SENATE BILL 97041
BY SENATORS Hopper, Alexander, Bishop, Chlouber, Coffman, Hernandez, Linkhart, Martinez, Matsunaka, Pascoe, Reeves, Rupert, Tanner, Wells, and Wham;
also REPRESENTATIVES Anderson, Bacon, Dyer, Epps,
Grossman, Hagedorn, Keller, and Lawrence.
CONCERNING THE CONTINUED OPERATION OF THE COLORADO
UNINSURABLE HEALTH INSURANCE PLAN.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 108503
(1), (5), (6), (8), (9), (11), (12), (15), and (18), Colorado
Revised Statutes, 1994 Repl. Vol., are amended, and the said 108503
is further amended BY THE ADDITION OF THE FOLLOWING NEW SUBSECTIONS,
to read:
108503. Definitions. As
used in this part 5, unless the context otherwise requires:
(1) "Administering carrier"
means the insurer
CARRIER or thirdparty administrator designated in this part
5.
(3.5) "Carrier" has the same
meaning as set forth in section 1016102 (8).
(5) "Eligible person
INDIVIDUAL" means a resident of this state who meets the
eligibility requirements established in this part 5, whether or
not such resident is legally responsible for the payment of medical
expenses incurred on such resident's behalf.
(6) "Employer"
means any person who employs one or more persons in this state.
(7.5) "HEALTH BENEFIT PLAN"
HAS THE SAME MEANING AS SET FORTH IN SECTION 1016102
(21).
(8) "Health care services" means
any services or products included in the furnishing to any individual
of medical care or hospitalization or any services or products
incidental to the furnishing of such care or hospitalization
HAS THE SAME MEANING AS SET FORTH IN SECTION 1016102
(22).
(9) "Health
insurance" means any hospital and medical expenseincurred
policy; nonprofit hospital, medicalsurgical, and health
service corporation contract; health maintenance organization
enrollee's evidence of coverage certificate, agreement, or contract;
policy or certificate of sickness and accident insurance issued
by a fraternal benefit society; or such other policy of sickness
and accident insurance as defined in section 1016102
(30). The term does not include shortterm, accident, fixed
indemnity, specified disease policies or disability income contracts,
and limited benefit or credit disability insurance, or such other
insurance as defined in section 1016102 (30) or defined
by the commissioner. The term does not include insurance arising
out of the "Workers' Compensation Act of Colorado" or
other similar law, automobile medical payment insurance, or insurance
under which benefits are payable with or without regard to fault
and which is required by law to be contained in any liability
insurance policy or equivalent selfinsurance.
(11) "Insured" means an eligible
person
INDIVIDUAL who has been accepted into the plan and who is receiving
health insurance
coverage under the plan.
(12) "Insurer"
means an insurance company authorized by the commissioner to transact
insurance business in this state, which company issues contracts
for health insurance, or any nonprofit hospital, medicalsurgical,
and health service corporation, health maintenance organization,
or fraternal benefit society that offers health insurance in this
state.
(15) "Person"
means an individual.
(17.5) "QUALIFYING PREVIOUS COVERAGE"
HAS THE SAME MEANING AS "CREDIBLE COVERAGE" AS SET FORTH
IN SECTION 1016102 (13.7).
(18) "Resident" means a
person AN INDIVIDUAL whose principal
or primary place of abode or residence, as defined in section
12102, C.R.S., is in the state of Colorado and who
has been such a resident for six months or longer.
SECTION 2. 108505
(2) (a), Colorado Revised Statutes, 1994 Repl. Vol., is amended
to read:
108505. Board of directors.
(2) (a) Six board members shall be appointed by
the governor with the consent of the senate. These members shall
serve for terms of four years; except that, of those members initially
appointed, two shall serve for terms of two years, two shall serve
for terms of three years, and two shall serve for terms of four
years. The governor shall appoint a qualified person to fill any
vacancy on the board for the remainder of any unexpired term.
