(1) There is hereby created in the division the workers' compensation cost containment board, to be composed of seven members: The commissioner of insurance, the chief executive officer of Pinnacol Assurance, and five members appointed by the governor and confirmed by the senate. Appointed members of the board shall be chosen among the following: Employers or their designated representatives engaged in businesses having workers' compensation insurance rates in the upper five percent of the rate schedule, actuaries or executives with risk management experience in the insurance industry, or employers who have demonstrated good risk management experience with respect to their workers' compensation insurance.
The board shall exercise its powers and perform its functions under the departmentand the director of the division as if the same were transferred to the department by a
type 2 transfer, as such transfer is defined in the "Administrative Organization Act of 1968", article 1 of title 24, C.R.S.
The appointed members of the board shall serve for terms of three years and may bereappointed; except that, of the members first appointed, two shall serve for terms of three years; two shall serve for terms of two years, and one shall serve for a term of one year. The chief executive officer of Pinnacol Assurance and the commissioner of insurance shall serve continuously.
Members of the board shall receive no compensation but shall be reimbursed foractual and necessary traveling and subsistence expenses incurred in the performance of their official duties as members of the board.
Source: L. 89: Entire article added, p. 377, § 1, effective July 1. L. 90: (1) amended, p. 557, § 7, effective July 1. L. 2002: (1) and (3) amended, p. 1880, § 25, effective July 1.