Colorado § 31-30-1114 Fund investment in insurance

Colorado Statutes

§ 31-30-1114 — Fund investment in insurance

Colorado·Title 31 Government·Art. Fire - Police

(1)Except as provided in subsection (2) of this section and with the concurrence of sixty-five percent of the fire department members voting thereon and sixty-five percent of the retired fire department members voting thereon, the board may:

(a)Insure the fire department members under the following insurance policies issued by companies authorized to do business in this state:

(I)Individual, group, or blanket life, endowment, or annuity insurance;

(II)Variable annuity insurance; or

(III)Disability or liability insurance; and

(b)Spend any part of the fund to pay premiums on these policies.

(2)The board shall not spend fund moneys to purchase insurance if the expenditure would impair the pension fund's ability to:

(a)Pay annuities to a fire department member, surviving sp

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(1) Except as provided in
subsection (2) of this section and with the concurrence of sixty-five percent of the
fire department members voting thereon and sixty-five percent of the retired fire
department members voting thereon, the board may:

(a) Insure the fire department members under the following insurance
policies issued by companies authorized to do business in this state:

(I) Individual, group, or blanket life, endowment, or annuity insurance;

(II) Variable annuity insurance; or

(III) Disability or liability insurance; and

(b) Spend any part of the fund to pay premiums on these policies.

(2) The board shall not spend fund moneys to purchase insurance if the
expenditure would impair the pension fund's ability to:

(a) Pay annuities to a fire department member, surviving spouse, or
dependent parent or child receiving annuities; or

(b) Meet the future requirements of pensions, benefits, and awards under the
plan.

(3) The board must be the beneficiary of any insurance policies, and the
proceeds of the insurance policies shall be paid to the board as an addition to the
fund.

Colorado § 31-30-1114 (Fund investment in insurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.