These board members shall be appointed as follows: One
shall be a representative of an insurer; one shall be a representative
of a nonprofit health care service plan; one shall be a representative
of a health maintenance organization;
THREE SHALL BE REPRESENTATIVES OF CARRIERS, ONE OF WHICH SHALL
BE A REPRESENTATIVE OF A HEALTH MAINTENANCE ORGANIZATION AND ONE
OF WHICH SHALL BE A REPRESENTATIVE OF A SICKNESS AND ACCIDENT
INSURANCE CARRIER; one shall be a member who is a medical professional
who specializes in chronic disease; and two shall be members from
among persons
INDIVIDUALS eligible to be insured under the plan as defined in
this part 5 and who are not associated with the medical profession,
any hospital, or any insurer
CARRIER.
SECTION 3. 108506
(1) (a), (1) (e), (1) (f), (1) (i), and (1) (k), Colorado Revised
Statutes, 1994 Repl. Vol., are amended, and the said 108506
(1) is further amended BY THE ADDITION OF THE FOLLOWING NEW PARAGRAPHS,
to read:
108506. Board powers
and duties. (1) The board
shall be the governing body of the plan and shall have all powers
necessary to implement the provisions of this part 5. In addition,
the board shall have the specific authority to:
(a) Enter into such contracts as are necessary
or proper to carry out the provisions and purposes of this part
5 including CONTRACTS WITH APPROPRIATE ADMINISTRATIVE STAFF, CONSULTANTS,
AND LEGAL COUNSEL. IN ADDITION, THE BOARD SHALL HAVE the authority,
with the approval of the commissioner, to enter into contracts
with other states with similar plans for the joint performance
of common administrative functions or with persons or other organizations
for the performance of administrative functions. NO CONTRACT ENTERED
INTO PURSUANT TO THIS PARAGRAPH (a) SHALL BE SUBJECT TO THE PROVISIONS
OF ARTICLE 103 OF TITLE 24, C.R.S.
(e) Establish an appropriate benefit plan design
with costcontainment controls, which shall include but not
be limited to preadmission review, case management, utilization
reviews, exclusions or limitations with respect to treatment and
services including capitated managed care for certain insureds,
and member
INSURED deductibles. The presence, the nature, or the conduct
of any such cost containment controls may not be the basis for
any civil liability in any legal action whether alleging personal
injury or otherwise, unless injury results from willful and wanton
misconduct.
(e.5) ESTABLISH SUCH PROCEDURES AND STANDARDS
FOR THE SUBSIDIZATION OF PREMIUMS, DEDUCTIBLES, AND OTHER POLICY
EXPENSES OF QUALIFIED INSUREDS AS MAY BE APPROPRIATE TO ACCOMPLISH
THE PURPOSES OF THIS PART 5. FOR THE PURPOSES OF THIS SUBSIDIZATION
PROGRAM, THE BOARD MAY REQUEST THE SUBMITTAL OF SUCH DOCUMENTATION
BY ELIGIBLE INDIVIDUALS AS IT DEEMS NECESSARY, INCLUDING THE SUBMITTAL
OF COLORADO STATE INCOME TAX RETURNS.
(f) Oversee the issuance of policies of insurance
AND CERTIFICATES OR EVIDENCES OF COVERAGE in accordance with the
requirements of this part 5;
(g.5) DEVELOP A LIST OF MEDICAL OR HEALTH
CONDITIONS THE EXISTENCE OR HISTORY OF WHICH MAKES AN INDIVIDUAL
ELIGIBLE FOR PARTICIPATION IN THE PLAN WITHOUT FIRST REQUIRING
APPLICATION TO A CARRIER FOR HEALTH COVERAGE;
(i) Borrow money to effect the purposes of this part
5. Any notes or other evidence of indebtedness of the plan not
in default shall be legal investments for insurers
CARRIERS and may be carried as admitted assets.
(k) Employ
appropriate personnel, including administrative staff, consultants,
and legal counsel as necessary to assist the board in implementing
the purposes of this part 5.
