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Current as of January 01, 2022 | Updated by FindLaw Staff
(1) No investment, loan, or sale thereof shall, except as to loans on a life insurance company's policies or annuity and supplementary contracts, be made by any domestic insurance company:
(a) Without the advance approval of its board of directors or of a committee appointed by such board and charged with the duty of making such investments, loans, or sales or of an officer charged with such duty; or
(b) Unless the transaction is:
(I) Transacted in compliance with a written policy or plan approved by its board of directors prior to the transaction; and
(II) Ratified by such board or by a committee appointed by such board charged with the duty of reviewing such investments, loans, and sales at a meeting held not less than quarterly.
(2) A permanent written record of all such investments, loans, and sales shall be maintained by the company.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 10. Insurance § 10-3-234. Approval and record of investments - last updated January 01, 2022 | https://codes.findlaw.com/co/title-10-insurance/co-rev-st-sect-10-3-234/
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.
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