There is hereby created Pinnacol Assurance, which shall be a political subdivision of the state and shall operate as a domestic mutual insurance company except as otherwise provided by law. Pinnacol Assurance shall not be an agency of state government, nor shall it be subject to administrative direction by any state agency except as provided […]
There is hereby created in the state treasury a fund, to be known as the Pinnacol Assurance fund, for the benefit of injured and the dependents of killed employees, which shall be administered in accordance with the provisions of this article by the board. Such administration shall be without liability on the part of the […]
The board shall have full power and it is its duty to fix and determine the rates to be charged by Pinnacol Assurance for compensation insurance. The chief executive officer shall manage and conduct all business and affairs in relation to the rates to be charged by Pinnacol Assurance for compensation insurance which shall be […]
The board may classify the places of employment of employers insured by Pinnacol Assurance into classes in accordance with the nature of the business in which they are engaged and the probable hazard or risk of injury to their employees. It shall determine the amount of the premiums that such employers shall pay to Pinnacol […]
It is the duty of the board, in the exercise of the powers and discretion conferred upon it by articles 40 to 47 of this title, ultimately to fix and maintain, for each class of occupation, the lowest possible rates of premium consistent with the maintenance of a solvent Pinnacol Assurance fund, and the creation […]
The rates shall be the percentage of the payroll of any employer that, on the average, shall produce a sufficient sum to: Carry all claims to maturity such that the rates shall be based upon the reserve and not upon the assessment plan; Produce a reasonable surplus as provided in articles 40 to 47 of […]
The board shall set aside such proportion as it may deem necessary of the earned premiums paid into the Pinnacol Assurance fund, as a contribution to the surplus of the fund. Source: L. 90: Entire article R&RE, p. 537, § 1, effective July 1. L. 97: Entire section amended, p. 936, § 3, effective May […]
The board may amend at any time the rates for any class. No contract of insurance between Pinnacol Assurance and any employer shall be in effect until a policy or binder has been actually issued by the board and the premium therefor paid as and when required by this article. Not less often than once […]
Pinnacol Assurance shall not be required to issue a new policy of insurance to an employer until all moneys due Pinnacol Assurance have been paid, all premiums have been paid on all canceled policies, and the employer has complied with all provisions of such canceled policies. Source: L. 90: Entire article R&RE, p. 537, § […]
Pinnacol Assurance is subject to regulation by the commissioner of insurance as provided in: Part 11 of article 3 of title 10, C.R.S., pertaining to unfair competition and deceptive practices; Part 4 of article 4 of title 10, C.R.S., pertaining to rate regulation; however, if the pure premium rates used by Pinnacol Assurance are the […]
The state treasurer shall be the custodian of the Pinnacol Assurance fund, and all disbursements therefrom shall be paid either by the state treasurer upon warrants drawn in accordance with law upon vouchers issued by the board upon order of the chief executive officer, or by or under the direction of the chief executive officer […]
The state treasurer shall give a separate and additional bond in such amount as may be fixed by the board with sureties to be approved by the governor, conditioned for the faithful performance of the state treasurer’s duties as custodian of the Pinnacol Assurance fund, and as custodian of all the bonds, warrants, investments, and […]
Except as provided in subsection (2) of this section, the state treasurer, after consulting with the board of directors or the board’s designated committee as to the overall direction of the portfolio, shall invest any portion of the Pinnacol Assurance fund, including its surplus or reserves, which is not needed for immediate use. Such moneys […]
Pinnacol Assurance shall be open to visitation by the commissioner of insurance at all reasonable times, and the commissioner of insurance shall require from the chief executive officer reports as to the condition of Pinnacol Assurance, as required by law to be made by other insurance carriers doing business in this state insofar as applicable […]
The chief executive officer of Pinnacol Assurance shall submit an annual report to the governor; the business affairs and labor committee of the house of representatives; the business, labor, and technology committee of the senate; and the health and human services committees of the house of representatives and the senate, or their successor committees, reporting […]
The revisor of statutes is authorized to change all references to the Colorado compensation insurance authority in the “Workers’ Compensation Act of Colorado” and everywhere else a reference is contained in the Colorado Revised Statutes to Pinnacol Assurance and to change all references to the Colorado compensation insurance authority fund in the “Workers’ Compensation Act […]