SECTION 4. 108508
(2), Colorado Revised Statutes, 1994 Repl. Vol., is amended to
read:
108508. Plan of operation
contents. (2) All applicants
and participants reporting any grievance pursuant to paragraph
(f) of subsection (1) of this section shall exhaust all administrative
remedies as set forth by the board before any such grievance may
be the basis for legal action. in
a court of competent jurisdiction
THE VENUE FOR ANY LEGAL ACTION INVOLVING THE PLAN SHALL BE THE
CITY AND COUNTY OF DENVER. NOTHING IN THIS SUBSECTION (2) SHALL
PROHIBIT THE BOARD FROM REQUIRING BINDING ARBITRATION FOR THE
FINAL ADJUDICATION OF ANY GRIEVANCE.
SECTION 5. 108509
(1) (a), the introductory portion to 108509 (1) (b),
and 108509 (1) (d), (1) (f), and (2), Colorado Revised
Statutes, 1994 Repl. Vol., are amended to read:
108509. Administering carrier. (1) The
administering carrier shall perform all administrative, eligibility,
and claims payment functions relating to the plan, including:
(a) Establishing a billing procedure for
collection of premiums from insured
persons INSUREDS. Billings shall
be made on a periodic basis as determined by the board, which
shall not be more frequent than a monthly billing.
(b) Assuring timely payment of benefits
to persons covered under the plan
INSUREDS, including:
(d) Paying claims expenses from the premium
payments received from or on behalf of plan
participants INSUREDS. If the payments
for claims expenses exceed the portion of premiums allocated by
the board for payment of claims expenses, the board shall provide
for additional funds for payment of claims expenses.
(f) Accepting payments of premiums from
insured persons and transmitting such
payments to the state treasurer for credit to the Colorado uninsurable
health insurance plan cash fund established in section 108530
(1). Prior to such transmission, the administering carrier may
deduct administrative expenses from such payments in an amount
approved by the board INSUREDS.
(2) The board shall establish its own
competitive bidding process to select an
insurer or insurers A CARRIER OR
THIRD PARTY ADMINISTRATOR to serve as the administering carrier
and need not follow the provisions
of article 103 of title 24, C.R.S., in making such selection
TO SELECT ONE OR MORE VENDORS TO PROVIDE SERVICES THAT MAY BE
NECESSARY TO ADMINISTER THE PLAN. The board shall evaluate bids
submitted based on the criteria it establishes which
criteria shall include: AND SHALL
NOT BE SUBJECT TO THE PROVISIONS OF ARTICLE 103 OF TITLE 24, C.R.S.,
IN MAKING SUCH SELECTIONS.
(a) The insurer's proven ability
to provide accident and health insurance;
(b) The efficiency of the insurer's
claimpaying procedures;
(c) The insurer's ability to administer
the plan in a costefficient manner using case management
and proven costcontainment methods;
(d) The insurer's proposal of
its total charges for administering the plan.
SECTION 6. 108510
(2), Colorado Revised Statutes, 1994 Repl. Vol., is amended to
read:
108510. Plan examination
board financial report. (2) The
financial status of the plan shall be subject to examination by
the commissioner or his
THE COMMISSIONER'S designee. Such examinations shall be conducted
at least once every three
FIVE years. beginning January 1, 1994.
The commissioner shall transmit a copy of the results of such
examinations to the general assembly by July 1 of the year in
which the examination is conducted.
SECTION 7. 108511,
Colorado Revised Statutes, 1994 Repl. Vol., is repealed as follows:
108511. Review of net premium
plan deficit. Following
the close of each calendar year, the commissioner shall determine
the amount of the net premium based on certain figures for the
preceding calendar year. The net premium shall be the premiums
the plan has received, less administrative expenses incurred,
less claim expense losses. This figure may be adjusted by taking
into account investment income and any other appropriate gains
and losses. Any deficit incurred by the plan shall be recovered
by action of the board in adjustment of premiums, coinsurance,
or deductibles, or by limitation on services to the degree possible.
