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SB 281 - Clarifying Pinnacol Assurance as a Subdivision of the State - Colorado Key Vote

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Title: Clarifying Pinnacol Assurance as a Subdivision of the State

Signed by Governor Bill Ritter, Jr.


NOTE: THE LEGISLATURE PROVIDES ITS MEMBERS WITH THE OPPORTUNITY TO BOTH VOTE ON WHETHER TO CONCUR WITH THE CONFERENCE COMMITTEE'S AMENDMENTS AND, IF THE CONCURRENCE VOTE SUCCEEDS, VOTE TO REPASS THE BILL AFTER THE AMENDMENTS ARE INCORPORATED. THIS IS A VOTE ON REPASSAGE OF THE BILL AFTER THE MEMBERS CONCURRED WITH THE CONFERENCE COMMITTEE'S AMENDMENTS.

NOTE: THE LEGISLATURE PROVIDES ITS MEMBERS WITH THE OPPORTUNITY TO BOTH VOTE ON WHETHER TO CONCUR WITH THE CONFERENCE COMMITTEE'S AMENDMENTS AND, IF THE CONCURRENCE VOTE SUCCEEDS, VOTE TO REPASS THE BILL AFTER THE AMENDMENTS ARE INCORPORATED. THIS IS A VOTE ON REPASSAGE OF THE BILL AFTER THE MEMBERS CONCURRED WITH THE CONFERENCE COMMITTEE'S AMENDMENTS.

NOTE: THE LEGISLATURE PROVIDES ITS MEMBERS WITH THE OPPORTUNITY TO BOTH VOTE ON WHETHER TO CONCUR WITH THE OPPOSING CHAMBER'S AMENDMENTS AND, IF THE CONCURRENCE VOTE SUCCEEDS, VOTE TO REPASS THE BILL AFTER THE AMENDMENTS ARE INCORPORATED. THIS IS A VOTE ON REPASSAGE OF THE BILL AFTER THE MEMBERS CONCURRED WITH THE OPPOSING CHAMBER'S AMENDMENTS.

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Title: Clarifying Pinnacol Assurance as a Subdivision of the State

Vote Smart's Synopsis:

Vote to pass a bill that repeals existing statutes that authorize Pinnacol Assurance to engage in activities comparable to that of a private insurance company, thereby classifying its operation as a subdivision of the state.

Highlights:

-Repeals statutes that authorize Pinnacol Assurance to engage in activities comparable to that of a private insurance company, including, but not limited to, the following (Sec. 1): -Ensuring the Chief Executive Officer's control over the administration of Pinnacol Assurance; -Ensuring the Board of Directors' control over the Pinnacol Assurance Fund; -Authorizing the Board of Directors to amend rates for any class of policyholder at any time; and -Subjecting Pinnacol Assurance to regulation by the Commissioner of Insurance. -Requires that a dividend equal to 5 percent of Pinnacol's surplus funds be paid to policyholders with 50 employees or less by no later than September 1, 2009, and repeals this requirement on July 1, 2014 (Sec. 4). -Establishes an interim Worker Safety and Injury Compensation Study Group to study the operation of Pinnacol Assurance, workplace safety, compensation for work-related injuries, and employer insurance premiums for workers' compensation, and requires the Group to submit its findings and recommendations to the Legislative Council during the 2009 interim session (Sec. 4). -Requires an annual performance audit of Pinnacol Assurance be conducted by the State Auditor in 2009, including an examination of executive compensation, premium rate structure, known loss reserves, incurred but not reported losses, and injured workers' claims experience, and requires the audit be paid for using the operating funds of Pinnacol Assurance. (Sec. 5)

Full Bill Text

Title: Clarifying Pinnacol Assurance as a Subdivision of the State

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