Section 10-1-118 - Foreign companies - unsatisfied judgments - suspension(1) If a judgment against a foreign insurance company is unsatisfied, and execution has issued on said judgment, and the return of the sheriff discloses that the sheriff cannot fully satisfy such judgment, the judgment creditor or judgment creditor's attorney may file with the commissioner, in triplicate, a complaint setting forth such facts. The commissioner shall mail a copy of such complaint to the home office of such insurance company, at the address shown in the records of the division of insurance, and a copy to the Colorado office or the Colorado general agent of such insurance company.(2) If said insurance company does not, within thirty days after such mailing, pay and discharge said judgment or show good cause to the commissioner for the failure to pay such judgment, the commissioner, upon satisfactory proof of the allegations of the complaint, shall forthwith suspend the license or right of such insurance company to do business in this state. If good cause, previously shown, ceases to exist and the judgment remains unpaid, the commissioner shall suspend such license or right.(3) The commissioner shall reinstate the license or right to do business in this state when the insurance company has fully paid such judgment.L. 2003: Entire article RC&RE, p. 598, § 1, effective July 1.This section is similar to former § 10-1-122 as it existed prior to 2002.
For the suspension of a certificate of authority to do business, see § 10-1-110.