C.R.S. Section 10-11-110
Amount of unearned premium reserve

  • release

(1)

The unearned premium reserve of every title insurance company required to maintain such reserves in this state shall consist of:

(a)

The amount of the unearned premium reserve held as of July 1, 1969, pursuant to law; and

(b)

The amount of all additions required to be made to such reserve by this section, less the withdrawals therefrom as permitted by this section.

(2)

On and after July 1, 1969, every title insurance company shall add to its unearned premium reserve, in respect to each title insurance policy, leasehold policy, contract, or reinsurance agreement issued by it, a sum equal to one dollar for each such policy, contract, or agreement, plus fifteen cents for each one thousand dollars face amount of net retained liability on each such policy, contract, or reinsurance agreement, as defined in section 10-11-102 (4), or the amount reinsured by it, and shall separately record the aggregate amounts so set aside and reserved in respect to such policies, contracts, or agreements written in each calendar year.

(3)

The amounts set aside as additions to the unearned premium reserve shall be deducted from income in determining net profits of any title insurance company.

(4)

For the purposes of determining the amounts of the unearned premium reserve that may be withdrawn pursuant to subsection (5) of this section, all policies, contracts of title insurance, or reinsurance agreements of title insurance shall be considered as dated July 1 in the year of issue.

(5)

On and before December 31, 2000, the aggregate of the amounts set aside in unearned premium reserve in any calendar year pursuant to subsection (2) of this section shall be released from said reserve and restored to income pursuant to the following formula: One-tenth of said aggregate sum on July 1 of each of the five years next succeeding the year of addition to the reserve and one-thirtieth of said aggregate sum on July 1 of each succeeding year thereafter until the entire sum has been so released and restored to income. On and after January 1, 2001, the aggregate of the amounts set aside in unearned premium reserve in any calendar year pursuant to subsection (2) of this section shall be released from said reserve and restored to income in accordance with the formula prescribed by nationally recognized insurance statutory accounting principles.
(6)(Deleted by amendment, L. 2001, p. 286, § 11, effective March 30, 2001.)(7) If substantially the entire outstanding liability under all policies, contracts of title insurance, and reinsurance agreements of any such title insurance company shall be reinsured, the value of the consideration received by a reinsuring title insurance company authorized to transact the business of title insurance in this state shall constitute, in its entirety, unearned portions of original premiums and shall be added to its unearned premium reserve, and shall be deemed, for recovery purposes, to have been provided for liabilities assumed during the year of such reinsurance. The amount of such addition to the unearned premium reserve of such assuming title insurance company shall be not less than two-thirds of the amount of the unearned premium reserve required to be maintained by the ceding title insurance company at the time of such reinsurance.

Source: Section 10-11-110 — Amount of unearned premium reserve - release, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-10.­pdf (accessed Oct. 20, 2023).

10‑11‑101
Short title 10‑11‑102
Definitions 10‑11‑103
Compliance with article required 10‑11‑104
Corporate form required 10‑11‑105
Financial requirements prior to this article 10‑11‑106
Determination of insurability required 10‑11‑107
Powers 10‑11‑108
Prohibitions 10‑11‑109
Unearned premium reserve 10‑11‑110
Amount of unearned premium reserve - release 10‑11‑111
Reserve for unpaid losses and loss expense 10‑11‑112
Net retained liability 10‑11‑113
Power to reinsure 10‑11‑114
Legal investments and admitted assets 10‑11‑115
Prior investments 10‑11‑116
Title insurance agents licensed 10‑11‑117
Title insurance agents - certain names prohibited 10‑11‑118
Title insurance - rules 10‑11‑119
Laws applicable 10‑11‑120
Corporate existence preserved 10‑11‑121
Application of article - other laws applicable 10‑11‑122
Title commitments - rules 10‑11‑123
Notification of severed mineral estates 10‑11‑124
Affiliated business arrangements - rules - investigative information shared with division of real estate 10‑11‑125
Fees, salaries, compensation, or other payments 10‑11‑126
Affiliated business arrangements - enforcement - penalties 10‑11‑127
Fiduciary responsibilities of title insurance entities - definition of fiduciary funds - deceptive act or practice - rules 10‑11‑201
Title insurance commission - creation - advisory body - appointment of members - meetings 10‑11‑202
Powers, duties, and functions - recommendations on rules 10‑11‑203
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 10-11-110’s source at colorado​.gov