Colorado § 8-45-106 Insurance at cost - board may impose surcharges

Colorado Statutes

§ 8-45-106 — Insurance at cost - board may impose surcharges

Colorado·Title 08 Labor and·Art. Pinnacol Assurance

(1)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 and maintenance of a reasonable surplus after the payment of legitimate claims for injury and death, that may be authorized to be paid from the Pinnacol Assurance fund for the benefit of injured and dependents of killed employees.

(2)The board may impose a premium surcharge, not to exceed an additional fifty percent, for up to twelve continuous months, as a condition precedent to insure or reinsure an employer whose policy was canceled or terminated by any insurer fo

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(1) 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 and maintenance of a
reasonable surplus after the payment of legitimate claims for injury and death, that
may be authorized to be paid from the Pinnacol Assurance fund for the benefit of
injured and dependents of killed employees.

(2) The board may impose a premium surcharge, not to exceed an additional
fifty percent, for up to twelve continuous months, as a condition precedent to insure
or reinsure an employer whose policy was canceled or terminated by any insurer for
reasons of fraud or intentional misrepresentation of a material fact; except that, if
an employer disputes the imposition of such surcharge, the employer may make a
complaint to the commissioner of insurance. If the commissioner of insurance
determines that the board, in imposing a premium surcharge, has engaged in any
conduct in violation of part 11 of article 3 of title 10, C.R.S., the commissioner may
take any action the commissioner deems appropriate and authorized by law.

Colorado § 8-45-106 (Insurance at cost - board may impose surcharges) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 90: Entire article R&RE, p. 536, � 1, effective July 1. L. 97: Entire section amended, p. 936, � 2, effective May 21. L. 2002: (1) amended, p. 1872, � 6, effective July 1.