SECTION 8. 108512
(1), (2), and (3), Colorado Revised Statutes, 1994 Repl. Vol.,
are amended to read:
108512. Premiums
standard risk rate. (1) Premiums
charged for health insurance coverage
THE POLICIES issued by the plan shall be based on the standard
risk rate calculated pursuant to subsection (2) of this section
and shall not be unreasonable in relation to the benefits provided,
the risk experience, and the reasonable actual expenses of providing
the coverage. Separate schedules of
premium rates based on differential risk factors resulting from
age, sex, and geographical location may apply
BENEFITS. RATES AND SCHEDULES MAY BE ADJUSTED BY THE BOARD FOR
APPROPRIATE RISK FACTORS IN ACCORDANCE WITH ESTABLISHED ACTUARIAL
UNDERWRITING PRACTICES.
(2) The standard risk rate shall be calculated
using the average rate for health insurance
BENEFIT PLANS charged by the five largest insurers
CARRIERS in the state who offer health insurance
coverage BENEFIT PLANS comparable
to the coverage offered under
POLICIES ISSUED BY the plan. In the event there are less than
five carriers offering such insurance
HEALTH BENEFIT PLANS, the standard risk rate shall be established
by considering the rates charged by such number of insurers
CARRIERS as there are in the state and by using reasonable actuarial
techniques, which shall reflect anticipated claims experience
and expenses for such coverage
HEALTH BENEFIT PLANS.
(3) Initial
Premium rates for coverage under the plan shall not exceed one
hundred fifty percent of the standard risk rate established pursuant
to subsection (2) of this section. Subsequent
premium rates shall provide fully for the expected costs of claims
including recovery of prior losses, operating expenses, investment
income of claims reserves, and any other cost factors, subject
to the limitations described in this section. However, in no event
shall such subsequent premium rates exceed one hundred seventyfive
percent of the standard risk rate determined pursuant to subsection
(2) of this section.
SECTION 9. 108513
(1), the introductory portion to 108513 (2), and 108513
(2) (a), (2) (e), (2) (f), and (3), Colorado Revised Statutes,
1994 Repl. Vol., are amended, and the said 108513
(2) is further amended BY THE ADDITION OF A NEW PARAGRAPH, to
read:
108513. Eligibility for
coverage under the plan. (1) Except
for those persons
INDIVIDUALS who meet the criteria set forth in subsection (2)
of this section, any person
INDIVIDUAL who is a resident of this state or
AND who is a person
HAS BEEN residing in the United States under the color of law
for at least six months, (except that
INCLUDING children who have been adopted
PLACED FOR ADOPTION, AS DEFINED IN SECTION 1016104
(16.5) or are under the legal guardianship of a resident of Colorado,
shall be presumed to have the same
residency and citizenship of their parent or guardian)
shall be eligible for coverage under the plan, if such person
INDIVIDUAL is able to provide evidence satisfactory to the administering
carrier that such person
INDIVIDUAL meets one of the following conditions:
(a) Such person
INDIVIDUAL has applied to an insurer
A CARRIER for A health insurance
BENEFIT PLAN and:
(I) Such application has been rejected
or refused because of the health or medical condition of the applicant;
or
(II) Such application has been accepted,
but at a premium rate exceeding the rate available through the
plan; or
(III) Such application was accepted with
a reduction or exclusion of coverage for a preexisting medical
or health condition for a period exceeding six months.
(b) (Deleted
by amendment, L. 92, p. 1505, 6, effective April 16, 1992.)
SUCH INDIVIDUAL HAS A HISTORY OF ANY MEDICAL OR HEALTH CONDITION
THAT IS ON THE LIST, IF ANY, ADOPTED BY THE BOARD PURSUANT TO
SECTION 108506 (1) (g.5).
(c) Such person
INDIVIDUAL has had A health insurance
coverage BENEFIT PLAN involuntarily
terminated by an insurer
A CARRIER in this state for any reason other than nonpayment of
a premium or premiums.
