(1) Other than section 10-3-909, this part 9 shall not apply to any insurance company or underwriter issuing contracts of insurance to industrial insureds nor to any contract of insurance issued to any one or more industrial insureds.
(2) For purposes of this section, an "industrial insured" is:
An insured who procures the insurance of any risk other than life and annuity contracts by use of the services of a full-time employee acting as an insurance manager or buyer or the services of a regularly and continuously retained qualified insurance consultant who does not receive a commission or compensation for placing the risk; and
An insured whose aggregate annual premiums for insurance on all risks total at leastone hundred thousand dollars; and
An insured having at least one hundred full-time employees.
This part 9 shall not apply to any life insurance company organized and operated,without profit to any private shareholder or individual, exclusively for the purpose of aiding educational or scientific institutions organized and operated without profit to any private shareholder or individual by issuing insurance and annuity contracts directly from the home office of the company and without agents or representatives in this state only to or for the benefit of such institutions and to individuals engaged in the services of such institutions, nor to any policy or contract which it issues; but this exemption is conditioned upon any such company complying with the following requirements:
Payment of an annual registration fee of five thousand dollars; except that the commissioner by rule or as otherwise provided by law may reduce the amount of the fee if necessary pursuant to section 24-75-402 (3), C.R.S., to reduce the uncommitted reserves of the fund to which all or any portion of the fee is credited. After the uncommitted reserves of the fund are sufficiently reduced, the commissioner by rule or as otherwise provided by law may increase the amount of the fee as provided in section 24-75-402 (4), C.R.S.
Filing a copy of any policy or contract issued to Colorado residents with the commissioner;
Filing a copy of its annual statement prepared pursuant to the laws of its state ofdomicile, as well as such other financial material as may be requested with the commissioner; and
Providing, in such form as may be acceptable to the commissioner, for the appointment of the commissioner as its true and lawful attorney upon whom may be served all lawful process in any action or proceeding against such company arising out of any policy or contract it has issued to, or which is currently held by, a Colorado citizen, and process so served against such company shall have the same force and validity as if served upon the company.
Source: L. 67: p. 872, § 9. C.R.S. 1963: § 72-25-9. L. 95: (2) amended, p. 497, § 19, effective May 16. L. 98: (3)(a) amended, p. 1326, § 28, effective June 1.