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Bill Detail: HB21-1213

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Title Conversion Of Pinnacol Assurance
Status House Committee on State, Civic, Military, & Veterans Affairs Postpone Indefinitely (03/22/2021)
Bill Subjects
  • Health Care & Health Insurance
  • Insurance
  • Labor & Employment
  • State Government
House Sponsors M. Soper (R)
Senate Sponsors
House Committee State, Civic, Military and Veterans Affairs
Senate Committee
Date Introduced 03/05/2021
Summary

Section 2 of the bill:
  • Sets forth a process and deadlines for and requires the
conversion of Pinnacol Assurance from a political

subdivision of the state to a stock insurance company
owned by a mutual insurance holding company, the initial
members of which are the policyholders of Pinnacol
Assurance immediately prior to the conversion, and also
sets forth a process and deadlines for the disaffiliation of
Pinnacol Assurance from the public employees' retirement
association (PERA), with details as to how the
disaffiliation is to be accomplished;
  • Requires the transfer of a specified amount from Pinnacol
Assurance to the state within 5 days of the effective date of
the conversion and requires the money transferred to be
allocated in equal shares to the controlled maintenance trust
fund and to the just transition trust fund; and
  • Requires the commissioner of insurance to contract with an
insurance company as the carrier of last resort for
employers seeking workers' compensation insurance and
for the successor stock insurance company to serve in that
capacity for a transitional period.
Section 3 repeals the existing statutes concerning Pinnacol
Assurance in its current form as a political subdivision of the state.
Sections 4 to 35 make conforming amendments necessitated by
the conversion of Pinnacol Assurance from a political subdivision of the
state to a stock insurance company owned by a mutual insurance holding
company and the disaffiliation of Pinnacol Assurance from PERA.

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Fiscal Notes Fiscal Notes (03/19/2021) (most recent)  
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