Colorado Legislative Council Staff

REVISED NO FISCAL IMPACT

(replaces no fiscal impact dated March 16, 1999)

TITLE:            CONCERNING ACCEPTABLE PROOF OF ABILITY TO PAY A JUDGMENT FOR SELF-INSURERS.

Summary of Assessment

            This bill requires the Commissioner of Insurance, Division of Insurance, Department of Regulatory Agencies, to accept a surety bond as proof that a motor vehicle carrier or contract carrier by motor vehicle is able to pay all judgments that might be obtained against the carrier. The bill requires that the surety bond be in a form acceptable to the commissioner, and in an amount determined by the commissioner to be sufficient to ensure that the person has the ability to pay all judgments that may be obtained against such self-insured person.

            The bill will affect self-insured motor vehicle carriers and self-insured contract motor carriers. The bill will not have a fiscal impact on any state agency or unit of local government. Therefore, this bill is assessed as having no fiscal impact.

Departments Contacted

            Regulatory Agencies