(1) The limitations on noneconomic damages set forth in section 13-21-203 (1)(a) and the amount of the solatium set forth in section 13-21-203.5 must be adjusted for inflation as of January 1, 1998, January 1, 2008, January 1, 2020, and each January 1 every two years thereafter. The adjustments made on January 1, 1998, January 1, 2008, January 1, 2020, and each January 1 every two years thereafter must be based on the cumulative annual adjustment for inflation for each year since the effective date of the damages limitations in sections 13-21-203 (1)(a) and 1321-203.5. The adjustments made pursuant to this subsection (1) must be rounded upward or downward to the nearest ten-dollar increment.
As used in this section, "inflation" means the annual percentage change in the UnitedStates department of labor, bureau of labor statistics, consumer price index for Denver-Boulder, all items, all urban consumers, or its successor index.
The secretary of state shall certify the adjusted limitation on damages within fourteendays after the appropriate information is available, and:
The adjusted limitation on damages is applicable to all claims for relief that accrueon or after January 1, 1998, and before January 1, 2008;
The adjusted limitation on damages as of January 1, 2008, is applicable to all claimsfor relief that accrue on and after January 1, 2008, and before January 1, 2020; and
The adjusted limitation on damages as of January 1, 2020, and each January 1 everytwo years thereafter is applicable to all claims for relief that accrue on and after the specified January 1 and before the January 1 two years thereafter.
Source: L. 97: Entire section added, p. 923, § 5, effective August 6. L. 2007: (1) and (3) amended, p. 330, § 4, effective July 1. L. 2019: (1) and (3) amended, (SB 19-109), ch. 83, p. 296, § 3, effective August 2.