C.R.S. Section 8-45-121
Visitation of fund by commissioner of insurance

annual audit
examination

(1)

Pinnacol Assurance shall be open to visitation by the commissioner of insurance at all reasonable times, and the commissioner of insurance shall require from the chief executive officer reports as to the condition of Pinnacol Assurance, as required by law to be made by other insurance carriers doing business in this state insofar as applicable to Pinnacol Assurance.

(2)

The state auditor shall conduct an annual financial audit of Pinnacol Assurance. In conducting such audits, the state auditor may employ a firm of auditors and actuaries, or both, with the necessary specialized knowledge and experience. The cost of the annual audit shall be paid from the operating funds of Pinnacol Assurance. The state auditor shall report his or her findings from such audits, along with any comments and recommendations, to the governor, the general assembly, the executive director of the department of labor and employment, and the commissioner of insurance. The state auditor has continuing authority to conduct performance audits of Pinnacol Assurance as the state auditor deems appropriate. The cost of performance audits shall be paid from the operating funds of Pinnacol Assurance.

(3)(Deleted by amendment, L. 2002, p. 1879, § 20, effective July 1, 2002.)(4) At least once every three years, the commissioner of insurance shall conduct an examination of the fund, to be conducted in the same manner as an examination of a private insurance carrier. With respect to the examination, section 10-1-204 applies. The commissioner of insurance shall transmit a copy of the commissioner’s examination to the state auditor.

Source: Section 8-45-121 — Visitation of fund by commissioner of insurance - annual audit - examination, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-08.pdf (accessed Oct. 20, 2023).

8‑45‑101
Pinnacol Assurance - creation - powers and duties 8‑45‑102
Pinnacol Assurance fund created - control of fund 8‑45‑103
Board to fix rates - chief executive officer to administer rates - sue and be sued - personal liability limited 8‑45‑105
Places of employment classified - amount of premiums 8‑45‑106
Insurance at cost - board may impose surcharges 8‑45‑107
Basis of rates - reserve - surplus 8‑45‑111
Portions of premiums paid carried to surplus 8‑45‑112
Amendment of rates - distribution to policyholders 8‑45‑113
New policies issued - when 8‑45‑117
Regulation by commissioner of insurance 8‑45‑118
Treasurer custodian of fund - disbursements 8‑45‑119
State treasurer to give separate bond as custodian 8‑45‑120
State treasurer to invest funds 8‑45‑121
Visitation of fund by commissioner of insurance - annual audit - examination 8‑45‑122
Annual report 8‑45‑123
Change of names - direction to revisor

Up to date

Current through Fall 2024

§ 8-45-121’s source at colorado.gov

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Location: https://colorado.public.law/statutes/crs_8-45-121

Original Source: Section 8-45-121 — Visitation of fund by commissioner of insurance - annual audit - examination, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-08.pdf (last accessed Jul. 25, 2023).

C.R.S. Section 8-45-121 Visitation of fund by commissioner of insurance

(1)

(2)

C.R.S. Section 8-45-121
Visitation of fund by commissioner of insurance