(2) The following persons
INDIVIDUALS shall not be eligible for coverage under the plan:
(a) Those who at
the time of application are eligible
for health care benefits
SERVICES under the "Colorado Medical Assistance Act",
article 4 of title 26, C.R.S.;
(a.5) THOSE WHO FAIL TO PAY ANY PLAN PREMIUM
WHEN DUE;
(e) Those who are eligible for any other
program
HEALTH BENEFIT PLAN, including any public program, that provides
payment
COVERAGE for health care services, except as provided in subparagraphs
(II) and (III) of paragraph (a) of subsection (1) of this section;
(f) Those who owe any tax when due under
the provisions of the "Colorado Income Tax Act of 1987",
article 22 of title 39, C.R.S. FOR THE PURPOSES OF THIS PARAGRAPH
(f), THE BOARD MAY OBTAIN INFORMATION REGARDING AN ELIGIBLE INDIVIDUAL
OR INSURED'S INCOME TAX STATUS FROM THE DEPARTMENT OF REVENUE.
(3) Dependents of persons
insured under an insurance plan pursuant to this part 5 shall
also be eligible for insurance under such
INSUREDS SHALL ALSO BE ELIGIBLE FOR COVERAGE UNDER THE plan, if
such dependents meet one or more of the criteria set forth in
subsection (1) of this section.
SECTION 10. 108514
(1), Colorado Revised Statutes, 1994 Repl. Vol., is amended to
read:
108514. Deductibles
coinsurance. (1) Any participant
INSURED may select coverage from a choice of deductibles offered
by the board. Such choice shall include deductibles of not less
than three hundred dollars nor more than two thousand dollars.
SECTION 11. 108515,
Colorado Revised Statutes, 1994 Repl. Vol., is amended to read:
108515. Maximum benefit. The
maximum lifetime benefit per person
INSURED is five hundred thousand dollars as provided in section
108525.
SECTION 12. 108516
(2), Colorado Revised Statutes, 1994 Repl. Vol., is RECREATED
AND REENACTED, WITH AMENDMENTS, to read:
108516. Preexisting conditions. (2) THE
PLAN SHALL GIVE CREDIT FOR THE PERIOD OF TIME AN ELIGIBLE INDIVIDUAL
HAD QUALIFYING PREVIOUS COVERAGE FOR THE PREEXISTING CONDITION
THAT WAS CONTINUOUS TO A DATE NOT MORE THAN NINETY DAYS PRIOR
TO THE EFFECTIVE DATE OF COVERAGE.
SECTION 13. 108518
(2), Colorado Revised Statutes, 1994 Repl. Vol., is amended to
read:
108518. Nonduplication
of benefits. (2) The plan
shall have a cause of action against an insured for the recovery
of the amount of any benefits paid which are not for expenses
HEALTH CARE SERVICES covered under the plan. Future benefits due
under the plan may be reduced or refused
DENIED as a setoff against any amount recoverable under this subsection
(2).
SECTION 14. 108519
(1), Colorado Revised Statutes, 1994 Repl. Vol., is amended to
read:
108519. Provisions of policies. (1) A
health insurance
policy offered under this part 5 shall provide that the plan is
obligated to renew the contract for
such coverage POLICY until the first
day on which the individual in whose name the contract
POLICY is issued first becomes eligible for medicare coverage,
except as otherwise provided in this part 5. THE PLAN IS NOT OBLIGATED
TO RENEW THE POLICY OF ANY INDIVIDUAL THAT FAILS TO PAY ANY PLAN
PREMIUM WHEN DUE.
SECTION 15. 108521,
Colorado Revised Statutes, 1994 Repl. Vol., is amended to read:
108521. Notice to residents. If
any person
INDIVIDUAL who is a resident of this state applies to an
insurer A CARRIER for A health insurance
BENEFIT PLAN and the insurer
CARRIER responds to such application as described in section 108513
(1) (a), the insurer
CARRIER shall give the person
INDIVIDUAL written notice that he
THE INDIVIDUAL may be eligible for coverage under the plan, including
information about available benefits, and
exclusions, AND PREMIUM SUBSIDIES, and the name, address, and
telephone number of the plan.
