C.R.S. Section 31-31-903
Group life insurance plans

(1)

Intentionally left blank —Ed.

(a)

The board may enter into contracts with carriers to provide group life insurance coverage to active members of paid pension plans administered by the association and, if they are receiving a benefit from another plan administered by the association, to the following individuals:

(I)

A retired member;

(II)

A retired volunteer firefighter;

(III)

A surviving spouse;

(IV)

A dependent child; and

(V)

An individual who is receiving a benefit from the fire and police members’ deferred compensation fund created by section 31-31-901.

(b)

For purposes of this section, “carrier” means a private insurance company holding a valid outstanding certificate of authority from the division of insurance.

(2)

The administration and management of the group life insurance plan shall be the exclusive responsibility of the carrier. The terms and conditions of coverage shall be as negotiated in the contract between the association and the carrier. The board may change the terms of or discontinue the coverage if the board determines that such action is in the best interests of the members. Participating members shall be notified sixty days prior to the effective date of any such change or discontinuance.

(3)

The association shall pay no premium subsidy for group life insurance authorized to be offered by this section. Premiums shall be deducted from the salaries of participating active members and submitted to the association with the employer’s monthly contribution reports or shall be deducted from the monthly benefit payments of participating retired members or their beneficiaries. Participating members who receive neither salaries nor benefits may arrange alternative methods of premium payment with the association.

(4)

The named beneficiary shall be the beneficiary of life insurance obtained pursuant to the provisions of this section, unless the member or a court order names a different beneficiary for life insurance purposes. Life insurance obtained pursuant to the provisions of this section may be assigned by the member.

Source: Section 31-31-903 — Group life insurance plans, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-31.­pdf (accessed Oct. 20, 2023).

31‑31‑101
Legislative declaration 31‑31‑102
Definitions 31‑31‑201
Association - creation - board - organization - tax exemption 31‑31‑202
Powers and duties of the board 31‑31‑203
Fund not subject to levy 31‑31‑204
Defined benefit system 31‑31‑205
Confidentiality of members’ protected personal information 31‑31‑301
Investment funds - creation 31‑31‑302
Fund - management - investment - definitions 31‑31‑303
Fire and police members’ self-directed investment fund - management - investment 31‑31‑401
Applicability of plan 31‑31‑412
Merger into the statewide retirement plan 31‑31‑501
Withdrawal into statewide money purchase plan 31‑31‑502
Statewide money purchase plan - creation - management 31‑31‑602
Withdrawn local alternative pension plans - investment authority 31‑31‑701
Affiliation by old hire pension plans 31‑31‑704
Optional affiliation by social security employers 31‑31‑704.5
Entry for social security employers 31‑31‑705
Affiliation by volunteer pension plans 31‑31‑706
Affiliation by exempt defined benefit pension plans 31‑31‑707
Multiple plan employers 31‑31‑708
Optional affiliation by county sheriff 31‑31‑801
Definitions 31‑31‑802
Coverage 31‑31‑803
Retirement for disability 31‑31‑804
Reduction of disability benefits - definitions 31‑31‑805
Change in disability status - reexamination 31‑31‑806
Disqualification upon reemployment 31‑31‑806.5
Disability benefits - on-duty 31‑31‑807
Death of member - survivor benefits 31‑31‑807.5
Death of member - line-of-duty - survivor benefits 31‑31‑808
Reduction of survivor benefits 31‑31‑809
Termination of benefits 31‑31‑810
Employer liability - statewide standard health history form 31‑31‑811
Funding of death and disability benefits 31‑31‑812
Military leave of absence 31‑31‑813
Statewide death and disability trust fund - created 31‑31‑814
Suspension and termination of benefits for noncompliance 31‑31‑815
Amendment of plan provisions 31‑31‑901
Deferred compensation plan - definitions 31‑31‑902
Group health insurance plans 31‑31‑903
Group life insurance plans 31‑31‑904
Statewide health-care defined benefit plan - definitions 31‑31‑1101
Entry into the fire and police pension association defined benefit system 31‑31‑1104
Merger into the statewide retirement plan 31‑31‑1201
Review of award of benefits and benefit payments 31‑31‑1202
Collection of overpaid benefits 31‑31‑1203
False statement - felony
Green check means up to date. Up to date

Current through Fall 2024

§ 31-31-903’s source at colorado​.gov