after an existence of one year or more;
(e) Is conducting business fraudulently or in a manner hazardous to its members, creditors, or the public; or
(f) Is using methods which, although not otherwise specifically proscribed by statute, nevertheless renders its operation hazardous, or its condition unsound, to its members or the public.
(2) If the commissioner notifies a society pursuant to subsection (1) of this section, the commissioner may utilize the procedures, practices, standards, and provisions of parts 4 and 5 of article 3 of this title. In applying said provisions, the application of the assessment feature of the certificate shall be first considered.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 10. Insurance § 10-14-607. Grounds for injunction, liquidation, and receivership of domestic society - last updated January 01, 2025 | https://codes.findlaw.com/co/title-10-insurance/co-rev-st-sect-10-14-607/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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