C.R.S. Section 10-7-301.5
Definitions

As used in this part 3, unless the context otherwise requires:

(1)

“Accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual.

(2)

“Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in section 10-7-114 (2).

(3)

“Company” means an entity that:

(a)

Has written, issued, or reinsured life insurance, accident and health insurance, or deposit-type contracts in this state and has at least one such policy in force or on claim; or

(b)

Has written, issued, or reinsured life insurance, accident and health insurance, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state.

(4)

“Deposit-type contract” means a contract that does not incorporate mortality or morbidity risks and as may be specified in the valuation manual.

(5)

“Life insurance” means a contract that incorporates mortality risk, including annuity and pure endowment contracts and as may be specified in the valuation manual.

(6)

“NAIC” means the National Association of Insurance Commissioners.

(7)

“Operative date of the valuation manual” means the date described in section 10-7-313.3 (2).

(8)

“Policyholder behavior” means any action a policyholder, contract holder, or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this part 3 including lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract.

(9)

“Principle-based valuation” means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with section 10-7-313.4 as specified in the valuation manual.

(10)

“Qualified actuary” means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual.

(11)

“Tail risk” means a risk that occurs either when the frequency of low probability events is higher than expected under a normal probability distribution or when there are observed events of very significant size or magnitude.

(12)

“Valuation manual” means the manual of valuation instructions adopted by the NAIC as specified in this part 3 or as subsequently amended.

Source: Section 10-7-301.5 — Definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-10.­pdf (accessed Oct. 20, 2023).

10‑7‑101
Valuation of life policies 10‑7‑102
Life insurance policies - requirements 10‑7‑103
Life insurance policies - prohibition 10‑7‑104
Exceptions 10‑7‑105
Violation 10‑7‑105.5
Lapse of life insurance policy - notice - affidavit of mailing or electronic transmission - legislative declaration 10‑7‑106
Exclusive right of insured in proceeds 10‑7‑107
Nonforfeiture benefits - applicability 10‑7‑108
Regulating vouchers for disbursements 10‑7‑109
Suicide no defense for nonpayment 10‑7‑112
Interest payable on benefits or proceeds 10‑7‑113
Acceleration of benefits 10‑7‑114
Actuarial opinion of reserves - definition - rules 10‑7‑115
Insurable interest - 170 (c) organizations 10‑7‑116
Military sales - rules 10‑7‑201
Group life insurance 10‑7‑202
Policy provisions 10‑7‑203
Employer defined 10‑7‑204
Reciprocal provisions 10‑7‑205
Exemption from execution 10‑7‑206
Issuance and valuation of policies - annual statement 10‑7‑207
Assignment 10‑7‑301
Short title 10‑7‑301.5
Definitions 10‑7‑302
Compulsory policy provisions 10‑7‑303
Computation of cash surrender value 10‑7‑304
Computation of nonforfeiture benefit 10‑7‑305
Adjusted premiums 10‑7‑305.1
Adjusted premiums for new policies 10‑7‑305.2
Future premium determination - standards 10‑7‑306
Calculation of values - supplemental rules 10‑7‑306.1
Calculation of values - new policies 10‑7‑307
Exemptions 10‑7‑308
Waiver prohibited 10‑7‑309
Minimum standard of valuation - rules 10‑7‑309.5
Minimum standards of valuation for new policies - definition 10‑7‑310
Life and endowment reserves 10‑7‑310.5
Individual annuity and pure endowment reserves 10‑7‑311
Minimum aggregate reserves 10‑7‑312
Optional standards 10‑7‑313
Minimum reserves 10‑7‑313.1
Minimum reserves - exceptions 10‑7‑313.2
Minimum standards for other coverages including accident and health insurance contracts - rules 10‑7‑313.3
Valuation manual for policies issued on or after the operative date of the valuation manual - rules 10‑7‑313.4
Requirements of a principle-based valuation 10‑7‑313.6
Experience reporting for policies in force on or after the operative date of the valuation manual 10‑7‑313.8
Confidentiality - definitions 10‑7‑313.9
Single state exemption 10‑7‑314
Automatic premium loans 10‑7‑315
Operative date 10‑7‑316
Effect on existing policies 10‑7‑401
Sales not prohibited 10‑7‑402
Investment contract funds - separate accounts 10‑7‑403
Where benefits are payable in variable amounts 10‑7‑404
Authority to issue variable contracts 10‑7‑405
Construction 10‑7‑501
Short title 10‑7‑502
Exemptions 10‑7‑503
Compulsory contract provisions 10‑7‑504
Minimum nonforfeiture amounts - rules 10‑7‑505
Computation of annuity benefit 10‑7‑506
Computation of cash surrender benefit 10‑7‑507
Computation of paid-up annuity nonforfeiture benefit 10‑7‑508
Determination of maturity date 10‑7‑509
Calculations of values - supplemental rules 10‑7‑510
Effective date - applicability of part 10‑7‑511
Rule-making authority 10‑7‑601
Short title 10‑7‑602
Definitions 10‑7‑603
Licensing 10‑7‑604
Licensure - refusal to issue - suspension - revocation - refusal to renew 10‑7‑605
Forms approval 10‑7‑606
Annual reports 10‑7‑607
Examinations 10‑7‑608
Disclosures 10‑7‑609
General requirements 10‑7‑610
Limited purchase in incontestability period 10‑7‑611
Advertising - legislative intent 10‑7‑612
Fraudulent acts 10‑7‑613
Penalties 10‑7‑614
Unfair trade practices 10‑7‑615
Rules 10‑7‑616
No preemption - Colorado Securities Act - authority of division of securities 10‑7‑617
Application 10‑7‑618
Continuation of business 10‑7‑619
Viatical settlements cash fund - created 10‑7‑620
Severability 10‑7‑701
Short title 10‑7‑702
Definitions 10‑7‑703
Insurance on the life of another 10‑7‑704
Insurable interest 10‑7‑705
Insured’s own life 10‑7‑706
Reliance on statements 10‑7‑707
Consent of insured 10‑7‑708
Prohibited practices 10‑7‑709
Actions to recover death benefits 10‑7‑710
Legitimate insurance transactions 10‑7‑801
Short title 10‑7‑802
Definitions 10‑7‑803
Insurers - duty to compare names of insureds with death master file and to locate beneficiaries
Green check means up to date. Up to date

Current through Fall 2024

§ 10-7-301.5’s source at colorado​.gov