Colorado Revised Statutes

Colo. Rev. Stat. § 10-3-506 (2026)

Cooperation of officers, owners, and employees

✓ current as of July 2026

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(1) Any officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other person with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the commissioner in any proceeding under this part 5 or any investigation preliminary to the proceeding. The term "person" as used in this section shall include any person who exercises control directly or indirectly over activities of the insurer through any holding company or other affiliate of the insurer. "To cooperate" shall include, but shall not be limited to, the following: (a) To reply promptly in writing to any inquiry from the commissioner requesting such a reply; and (b) To make available to the commissioner any books, accounts, documents, or other records or information or property of or pertaining to the insurer and in the person's possession, custody, or control.

(2) No person shall obstruct or interfere with the commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental thereto.

(3) This section shall not be construed to abridge otherwise existing legal rights, including the right to resist a petition for liquidation or other delinquency proceedings or other orders.

(4) Any person included within subsection (1) of this section who fails to cooperate with the commissioner, or any person who obstructs or interferes with the commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental thereto, or who violates any valid order of the commissioner issued pursuant to this part 5 may:

(a) Be subject to a fine not to exceed ten thousand dollars or to imprisonment for a term of not more than one year, or both; or

(b) After a hearing, be subject to the imposition by the commissioner of a civil penalty not to exceed ten thousand dollars or to the revocation or suspension of any insurance licenses issued by the commissioner, or to both such civil penalty and such revocation or suspension.

Source: L. 92: Entire part R&RE, p. 1434, § 14, effective July 1.

Notes of Decisions

Cited in 1 case, 1981–1981 · leading case: Ins. Affiliates, Inc. v. O'CONNOR, 522 F. Supp. 703 (D. Colo. 1981).

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Ins. Affiliates, Inc. v. O'CONNOR, 522 F. Supp. 703 (D. Colo. 1981). · cites it 6× “Defendants argue alternatively that this action should be dismissed because of section 5 of the Uniform Insurers Liquidation Act, C.R.S. § 10-3-506 (1973). I conclude that the motion to dismiss should be granted on the basis of defendants’ second argument.”

— Colo. Rev. Stat. § 10-3-506(2) — 1 case

Ins. Affiliates, Inc. v. O'CONNOR, 522 F. Supp. 703 (D. Colo. 1981). “Defendants argue alternatively that this action should be dismissed because of section 5 of the Uniform Insurers Liquidation Act, C.R.S. § 10-3-506 (1973). I conclude that the motion to dismiss should be granted on the basis of defendants’ second argument.”

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