Colorado Code
Article 20 - Life and Health Insurance Protection Association
§ 10-20-103. Definitions

As used in this article, unless the context otherwise requires:

(2.5) "Authorized assessment" or "authorized" when used in the context of assessments means a resolution passed by the board in which an assessment will be called immediately or in the future from member insurers for a specified amount. An assessment is authorized when the resolution pertaining to the assessment is passed.

(3.5) "Called assessment" or "called" when used in the context of assessments means that a notice has been issued by the association to member insurers requiring that an authorized assessment be paid by the date set in the notice. An authorized assessment becomes a called assessment when notice is mailed by the association to member insurers.

(6.5) "Extracontractual claims" includes claims relating to bad faith in the payment of claims, claims for punitive or exemplary damages, and claims for attorney fees and costs.
(6.7) "Impaired insurer" means a member insurer that is not an insolvent insurer and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.

(10.5) "Owner" of a policy or contract for insurance, or "policy owner", or "contract owner", means the person who is identified as the legal owner under the terms of the policy or contract for insurance or who is otherwise vested with legal title to the policy or contract for insurance through a valid assignment completed in accordance with the terms of the policy or contract for insurance and properly recorded as the owner on the books of the insurer. The terms "owner", "contract owner", and "policy owner" do not include persons with a beneficial interest in a policy or contract.

(12.7) "Receivership court" means the court in an impaired or insolvent insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the insurer.

(13.3) "State" means a state, the District of Columbia, Puerto Rico, or a possession, territory, or protectorate of the United States.
(13.5) "Structured settlement annuity" means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.

Source: L. 91: Entire article added, p. 1257, § 1, effective July 1. L. 2000: (10.5), (13.5), and (15) added and (13) amended, p. 1017, § 1, effective July 1. L. 2001: (8)(e) amended, p. 1051, § 38, effective July 1. L. 2004: (8)(i) amended and (8)(i.5) added, p. 1009, § 15, effective August 4. L. 2013: (2.5), (3.5), (6.5), (6.7), (12.5), (12.7), and (13.3) added and (6), (9), (11), (12), (13), and (14) amended, (SB 13-032), ch. 34, p. 81, § 1, effective March 15; (8)(e) amended, (HB 13-1115), ch. 338, p. 1973, § 14, effective May 28.
Editor's note: Subsection (8)(e)(II) provided for the repeal of subsection (8)(e), effective March 31, 2015. (See L. 2013, p. 1973 .)