C.R.S. § 10-3-1703

(1) If a dividing insurer will survive a division, the plan of division must include, in addition to the requirements described in section 10-3-1702 : (a) All proposed amendments to the dividing insurer’s articles of incorporation and bylaws; (b) If the dividing insurer intends to cancel some but not all shares in the dividing insurer, the manner in which the dividing insurer intends to cancel the shares; and (c) If the dividing insurer intends to convert some but not all shares in the dividing insurer into shares, securities, obligations, rights to acquire shares or securities, cash, property, or any combination thereof, a statement disclosing the manner in which the dividing insurer intends to convert the shares.