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HB21-1213

Conversion Of Pinnacol Assurance

Concerning the conversion of Pinnacol Assurance from a political subdivision of the state into a stock insurance company owned by a mutual insurance holding company.
Session:
2021 Regular Session
Subjects:
Insurance
Labor & Employment
State Government
Bill 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.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Lost

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. M. Soper

Sponsor

Rep. P. Will

Co-sponsor

COVID-19 Resources
2021 Ballot Information Booklet (Blue Book)
NORTH ENTRANCE IS CURRENTLY CLOSED.  TO ENTER THE CAPITOL, USE THE SOUTH ENTRANCE, UNDER THE STAIRS, AT 14th AVENUE AND SHERMAN STREET.