Colo. Rev. Stat. § 10-7-802

Current through Chapter 519 of the 2024 Legislative Session and Chapter 2 of the 2024 First Extraordinary Session

Section 10-7-802 - Definitions

As used in this part 8, unless the context otherwise requires:

(1) "Contract" means an annuity contract. The term does not include an annuity used to fund an employment-based retirement plan or program if:

(a) The insurer does not perform the record-keeping services; or

(b) The insurer is not committed by terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants.

(2) "Death master file" means the United States social security administration death master file or other databases or service that is at least as comprehensive as the United States social security administration death master file for determining that an individual reportedly has died.

(3) "Death master file match" means a search of the death master file that results in a match of the social security number or the name and date of birth of an insured, annuity owner, or retained asset account holder.

(4) "Knowledge of death" means:

(a) Receipt of an original or valid copy of a certified death certificate; or

(b) A death master file match validated by the insurer in accordance with section 10-7-803 (2)(a)(I).

(5) "Policy" means any policy or certificate of life insurance that provides a death benefit. The term does not include:

(a) A policy or certificate of life insurance that provides a death benefit under an employee benefit plan:

(I) Subject to the federal "Employee Retirement Income Security Act of 1974", 29 U.S.C. sec. 1001 et seq., as amended; or

(II) Under any federal employee benefit program;

(b) A policy or certificate of life insurance that is used to fund a pre-need funeral contract or prearrangement;

(c) A policy or certificate of credit life or accidental death insurance; or

(d) A policy issued to a group master policyholder for which the insurer does not provide record-keeping services.

(6) "Record-keeping services" means those services which the insurer has agreed with a group policy or contract customer to be responsible for obtaining, maintaining, and administering in its own or its agents' systems information about each individual insured under an insured's group insurance contract, or a line of coverage thereunder, including at least the following information:

(a) Social security number or name and date of birth;

(b) Beneficiary designation information;

(c) Coverage eligibility;

(d) Benefit amount; and

(e) Premium payment status.

(7) "Retained asset account" means a mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, if those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits.

C.R.S. § 10-7-802

Amended by 2020 Ch. 216, § 14, eff. 6/30/2020.

Added by 2019 Ch. 110, § 4, eff. 7/1/2020.

L. 2019: Entire part added, (SB 19-088), ch. 463, p. 463, § 4, effective 7/1/2020. L. 2020: (5)(a)(I) amended, (HB 20-1402), ch. 1043, p. 1043, § 14, effective June 30.