SECTION 16. 108525,
Colorado Revised Statutes, 1994 Repl. Vol., is amended to read:
108525. Benefits
availability maximum coverage. Every
eligible person
INDIVIDUAL may purchase from the plan a policy which extends coverage
for major medical expenses. Such policies shall be renewable annually,
except as otherwise provided in this part 5. Any such policy shall
pay the insured's covered expenses
as defined in FOR THE HEALTH CARE
SERVICES THAT ARE COVERED UNDER this part 5, subject to limits
on the deductible and coinsurance
payments AND OTHER COST CONTAINMENT CONTROLS authorized under
this part 5 and subject to a lifetime limit of five hundred thousand
dollars per insured individual.
SECTION 17. 108526,
Colorado Revised Statutes, 1994 Repl. Vol., is amended to read:
108526. Policies
expenses covered. Policies
issued pursuant to this part 5 shall cover expenses incurred for
HEALTH CARE services or articles or items related thereto which
are medically necessary, SUBJECT TO THE COST CONTAINMENT CONTROLS
AUTHORIZED BY THIS PART 5; except that such coverage shall not
extend to costs for such services or articles over and above the
reasonable and customary charge in the locality and shall not
extend to services or articles which are not prescribed by a physician
who is licensed to practice in the state or jurisdiction where
such services or articles are provided. Such services shall include
but not be limited to intercurrent
care for acute illnesses and ongoing care for the treatment of
the insured's uninsurable condition. Coverage shall be at least
comparable to that issued on a group basis in the market.
SECTION 18. 108527
(1) (k), Colorado Revised Statutes, 1994 Repl. Vol., is amended
to read:
108527. Policies
expenses excluded. (1) Policies
issued pursuant to this part 5 shall not cover expenses incurred
for:
(k) Experimental services or supplies;
For purposes of this paragraph (k),
"experimental" means that a service or supply is not
recognized by the appropriate medical board as the normal mode
of treatment for the illness or injury involved.
SECTION 19. 108528,
Colorado Revised Statutes, 1994 Repl. Vol., is amended to read:
108528. Other policies
not excluded. Nothing in this part 5 shall
be construed to prohibit the plan from issuing additional health
insurance policies HEALTH BENEFIT
PLANS with provisions other than those provided in this part 5
which, in the opinion of the board, may be of benefit to the citizens
of the state.
SECTION 20. 108530,
Colorado Revised Statutes, 1994 Repl. Vol., is amended to read:
108530. Funding of plan. (1) The
plan shall be funded by the premiums
collected pursuant to section 108512, by the payments
collected for income tax years up to and including the 1992 income
tax year pursuant to section 3922117, C.R.S., as said
section existed prior to July 1, 1993, and by
FOLLOWING:
(a) Moneys credited pursuant to section
SECTIONS 3813116 (3) (b) (I) AND 3813116
(4), C.R.S.; Premiums shall be collected
by the administering carrier pursuant to section 108509
and shall be paid to the plan. All such moneys credited pursuant
to section 3922117, C.R.S., as said section existed
prior to July 1, 1993, and section 3813116 (4), C.R.S.,
shall be transmitted to the state treasurer, who shall credit
the same to the Colorado uninsurable health insurance plan cash
fund, which fund is hereby created.
(b) PREMIUMS CHARGED PURSUANT TO SECTION
108512;
(c) MONEYS REMAINING IN THE COLORADO UNINSURABLE
HEALTH INSURANCE PLAN CASH FUND, CREATED PURSUANT TO THIS SECTION,
AS IT EXISTED PRIOR TO JULY 1, 1997.
