(1) The certificate of authority of an insurance company to do business in this state may be revoked or suspended by the commissioner for any reason specified in this title and article 14 of title 24, C.R.S. Specifically, the certificate may be suspended or revoked by the commissioner for reasons that include, but are not limited to:
Insolvency or impairment, as defined in section 10-3-212;
Failure to meet the requirements of section 10-3-201;
Refusal or failure to submit an annual report, as required by section 10-3-109, or anyother report required by law or by lawful order of the commissioner;
Doing an unauthorized insurance business in another state, as set forth in section 101-117;
Failure to comply with the provisions of its own charter or bylaws, if such failurerenders its operation hazardous to the public or to its policyholders;
Failure to submit to examination or any legal obligation relative thereto;
Refusal to pay the cost of examination, as authorized by law;
Use of methods that, although not otherwise specifically proscribed by law, nevertheless render its operation hazardous, or its condition unsound, to the public or to its policyholders;
Failure to otherwise comply with the law of this state, if such failure renders its operation hazardous to the public or to its policyholders;
Use of practices or existence of conditions that render its financial position unsoundto the public or its policyholders.
If the commissioner finds upon examination, hearing, or other evidence that anyforeign or domestic insurance company has committed any of the acts specified in subsection (1) of this section, or any other act specified in this title and article 14 of title 24, C.R.S., for which the penalty is suspension or revocation of the certificate of authority, the commissioner may suspend or revoke such certificate of authority, if he or she deems it in the best interest of the public and the policyholders of the company, notwithstanding any other provision of said references. Notice of any revocation shall be published in one or more daily newspapers in Denver that have a general state circulation. Before suspending or revoking any certificate of authority of an insurance company, the commissioner shall grant the company fifteen days in which to show cause why such action should not be taken. Any final decision of the commissioner to suspend or revoke a certificate of authority or license of any person or entity regulated by the division of insurance shall be subject to judicial review by the court of appeals pursuant to section 24-4-106 (11), C.R.S.
If the commissioner suspends the license or certificate of authority of any entity regulated by the division of insurance, such license or certificate may be revoked one year after the date of suspension if the reason for such suspension is not corrected by the entity. The suspension or revocation of a license or certificate of authority of any entity regulated by the division of insurance shall automatically result in the suspension or revocation, as appropriate, of any license of any insurance agent of any such entity.
If the commissioner finds upon examination or other evidence that any foreign ordomestic insurance company has committed any act specified in subsection (1) of this section, the commissioner after notice and hearing may issue an order requiring that the insurance company cease and desist committing such act. If the commissioner believes an emergency exists, the commissioner may enter a cease-and-desist order at once, and a hearing shall be held as soon as practicable. Pending such hearing and decision thereon, the emergency order shall remain in effect subject to the power of the commissioner on the commissioner's own motion or on petition to vacate such order.
Source: L. 2003: Entire article RC&RE, p. 596, § 1, effective July 1. L. 2012: IP(1) and
(2) amended, (HB 12-1266), ch. 280, p. 1493, § 4, effective July 1.
Editor's note: This section is similar to former § 10-1-111 as it existed prior to 2002.