§ 8-72-101 — Duties and powers of division

(1) It is the duty of the division to
administer articles 70 to 82 of this title; and it has the power to employ such
persons, make such expenditures, require such reports, make such investigations,
set such reasonably necessary standards, create and require the use of such forms,
adopt such administrative methods and procedures, and take such other action as it
deems necessary or suitable to that end. The division shall determine its own
organization and methods of procedure in accordance with the provisions of articles
70 to 82 of this title.

(2) Repealed.

(3) (a) Whenever any event occurs that may have a material effect on the
adequacy of the fund, whether to increase costs or decrease revenues or otherwise,
the division shall promptly analyze the potential effect and provide the analysis to
the governor and the general assembly. For purposes of this subsection (3), event
includes proposed federal or state legislation and administrative or judicial
adjudications.

(b) Notwithstanding section 24-1-136 (11)(a)(I), the department of labor and
employment shall update the general assembly annually on the status of the fund
during the hearing conducted pursuant to section 2-7-203. By August 31, 2012, and
by each August 31 thereafter, the division shall report to the joint budget
committee, the economic and business development committee of the house of
representatives, and the business, labor, and technology committee of the senate,
or their successor committees, regarding the status of the fund. The report shall
include at least the following from the prior calendar year:

(I) Total fund revenues and expenditures;

(II) The highest and lowest trust fund balance from the prior calendar year
and a comparison of those balances to the following three solvency measures: The
reserve ratio, the high-cost multiple, and the average high-cost multiple;

(III) An analysis of the responsiveness of the funding mechanism to changes
in economic conditions, both positive and negative;

(IV) An analysis of any material concerns identified by the division in fund
solvency, revenue, and expenditures;

(V) An analysis of the impact of total premiums assessed to employers by
employer size and employer experience;

(VI) The total amount of overpayments paid to claimants and the total
amount of overpayments recovered; and

(VII) An analysis of measures taken by the division to reduce the total
number and amount of overpayments and fraudulent payments.

(4) Repealed.

Legislative History

Source: L. 36, 3rd Ex. Sess.: p. 35, � 11. CSA: C. 167A, � 11. L. 41: p. 785, � 11. L. 51: p. 814, � 9. CRS 53: � 82-3-1. C.R.S. 1963: � 82-3-1. L. 64: p. 149, � 86. L. 76: (2) amended, p. 336, � 5, effective October 1. L. 81: (1) amended, p. 509, � 1, effective July 1; (2) amended, p. 491, � 3, effective July 1. L. 83: (2) amended, p. 825, � 4, effective July 1. L. 84: (1) amended, p. 316, � 4, effective July 1. L. 89: (3) added, p. 424, � 2, effective July 1. L. 96: (2) repealed, p. 1228, � 46, effective August 7. L. 2011: (3) amended, (HB 11-1288), ch. 212, p. 915, � 2, effective July 1. L. 2017: IP(3)(b) amended, (HB 17-1272), ch. 181, p. 663, � 1, effective August 9. L. 2021: (4) added, (SB 21-239), ch. 266, p. 1548, � 3, effective June 18.