C.R.S.
Section 10-3-502
Definitions
(1)
“Ancillary state” means any state other than a domiciliary state.(2)
“Creditor” means a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, fixed or contingent, or absolute.(3)
“Delinquency proceeding” means any proceeding instituted against an insurer for the purpose of liquidating, rehabilitating, reorganizing, or conserving such insurer.(4)
“Doing business” includes any of the following acts, whether effected by mail or otherwise:(a)
Issuing or delivering contracts of insurance to persons resident in this state;(b)
Soliciting applications for such contracts or other negotiations preliminary to the execution of such contracts;(c)
Collecting premiums, membership fees, assessments, or other consideration for such contracts;(d)
Transacting matters subsequent to execution of such contracts and arising out of them; or(e)
Operating under a license or certificate of authority, as an insurer, issued by the commissioner or the insurance department of any state other than Colorado.(5)
“Domiciliary state” means the state in which an insurer is incorporated or organized, or, in the case of an alien insurer, its state of entry.(6)
“Fair consideration” is given for property or an obligation when:(a)
In exchange for such property or obligation in good faith and as a fair equivalent therefor, property is conveyed or services are rendered or an obligation is incurred or an antecedent debt is satisfied; or(b)
Such property or obligation is received in good faith to secure a present advance or antecedent debt in an amount not disproportionately small as compared to the value of the property or obligation obtained.(6.5)
“Federal home loan bank” means an institution chartered under the “Federal Home Loan Bank Act”, 12 U.S.C. sec. 1421 et seq., or its successor statute.(7)
“Foreign country” means any other jurisdiction not in any state.(8)
“General assets” means all property, real, personal, or otherwise, not specifically mortgaged, pledged, deposited, or otherwise encumbered for the security or benefit of specified persons or classes of persons. As to specifically encumbered property, “general assets” includes all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. Assets held in trust and on deposit for the security or benefit of all policyholders or all policyholders and creditors, in more than a single state, shall be treated as general assets.(9)
“Guaranty association” means the Colorado insurance guaranty association created in part 5 of article 4 of this title, the life and health insurance protection association created in article 20 of this title, and any other similar entity now or hereafter created by this state for the payment of claims of insolvent insurers. “Foreign guaranty association” means any similar entity now in existence in, or hereafter created by, any other state.(10)
“Insolvency” or “insolvent” means:(a)
For an insurer issuing only assessable fire insurance policies:(I)
The inability to pay any obligation within thirty days after the obligation becomes payable; or(II)
If an assessment is made within thirty days after the date the obligation becomes payable, the inability to pay such obligation thirty days following the date specified in the first assessment notice issued after the date of loss.(b)
For any other insurer, that it is unable to pay its obligations when they are due, or that it is deemed insolvent pursuant to section 10-3-212.(11)
“Insurance department” means the commissioner or other government official or agency of a state other than Colorado exercising powers and duties substantially equivalent to those of the commissioner or the division.(12)
“Insurer” means any person who has done, purports to do, is doing, or is licensed to do an insurance business and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by, the commissioner or any insurance department.(13)
“Preferred claim” means any claim with respect to which the terms of this part 5 accord priority of payment from the general assets of the insurer.(14)
“Receiver” means a receiver, liquidator, rehabilitator, or conservator.(15)
“Reciprocal state” means any state other than this state in which, in substance and effect, sections 10-3-517 (1), 10-3-551, 10-3-552, 10-3-554, 10-3-555, and 10-3-556 are in force, and in which provisions are in force requiring that the commissioner or equivalent official be the receiver of a delinquent insurer, and in which some provision exists for the avoidance of fraudulent conveyances and preferential transfers.(16)
“Secured claim” means any claim secured by mortgage, trust deed, pledge, deposit as security, escrow, or otherwise, but not including special deposit claims or claims against general assets. The term also includes claims which have become liens upon specific assets by reason of judicial process.(17)
“Special deposit claim” means any claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including any claim secured by general assets.(18)
“State” means any state, district, or territory of the United States and the Panama canal zone.(19)
“Transfer” includes the sale and any other or different mode, direct or indirect, of disposing of or parting with property or any interest therein, or with the possession thereof, or of fixing a lien upon property or upon any interest therein, absolutely or conditionally, voluntarily, either by or without judicial proceedings. The retention of a security title to property delivered to a debtor shall be deemed a transfer suffered by the debtor.
Source:
Section 10-3-502 — Definitions, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-10.pdf (accessed Oct. 20, 2023).
Up to date