Colorado Division of Insurance Report of Financial Examination of Colorado Compensation Insurance Authority dba Pinnacol Assurance
Statutory Cite:Next Due Date:Frequency:Report Status:Repeal Date:
8-45-121 (2)NoneAnnualOngoing
SB 09-281
HB 02-1135 amended
8-45-121. Visitation of fund by commissioner of insurance - annual audit - examination.

(2) An annual financial audit and, in 2009, a performance audit of Pinnacol Assurance shall be made as soon as practicable by the state auditor, such audits to include, but not be limited to, executive compensation, premium rate structure, known loss reserves, incurred but not reported losses, and injured workers' claims experience. 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 such 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 shall have 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.

8-45-121 (2)       10-1-205
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