(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.
Source: L. 90: Entire article R&RE, p. 533, § 1, effective July 1. L. 2002: Entire section amended, p. 1869, § 2, effective July 1.
Editor's note: This section is similar to former § 8-54-102 as it existed prior to 1990.
8-45-103. Board to fix rates - chief executive officer to administer rates - sue and be sued - personal liability limited. (1) 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.
(2) 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 conducted in the name of Pinnacol Assurance, and in that name, without any other name, title, or authority, the chief executive officer may:
(a) (I) Sue and be sued in all the courts of this state, or of any other state, or of the United States, and in actions arising out of any act, deed, matter, or thing made, omitted, entered into, done, or suffered in connection with Pinnacol Assurance and the administration, management, or conduct of the business or affairs relating thereto; and the chief executive officer shall be authorized to employ counsel to represent Pinnacol Assurance in any action.
(II) Nothing in this paragraph (a) shall be construed to waive any provisions of the "Colorado Governmental Immunity Act", article 10 of title 24, C.R.S., nor shall it be construed to waive immunity of the state of Colorado from suit in federal court, guaranteed by the eleventh amendment to the constitution of the United States.
(b) The chief executive officer shall not, nor shall any officer or employee of Pinnacol Assurance, or entities or parties with whom it contracts for services, be personally liable in a private capacity for or on account of any act done or omitted or contract or other obligation entered into or undertaken in an official capacity in good faith and without intent to defraud in connection with the administration, management, or conduct of Pinnacol Assurance, its business, or other affairs relating thereto.
(c) (Deleted by amendment, L. 2002, p. 1870, § 3, effective July 1, 2002.)
Source: L. 90: Entire article R&RE, p. 534, § 1, effective July 1. L. 2002: Entire section amended, p. 1870, § 3, effective July 1. Editor's note: This section is similar to former § 8-54-105 as it existed prior to 1990.
Notes of Decisions
Simon v. State Comp. Ins. Auth., 946 P.2d 1298 (Colo. 1997).
· cites it 28× “See § 8-45-102, 3B C.R.S. (1996 Supp.). The monies in the CCIA Fund are meant to pay "losses sustained or liabilities incurred under the contracts or policies of insurance.”
Denver Area Labor Fed'n, AFL-CIO v. Meyer, 907 P.2d 638 (Colo. Ct. App. 1995).
· cites it 18× “I Petitioners first contend that, because CCIA is a political subdivision of the state and because the fund it administers is a part of the state treasury pursuant to § 8-45-102(1), C.R.S. (1994 Cum.Supp.), these funds constitute "public monies.”
Denver Area Labor Fed'n, AFL-CIO v. Buckley, 924 P.2d 524 (Colo. 1996).
· cites it 6× “" § 8-45-102(2), 1B C.R.S. (1996 Supp.). Clearly, the legislature set up both the CCIA and the fund to operate as private entities within the state government and *531 serve a specific constituency made up of premium paying employers.”
Postlewait v. Midwest Barricade, 905 P.2d 21 (Colo. Ct. App. 1995).
· cites it 2× “The failure to report the injury in writing subjects the employee to forfeiture of one day’s compensation for each day’s failure to so report.”
Am. Exp. v. Indus. Com'n, 712 P.2d 1132 (Colo. Ct. App. 1985).
· cites it 2× “), permitting the imposition of fines for various acts “for which no penalty has been specifically provided.”
State Comp. Ins. Fund v. Wilson, 736 P.2d 33 (Colo. 1987).
· cites it 2× “Although the insurer is directly liable for payment of compensation to the employee under section 8-44-105, the employee is required to notify the employer, not the insurer, of an accident under section 8-45-102, 3B C.R.S. (1986). If the employer does not inform the insurer of…”
Wolford v. Pinnacol Assurance, 81 P.3d 1079 (Colo. Ct. App. 2004).
· cites it 2× “2002; the state's lability is limited to the amount in the fund, § 8-45-102(1), C.R.S$.2002; and Pinnacol's enabling statute specifies that Pinnacol "shall operate as a domestic mutual insurance company," § 8-45-101(1).”
F.R. Orr Constr. v. Rinta, 717 P.2d 965 (Colo. Ct. App. 1985).
