(1) A nonprofit temporary joint underwriting association is hereby created, consisting of all insurance carriers authorized to transact business in this state, including Pinnacol Assurance, that insures employers against liability for compensation under the provisions of articles 40 to 47 of title 8, C.R.S., who shall constitute the members thereof. Every such insurer shall participate in the association as a condition of its authority to continue to make contracts of such kind of insurance in this state.
The purpose of the association shall be to provide black lung insurance coverage foremployers located in Colorado who are in good faith entitled to such coverage but who are unable to purchase such insurance through the voluntary market.
The association shall issue policies beginning immediately; except that the association shall not commence underwriting operations until the commissioner finds that black lung insurance is not, or as of a determinable date will not be, available or cannot be made available in the voluntary market or the cost is so unreasonably high as to make such insurance practicably unavailable.
(a) The association shall, pursuant to the provisions of this part 13 and the plan of operation, have the power on behalf of its members:
To issue, or cause to be issued, policies of black lung insurance;
To underwrite such insurance;
To adjust and pay losses with respect thereto; and(IV) To provide or cede reinsurance.
(b) The association may contract with one or more servicing carriers or any other appropriate entity to perform any or all of the duties of the association.
Source: L. 95: Entire part added, p. 732, § 1, effective May 23. L. 2002: (1) amended, p. 1891, § 50, effective July 1.