Colorado Revised Statutes

Colo. Rev. Stat. § 10-3-401 (2026)

Legislative declaration

✓ current as of July 2026

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(1) The purpose of this part 4 is to make available to the commissioner supplemental remedial authority in instances of insurance company delinquencies of various kinds and degrees which demand regulation and control by the commissioner in order to effectuate his responsibility that the business of insurance in this state is conducted according to law and his responsibility to protect the policyholders and public of this state. Most delinquencies are of such a kind or degree as to not justify the imposing of the remedy or sanction of loss of certificate or of rehabilitation or liquidation by court order. Either of the remedies of loss of certificate or of rehabilitation or liquidation by court order would in many instances defeat any realistic opportunity to rehabilitate the delinquent company. Such remedies are likely to destroy or diminish one or more of the following values or assets: The value of the insurance account or in-force business of the insurer; the value of the insurer as a going concern; the value of its agency force; and the value of other of its assets. (2) The remedial steps provided by this part 4 are provided with the purpose in mind that insurance companies committing or suffering a delinquency be rehabilitated where and whenever possible with no loss of public confidence in the companies, and thus avoid the loss of a certificate of or the institution of rehabilitation or liquidation proceedings, by court order, against any insurance company, where possible. Furthermore, the remedial steps provided in this part 4 are provided to protect the assets of an insurer pending determination of whether or not the insurer can be successfully rehabilitated. In instances where rehabilitation or liquidation by court order are inevitable, it is nevertheless the purpose of this part 4 to allow preliminary or emergency supervision to prevent a dissipation of assets from taking place, and thus benefit the policyholders of the company. In such an instance, this part 4 shall operate in conjunction with part 5 of this article.

Source: L. 69: p. 544, § 3. C.R.S. 1963: § 72-29-1. L. 92: Entire section amended, p. 1424, § 5, effective July 1.

Notes of Decisions

Cited in 3 cases (1 in the last 5 years), 1984–2023 · leading case: Alias Smith & Jones, Inc. v. Barnes, 695 P.2d 302 (Colo. Ct. App. 1984).

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Alias Smith & Jones, Inc. v. Barnes, 695 P.2d 302 (Colo. Ct. App. 1984). · cites it 6× “” The authority for the commissioner of insurance to take remedial action against any insurance company on account of delinquencies is found in § 10-3-401, C.R.S. which reads: “(1) The purpose of this part 4 is to make available to the commissioner supplemental remedial…”

Nat'l Home Ins. v. State Corp. Comm'n, 838 F. Supp. 1104 (E.D. Va. 1993). “” Colo.Rev. Stat. § 10-3-401 (1993). Consistent with this, the Plan was drafted to effectuate NHIC’s rehabilitation, and gives NHIC seven months, from May until December, 1993, to meet its first surplus target.”

Principal Growth Strategies, LLC v. AGH Parent LLC (Del. Ch. 2023). “1377 , 1379, 1384 (2005) (describing the Model Act as “more detailed” and “more comprehensive” than the Uniform Act but as providing “a framework supporting the same policies”).”

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