· cites it 2× “For the reasons stated above, we conclude that B & D’s failure to file a petition to review the Commission’s order precludes us from considering this argument.”
Colo. Rev. Stat. § 8-45-102(1): 6 cases
Simon v. State Comp. Ins. Auth., 946 P.2d 1298 (Colo. 1997).
“See § 8-45-102, 3B C.R.S. (1996 Supp.). The monies in the CCIA Fund are meant to pay "losses sustained or liabilities incurred under the contracts or policies of insurance.”
Denver Area Labor Fed'n, AFL-CIO v. Meyer, 907 P.2d 638 (Colo. Ct. App. 1995).
“I Petitioners first contend that, because CCIA is a political subdivision of the state and because the fund it administers is a part of the state treasury pursuant to § 8-45-102(1), C.R.S. (1994 Cum.Supp.), these funds constitute "public monies.”
Am. Exp. v. Indus. Com'n, 712 P.2d 1132 (Colo. Ct. App. 1985).
“), permitting the imposition of fines for various acts “for which no penalty has been specifically provided.”
Wolford v. Pinnacol Assurance, 81 P.3d 1079 (Colo. Ct. App. 2004).
“2002; the state's lability is limited to the amount in the fund, § 8-45-102(1), C.R.S$.2002; and Pinnacol's enabling statute specifies that Pinnacol "shall operate as a domestic mutual insurance company," § 8-45-101(1).”
Colo. Rev. Stat. § 8-45-102(2): 3 cases
Denver Area Labor Fed'n, AFL-CIO v. Meyer, 907 P.2d 638 (Colo. Ct. App. 1995).
“I Petitioners first contend that, because CCIA is a political subdivision of the state and because the fund it administers is a part of the state treasury pursuant to § 8-45-102(1), C.R.S. (1994 Cum.Supp.), these funds constitute "public monies.”
Simon v. State Comp. Ins. Auth., 946 P.2d 1298 (Colo. 1997).
“See § 8-45-102, 3B C.R.S. (1996 Supp.). The monies in the CCIA Fund are meant to pay "losses sustained or liabilities incurred under the contracts or policies of insurance.”
Denver Area Labor Fed'n, AFL-CIO v. Buckley, 924 P.2d 524 (Colo. 1996).
“" § 8-45-102(2), 1B C.R.S. (1996 Supp.). Clearly, the legislature set up both the CCIA and the fund to operate as private entities within the state government and *531 serve a specific constituency made up of premium paying employers.”
Colo. Rev. Stat. § 8-45-102(4): 2 cases
Simon v. State Comp. Ins. Auth., 946 P.2d 1298 (Colo. 1997).
“See § 8-45-102, 3B C.R.S. (1996 Supp.). The monies in the CCIA Fund are meant to pay "losses sustained or liabilities incurred under the contracts or policies of insurance.”
Denver Area Labor Fed'n, AFL-CIO v. Buckley, 924 P.2d 524 (Colo. 1996).
“" § 8-45-102(2), 1B C.R.S. (1996 Supp.). Clearly, the legislature set up both the CCIA and the fund to operate as private entities within the state government and *531 serve a specific constituency made up of premium paying employers.”
Colo. Rev. Stat. § 8-45-102(5): 3 cases
Denver Area Labor Fed'n, AFL-CIO v. Meyer, 907 P.2d 638 (Colo. Ct. App. 1995).
“I Petitioners first contend that, because CCIA is a political subdivision of the state and because the fund it administers is a part of the state treasury pursuant to § 8-45-102(1), C.R.S. (1994 Cum.Supp.), these funds constitute "public monies.”
Simon v. State Comp. Ins. Auth., 946 P.2d 1298 (Colo. 1997).
“See § 8-45-102, 3B C.R.S. (1996 Supp.). The monies in the CCIA Fund are meant to pay "losses sustained or liabilities incurred under the contracts or policies of insurance.”
Denver Area Labor Fed'n, AFL-CIO v. Buckley, 924 P.2d 524 (Colo. 1996).
“" § 8-45-102(2), 1B C.R.S. (1996 Supp.). Clearly, the legislature set up both the CCIA and the fund to operate as private entities within the state government and *531 serve a specific constituency made up of premium paying employers.”
Annotations are extracted automatically from the opinions in the
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