The board may offer group life insurance coverage through any life insurance company qualified to do business in Colorado or may self-fund such coverage. Life insurance coverage shall be available to members and DPS members who voluntarily subscribe. Notwithstanding the provisions of section 10-7-201, C.R.S., the board shall determine the terms and conditions of coverage and may negotiate or discontinue said coverage at any time the board determines such action to be in the best interest of the members. Members or DPS members who have elected group life insurance coverage shall be notified sixty days prior to any change in coverage or discontinuance.
Source: L. 87: Entire article R&RE, p. 1077, § 1, effective July 1. L. 91: Entire section amended, p. 879, § 14, effective July 1. L. 95: Entire section amended, p. 265, § 11, effective July 1. L. 2009: Entire section amended, (SB 09-282), ch. 288, p. 1351, § 52, effective January 1, 2010.
Editor's note: This section is similar to former § 24-51-103 as it existed prior to 1987.