The business of each captive insurance company shall be managed by a board of directors or other governing body consisting of not less than three persons. The organizational documents or bylaws shall provide for the terms, meetings, and elections of the directors and officers of the governing body. No individual may serve as a director or officer who has been convicted of fraud involving any financial institution or of a felony involving misuse of funds.
Source: L. 72: p. 431, § 1. C.R.S. 1963: § 72-36-8. L. 89: (1) amended, p. 464, § 5, effective April 15. L. 94: Entire section R&RE, p. 545, § 6, effective April 6.
Structure Colorado Code
Article 6 - Captive Insurance Companies
§ 10-6-102. Legislative Declaration
§ 10-6-105. Employee Benefits - Minimum Coverages
§ 10-6-106. Names of Companies
§ 10-6-107. Formation and Operation of Captive Insurance Companies
§ 10-6-108. Control of Operations
§ 10-6-113. Authority to Do Business
§ 10-6-114. Reports and Statements
§ 10-6-116. Capital and Surplus Requirements
§ 10-6-120. Examinations and Investigations
§ 10-6-127. Guaranty Fund Coverage - Not Required
§ 10-6-128. Tax on Premiums Collected - Exemptions - Penalties