Section 10-3-240 - Approval of investments(1) Except for investments made under sections 10-3-802 and 10-7-402, a domestic insurance company shall not, directly or indirectly, invest more than two percent of the company's admitted assets in stocks, bonds, debentures, notes, or other securities of its affiliates, as defined in section 10-3-801, without the prior approval of the commissioner.(2) Notwithstanding the provisions of subsection (1) of this section, the commissioner may, upon written notice, require a domestic insurance company to obtain his prior approval for all investments in its affiliates if, based on past transactions of the insurance company, he determines that such investments might render the company's operation hazardous, or its condition unsound, to the public or its policyholders.(3) Any domestic insurance company proposing to make an investment subject to approval under subsection (1) or (2) of this section shall give written notice thereof to the commissioner. If the commissioner has not approved or disapproved such investment within thirty days after receipt of such notice, the investment shall be deemed approved at the end of such thirty-day period.Amended by 2020 Ch. 87,§ 8, eff. 9/14/2020.L. 75: Entire section added, p. 337, § 5, effective July 1.(1) Section 10 of chapter 87 (HB 20-1136), Session Laws of Colorado 2020, provides that:
(a) The act changing this section applies to investments made on or after September 14, 2020; and
(b) On or after January 1, 2021, the act changing this section applies to all investments of an insurer.