§ 8-45-102 — Pinnacol Assurance fund created - control of fund

Colorado § 8-45-102

• Jurisdiction: Colorado
• Title 08: Labor and
• Art.: Pinnacol Assurance

Text

(1) 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 state, beyond the amount
of said fund, constituted as provided in this article. The state shall have no liability
for the solvency or financial condition of the fund.

(2) The chief executive officer is vested with full power and jurisdiction over
the administration of Pinnacol Assurance and may appoint such subordinate
officers as may be necessary for the efficient operation of Pinnacol Assurance and
may do and perform all things, whether specifically designated in this article or in
addition thereto, that are necessary or convenient in the exercise of any power or
jurisdiction over Pinnacol Assurance in the administration thereof under the
provisions of this article as fully and completely as the head of a private insurance
company might or could do, subject, however, to all the provisions of this article and
other applicable law.

(3) Control of all moneys in the Pinnacol Assurance fund shall be transferred
to the board, which shall administer the fund and use such moneys for the purposes
of this article.

(4) The Pinnacol Assurance fund shall be a continuing fund and shall consist
of all premiums received and paid into said fund for compensation insurance, all
property and securities acquired by and through the use of moneys belonging to
said fund, and all interest earned upon moneys belonging to said fund and
deposited or invested. Said fund shall be applicable to the payment of the salaries
of the employees of the fund and to its other operating expenses and to the
payment of losses sustained or liabilities incurred under the contracts or policies of
insurance issued by Pinnacol Assurance in accordance with the provisions of
articles 40 to 47 of this title. All moneys in the fund previously known as the
Colorado compensation insurance authority fund shall be transferred into the
Pinnacol Assurance fund on July 1, 2002.

(5) The moneys in the Pinnacol Assurance fund shall be continuously
available for the purposes of this article and shall not be transferred to or revert to
the general fund of the state at the end of any fiscal year. All revenues, moneys,
and assets of Pinnacol Assurance belong solely to Pinnacol Assurance. The state of
Colorado has no claim to nor any interest in such revenues, moneys, and assets and
shall not borrow, appropriate, or direct payments from such revenues, moneys, and
assets for any purpose.

Legislative History

Source: L. 90: Entire article R&RE, p. 533, � 1, effective July 1. L. 2002: Entire section amended, p. 1869, � 2, effective July 1.