All proceedings in which the impaired or insolvent insurer is a party in any court in this state shall be stayed for one hundred eighty days after the date an order of conservation, rehabilitation, or liquidation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict, or finding based on default, the association may apply to have the judgment set aside by the same court that issued the judgment and shall be permitted to defend against such suit on the merits.
Source: L. 91: Entire article added, p. 1280, § 1, effective July 1. L. 2013: Entire section amended, (SB 13-032), ch. 34, p. 99, § 10, effective March 15.
Structure Colorado Code
Article 20 - Life and Health Insurance Protection Association
§ 10-20-102. Legislative Declaration
§ 10-20-104. Coverage and Limitations - Coordination of Benefits
§ 10-20-106. Creation of the Association
§ 10-20-107. Board of Directors
§ 10-20-108. Powers and Duties of the Association
§ 10-20-110. Plan of Operation
§ 10-20-111. Powers and Duties of the Commissioner
§ 10-20-112. Prevention of Insolvencies
§ 10-20-113. Credits for Assessments Paid - Tax Offsets
§ 10-20-114. Miscellaneous Provisions
§ 10-20-115. Examination of the Association - Annual Report
§ 10-20-118. Stay of Proceedings - Reopening Default Judgments