(1) This part 5 shall not be interpreted to limit the powers granted the commissioner by other provisions of law.
(2) This part 5 shall be liberally construed to effect the purpose stated in subsection (3) of this section.
(3) The purpose of this part 5 is to protect the interests of insureds, claimants, creditors, and the public generally, with minimum interference with the normal prerogatives of the owners and managers of insurers, through:
(a) Early detection of any potentially dangerous condition in an insurer, and prompt application of appropriate corrective measures;
(b) Improved methods for rehabilitating insurers, involving the cooperation and management expertise of the insurance industry;
(c) Enhanced efficiency and economy of liquidation, through clarification of the law, to minimize legal uncertainty and litigation;
(d) Equitable apportionment of any unavoidable loss;
(e) Lessening the problems of interstate rehabilitation and liquidation of insurers by facilitating cooperation between states in the liquidation process and by extending the scope of personal jurisdiction over debtors of insurers outside this state;
(f) Regulation of the insurance business by means of laws relating to delinquency procedures and substantive rules relating to the insurance business generally; and
(g) The provision of a comprehensive scheme for the rehabilitation and liquidation of insurance companies and those subject to this part 5 as part of the regulation of the business of insurance, the insurance industry, and insurers in this state.
(4) The general assembly finds, determines, and declares that proceedings in cases of insurer insolvency and delinquency are an integral aspect of the business of insurance and are of vital public interest and concern.
Source: L. 92: Entire part R&RE, p. 1428, § 14, effective July 1.
Notes of Decisions
Herstam v. Bd. of Directors, 895 P.2d 1131 (Colo. Ct. App. 1995).
· cites it 5× “However, in 1992, the General Assembly repealed and reenacted the UILA, adding, relocating, and eliminating certain sections as the Insurers’ Rehabilitation and Liquidation Act, § 10-3-501, et seq., C.R.S. (1994 Repl.Vol.”
Balzano v. Bluewater Ins. Ltd., 801 P.2d 1 (Colo. Ct. App. 1990).
· cites it 2× “In September 1984, the Commissioner of Insurance determined that Aspen was insolvent and ordered the Attorney General to commence a liquidation action pursuant to § 10-3-501, et seq., C.R.S. (1987 Repl.Vol.”
Bluewater Ins. Ltd. v. Balzano, 823 P.2d 1365 (Colo. 1992).
“In 1984, the commissioner determined that Aspen was insolvent and liquidation proceedings were initiated under the Uniform Insurers Liquidation Act, § 10-3-501, et seq., 4A C.R.S. (1987) (the “liquidation act”).”
Skandia Am. Reinsurance Corp. v. Barnes, 458 F. Supp. 13 (D. Colo. 1978).
“1973 § 10-3-501 et seq. § 10-3-503 of that Act provides, in pertinent part: The domiciliary receiver and his successors in office shall be vested by operation of law with the title to all the property, contracts and rights of action and all the books and records of the insurer…”
Hartford Fire Ins. Co. v. Colorado Div. of Ins., 824 P.2d 76 (Colo. Ct. App. 1991).
“4A) (the Uniform Insurers Liquidation Act), granting the insurance commissioner powers to consolidate, reorganize, and dissolve insolvent or financially troubled insurance companies. In contrast, § 10-1-111 not only involves the rehabilitation of financially troubled insurance…”
Stephens v. Colaiannia, 942 P.2d 1374 (Colo. Ct. App. 1997).
“172, § 72-18-2(1) at 469 (now codified generally as § 10-3-501, et seq., C.R.S. (1994 Repl.Vol.”
Colaiannia v. Aspen Indem. Corp., 885 P.2d 337 (Colo. Ct. App. 1994).
“The Uniform Insurer’s Liquidation Act (Uniform Act), § 10-3-501, et seq., C.R.S. (1987 Repl. 4A), also applies in this case, as the claim is made by a nonresident of Colorado against a liquidated insurer within Colorado.”
Phillips v. Lincoln Nat'l Health & Cas. Ins., 774 F. Supp. 1297 (D. Colo. 1991).
· cites it 2× “Colorado has enacted an encompassing regulatory scheme for the liquidation of insolvent insurance companies in the uniform Insurers Liquidation Act, Colo.Rev. Stat. §§ 10-3-501 to 512 (1987), but Colorado does not have a law like Article 74 of the New York Insurance Law that…”
v. Shovelton, 2019 COA 15 (Colo. Ct. App. 2019).
· cites it 3× “First, both South Carolina and Colorado have adopted the Uniform Insurers Liquidation Act (UILA), §§ 10-3-501 to -559, C.R.S. 2018; S.C. Code Ann.”
Phillips v. Lincoln Nat. Health & Cas. Ins. Co., 774 F. Supp. 1297 (D. Colo. 1991).
· cites it 2× “Colorado has enacted an encompassing regulatory scheme for the liquidation of insolvent insurance companies in the uniform Insurers Liquidation Act, Colo.Rev. Stat. §§ 10-3-501 to 512 (1987), but Colorado does not have a law like Article 74 of the New York Insurance Law that…”
Nw. Nat'l Ins. Co. v. Kezer, 812 P.2d 688 (Colo. Ct. App. 1990).
“In delinquency proceedings under the Uniform Insurers Liquidation Act, § 10-3-501, et seq., C.R.S. (1987 Repl.Vol.”
— Colo. Rev. Stat. § 10-3-501(3) — 2 cases
Herstam v. Bd. of Directors, 895 P.2d 1131 (Colo. Ct. App. 1995).
“However, in 1992, the General Assembly repealed and reenacted the UILA, adding, relocating, and eliminating certain sections as the Insurers’ Rehabilitation and Liquidation Act, § 10-3-501, et seq., C.R.S. (1994 Repl.Vol.”
v. Shovelton, 2019 COA 15 (Colo. Ct. App. 2019).
“First, both South Carolina and Colorado have adopted the Uniform Insurers Liquidation Act (UILA), §§ 10-3-501 to -559, C.R.S. 2018; S.C. Code Ann.”
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