Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
As used in this article, unless the context otherwise requires:
(1) “Account” means any of the three accounts created pursuant to section 10-20-106.
(2) “Association” means the life and health insurance protection association as established by this article.
(2.5) “Authorized assessment” or “authorized” when used in the context of assessments means a resolution passed by the board in which an assessment will be called immediately or in the future from member insurers for a specified amount. An assessment is authorized when the resolution pertaining to the assessment is passed.
(3) “Board” means the board of the association.
(3.5) “Called assessment” or “called” when used in the context of assessments means that a notice has been issued by the association to member insurers requiring that an authorized assessment be paid by the date set in the notice. An authorized assessment becomes a called assessment when notice is mailed by the association to member insurers.
(4) “Commissioner” means the commissioner of insurance.
(5) “Contractual obligation” means any obligation under a policy, contract, or certificate under a group policy or contract, or portion thereof, for which coverage is provided pursuant to section 10-20-104.
(6) “Covered policy” means a policy or contract, or a portion of a policy or contract, for which coverage is provided under section 10-20-104.
(6.5) “Extracontractual claims” includes claims relating to bad faith in the payment of claims, claims for punitive or exemplary damages, and claims for attorney fees and costs.
(6.7) “Impaired insurer” means a member insurer that is not an insolvent insurer and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.
(7) “Insolvent insurer” means a member insurer which after July 1, 1991, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.
(8) “Member insurer” means any insurer licensed or who holds a certificate of authority in this state to write any kind of insurance for which coverage is provided pursuant to section 10-20-104 and includes any insurer whose license or certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn; but “member insurer” does not include:
(a) A nonprofit hospital or medical service organization;
(b) A health maintenance organization;
(c) A fraternal benefit society;
(d) A mandatory state pooling plan;
(e) Repealed by Laws 2013, Ch. 338, § 14, eff. Mar. 31, 2015.
(f) A stipulated premium insurance company;
(g) A local mutual burial association;
(h) A mutual assessment company or any entity that operates on an assessment basis;
(i) An interinsurance exchange;
(i.5) A health-care coverage cooperative; and
(j) Any entity similar to those specified in this subsection (8).
(9) “Moody's corporate bond yield average” means the monthly average corporates as published by Moody's Investors Service, Inc., or any successor thereto.
(10) “NAIC” means the national association of insurance commissioners.
(10.5) “Owner” of a policy or contract for insurance, or “policy owner”, or “contract owner”, means the person who is identified as the legal owner under the terms of the policy or contract for insurance or who is otherwise vested with legal title to the policy or contract for insurance through a valid assignment completed in accordance with the terms of the policy or contract for insurance and properly recorded as the owner on the books of the insurer. The terms “owner”, “contract owner”, and “policy owner” do not include persons with a beneficial interest in a policy or contract.
(11) “Person” means any individual, corporation, limited liability company, partnership, association, or voluntary organization.
(12) “Premiums” means amounts of money or other consideration, however designated, received on covered policies or contracts less returned premiums, returned consideration, and returned deposits, and less dividends and experience credits thereon. “Premiums” does not include any amounts of money or other consideration received for any policies or contracts or for the portions of any policies or contracts for which coverage is not provided under section 10-20-104(2); except that assessable premiums shall not be reduced on account of section 10-20-104(2)(b)(III) relating to interest limitations and section 10-20-104(3)(b) relating to limitations with respect to any one life. “Premiums” does not include:
(a) Premiums on an unallocated annuity contract; or
(b) Premiums in excess of five million dollars with respect to multiple nongroup policies of life insurance owned by one owner, regardless of:
(I) Whether the policy owner is an individual, firm, corporation, or other person;
(II) Whether the persons insured are officers, managers, employees, or other persons; or
(III) The number of policies or contracts held by the owner.
(12.5)(a) “Principal place of business” of a person other than an individual means the single state in which the individuals who establish policy for the direction, control, and coordination of the operation of the entity as a whole primarily exercise that function, as determined by the association in its reasonable judgment by considering the following factors:
(I) The state in which the primary executive and administrative headquarters of the entity is located;
(II) The state in which the principal office of the chief executive officer of the entity is located;
(III) The state in which the board of directors or similar governing person or persons of the entity conducts the majority of its meetings;
(IV) The state in which the executive or management committee of the board of directors or similar governing person or persons of the entity conducts the majority of its meetings; and
(V) The state from which the overall operation of the entity is directed.
(b) In the case of plan sponsors, if more than fifty percent of the participants in the benefit plan are employed in a single state, that state is the principal place of business for the plan sponsor.
(c) The principal place of business of a plan sponsor of a benefit plan is the principal place of business of the association, committee, joint board of trustees, or similar group of representatives of the parties who establish or maintain the benefit plan that, in lieu of a specific or clear designation of a principal place of business, is the principal place of business of the employer or employee organization that has the largest investment in the benefit plan.
(12.7) “Receivership court” means the court in an impaired or insolvent insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the insurer.
(13) “Resident” means any person to whom a contractual obligation is owed and who resides in this state on the date of entry of a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer to be an insolvent insurer. A person may be a resident of only one state, which in the case of a person other than a natural person shall be its principal place of business. Citizens of the United States who are residents of a foreign country, United States possession, United States territory, or United States protectorate, which country, possession, territory, or protectorate does not have an association similar to the association created by this article, shall be deemed residents of the state of domicile of the insurer that issued the policies or contracts.
(13.3) “State” means a state, the District of Columbia, Puerto Rico, or a possession, territory, or protectorate of the United States.
(13.5) “Structured settlement annuity” means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.
(14) “Supplemental contract” means any written agreement entered into for the distribution of proceeds under a life, health, or annuity policy or a life, health, or annuity contract.
(15) “Unallocated annuity contract” means an annuity contract or group annuity certificate that is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 10. Insurance § 10-20-103. Definitions - last updated January 01, 2019 | https://codes.findlaw.com/co/title-10-insurance/co-rev-st-sect-10-20-103.html
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 or via Westlaw before relying on it for your legal needs.
Was this helpful?