The coverage provided by a trust established pursuant to this article shall be deemed insurance meeting the requirements of article 44 of title
8, C.R.S., to secure the payment of compensation under the Colorado workers' compensation law, and such trust, upon obtaining approval of the executive director of the department of labor and employment, may act as its own insurance carrier, as provided in section 8-44-201, C.R.S.
Source: L. 77: Entire article added, p. 595, § 1, effective July 1. L. 86: Entire section amended, p. 498, § 114, effective July 1. L. 90: Entire section amended, p. 563, § 30, effective July 1.