Section 10-3-1706 - Abandoning plan of division

(1) A dividing insurer may abandon its plan of division only as follows: (a) After the dividing insurer has approved the plan of division without any action by the shareholders and in accordance with any procedures set forth in the plan of division, or if procedures are not set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer; or(b) After the dividing insurer has filed a certificate of division with the commissioner pursuant to section 10-3-1710, the dividing insurer may file a signed certificate of abandonment with the commissioner. The certificate of abandonment is effective on the date it is filed with the commissioner.(2) A dividing insurer shall not abandon its plan of division after the plan of division becomes effective.(3) If a dividing insurer elects to abandon its plan of division after the plan has been filed with the commissioner but before it becomes effective, the dividing insurer shall notify the commissioner.Added by 2021 Ch. 144, § 1, eff. 9/7/2021. 2021 Ch. 144, was passed without a safety clause. See Colo. Const. art. V, § 1(3).