(1) Pinnacol Assurance shall be open to visitation by the commissioner of insurance at all reasonable times, and the commissioner of insurance shall require from the chief executive officer reports as to the condition of Pinnacol Assurance, as required by law to be made by other insurance carriers doing business in this state insofar as applicable to Pinnacol Assurance.
The state auditor shall conduct an annual financial audit of Pinnacol Assurance. Inconducting such audits, the state auditor may employ a firm of auditors and actuaries, or both, with the necessary specialized knowledge and experience. The cost of the annual audit shall be paid from the operating funds of Pinnacol Assurance. The state auditor shall report his or her findings from such audits, along with any comments and recommendations, to the governor, the general assembly, the executive director of the department of labor and employment, and the commissioner of insurance. The state auditor has continuing authority to conduct performance audits of Pinnacol Assurance as the state auditor deems appropriate. The cost of performance audits shall be paid from the operating funds of Pinnacol Assurance.
(Deleted by amendment, L. 2002, p. 1879, § 20, effective July 1, 2002.)
At least once every three years, the commissioner of insurance shall conduct an examination of the fund, to be conducted in the same manner as an examination of a private insurance carrier. With respect to the examination, section 10-1-204 applies. The commissioner of insurance shall transmit a copy of the commissioner's examination to the state auditor.
Source: L. 90: Entire article R&RE, p. 541, § 1, effective July 1. L. 97: (2) amended, p. 1475, § 13, effective June 3. L. 2002: Entire section amended, p. 1879, § 20, effective July 1. L. 2009: (2) amended, (SB 09-281), ch. 335, p. 1775, § 2, effective June 1. L. 2017: (2) amended, (SB 17-294), ch. 264, p. 1384, § 7, effective May 25; (4) amended, (SB 17-044), ch. 4, p. 6, § 1, effective August 9.
Editor's note: This section is similar to former § 8-54-124 as it existed prior to 1990.