(2) FUNDS COLLECTED PURSUANT TO PARAGRAPH (a)
OF SUBSECTION (1) OF THIS SECTION SHALL BE TRANSMITTED TO THE
STATE TREASURER, WHO SHALL CREDIT THE SAME TO THE COLORADO UNINSURABLE
HEALTH INSURANCE PLAN CASH FUND, WHICH FUND IS HEREBY CREATED
IN THE STATE TREASURY. The moneys in the fund are hereby subject
to annual appropriation by the general assembly for the purposes
of this part 5, INCLUDING PAYMENT OF ADMINISTRATIVE EXPENSES,
FUNDING OF THE LOSSES OF THE PLAN, AND MAINTENANCE OF SUCH RESERVES
AS MAY BE REQUIRED BY THE COMMISSIONER. ALL MONEYS, INCLUDING
INTEREST EARNED ON THE INVESTMENT OR DEPOSIT OF MONEYS IN THE
COLORADO UNINSURABLE HEALTH INSURANCE PLAN CASH FUND SHALL REMAIN
IN THE FUND AND SHALL NOT REVERT TO THE GENERAL FUND OF THE STATE
AT THE END OF ANY FISCAL YEAR.
(3) If moneys
in the fund exceed the net premium required for any calendar year,
the excess shall be held at interest and used to offset future
losses or to reduce plan premiums or tax payments for the subsequent
year. As used in this subsection (3), "future losses"
includes reserves for incurred but unreported claims.
PREMIUMS SHALL BE COLLECTED BY THE ADMINISTERING CARRIER IN ACCORDANCE
WITH SECTION 108509 (1) (g), WITH ALL PREMIUMS COLLECTED
USED TO PAY THE ADMINISTRATIVE EXPENSES AND THE LOSSES OF THE
PLAN. ANY FUNDS THAT ARE NOT IMMEDIATELY NEEDED TO PAY ADMINISTRATIVE
EXPENSES SHALL BE INVESTED AS DETERMINED BY THE BOARD.
SECTION 21. 2436114
(2), Colorado Revised Statutes, 1988 Repl. Vol., as amended, is
amended BY THE ADDITION OF A NEW PARAGRAPH to read:
2436114. How interest earnings
credited management fee. (2) (h) THE
PROVISIONS OF THIS SUBSECTION (2) SHALL NOT APPLY TO THE COLORADO
UNINSURABLE HEALTH INSURANCE PLAN CASH FUND.
SECTION 22. 3813116
(3) (b) (I), (4) (b), and (4) (c), Colorado Revised Statutes,
1982 Repl. Vol., as amended, are amended to read:
3813116. Creation of funds. (3) (b) (I) When
the special fund for industrial bank moneys is to be terminated
pursuant to section 1122614 (5), C.R.S., any moneys
remaining in such fund which are attributable to moneys collected
by the administrator under this article shall be credited to the
Colorado uninsurable health insurance plan cash fund created under
section 108530 (1)
(2), C.R.S., and any moneys thereafter collected by the administrator
under this article as a result of amounts due and payable by insurance
companies under the terms of insurance policies NOT NEEDED FOR
THE PAYMENT OF CLAIMS UNDER THIS ARTICLE shall be credited to
the Colorado uninsurable health insurance plan cash fund created
under section 108530 (1)
(2), C.R.S.
(4) (b) Each year after November
1, but no later than December 30, the administrator shall credit
up to two million five hundred thousand dollars from the business
associations unclaimed moneys fund to the Colorado uninsurable
health insurance plan cash fund created in section 108530
(1) (2),
C.R.S. If in any year the administrator determines that additional
moneys are required to pay claims, the administrator shall reduce
the amount credited to the Colorado uninsurable health insurance
plan cash fund for such year in order to pay such claims. Before
crediting any moneys pursuant to this paragraph (b), the administrator
shall record the name and lastknown address of each person
appearing from the holders' reports to be entitled to the property.
The record shall be available for public inspection at all reasonable
business hours.
(c) This subsection
(4) is repealed, effective July 1, 1997.
SECTION 23. Effective date. This
act shall take effect July 1, 1997.
SECTION 24. Safety
clause. The general assembly hereby finds, determines, and
declares that this act is necessary for the immediate preservation
of the public peace, health, and safety.
____________________________ ____________________________
Tom Norton Charles E. Berry
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Joan M. Albi Judith M. Rodrigue
SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE OF COLORADO