(1) Before granting the initial certificate of authority to an applicant to become a domestic insurer, the commissioner shall be satisfied by proper evidence that:
The insurer's books and records are located or maintained in this state or are readilyaccessible to the examiners of this state; and
The grant of a certificate of authority as a domestic insurer will provide benefit to thestate of Colorado through either significant economic development or through the offering of insurance coverage desired by and beneficial to the Colorado insurance buying public.
No later than January 1, 1992, any domestic insurer licensed in this state prior to July1, 1991, shall file a plan for compliance with this section.
The commissioner may modify or waive the requirements of this section for cause ona case by case basis.
The commissioner may promulgate such rules and regulations as are necessary tocarry out the provisions of this section.
Source: L. 91: Entire section added, p. 1243, § 5, effective July 1.