C.R.S. § 10-3-602
10-3-602. Exchange of securities
10-3-602. Exchange of securities. (1) Any stock insurance company organized under the laws of this state, referred to in this part 6 as a "domestic company", may adopt a plan of exchange providing for the exchange by its shareholders of their stock in the domestic company for:
(a) Shares of stock issued by an acquiring corporation; or
(b) Other securities issued by an acquiring corporation; or
(c) Cash; or
(d) Other consideration; or
(e) Any combination of such stock, other securities, cash, or other consideration.