CO Code § 8-45-103 (2021)
2021 Colorado Code|Title 8 - Labor and Industry|Article 45 - Pinnacol Assurance|§ 8-45-103. Board to Fix Rates - Chief Executive Officer to Administer Rates - Sue and Be Sued - Personal Liability Limited

  The board shall have full power and it is its duty to fix and determine the rates to be charged by Pinnacol Assurance for compensation insurance.    The chief executive officer shall manage and conduct all business and affairs in relation to the rates to be charged by Pinnacol Assurance for compensation insurance which shall be conducted in the name of Pinnacol Assurance, and in that name, without any other name, title, or authority, the chief executive officer may:     Sue and be sued in all the courts of this state, or of any other state, or of the United States, and in actions arising out of any act, deed, matter, or thing made, omitted, entered into, done, or suffered in connection with Pinnacol Assurance and the administration, management, or conduct of the business or affairs relating thereto; and the chief executive officer shall be authorized to employ counsel to represent Pinnacol Assurance in any action. (a) (I) Sue and be sued in all the courts of this state, or of any other state, or of the United States, and in actions arising out of any act, deed, matter, or thing made, omitted, entered into, done, or suffered in connection with Pinnacol Assurance and the administration, management, or conduct of the business or affairs relating thereto; and the chief executive officer shall be authorized to employ counsel to represent Pinnacol Assurance in any action.    Nothing in this paragraph (a) shall be construed to waive any provisions of the “Colorado Governmental Immunity Act”, article 10 of title 24, C.R.S., nor shall it be construed to waive immunity of the state of Colorado from suit in federal court, guaranteed by the eleventh amendment to the constitution of the United States.       The chief executive officer shall not, nor shall any officer or employee of Pinnacol Assurance, or entities or parties with whom it contracts for services, be personally liable in a private capacity for or on account of any act done or omitted or contract or other obligation entered into or undertaken in an official capacity in good faith and without intent to defraud in connection with the administration, management, or conduct of Pinnacol Assurance, its business, or other affairs relating thereto.    (Deleted by amendment,L. 2002, p. 1870, § 3, effective July 1, 2002.)         History. Source: L. 90: Entire article R&RE, p. 534, § 1, effective July 1. L. 2002: Entire section amended, p. 1870, § 3, effective July 1.    Editor's note:   This section is similar to former § 8-54-105 as it existed prior to 1990.   ANNOTATION   Annotator's note. Since § 8-45-103 is similar to § 8-45-105 as it existed prior to the 1990 repeal and reenactment of the “Workers' Compensation Act of Colorado”, articles 40 to 47 of this title, relevant cases construing that provision have been included in the annotations to this section.   Under this section the manager of the state compensation insurance fund is authorized to enter into contracts of insurance with employers. Indus. Comm'n v. Spoo, 151 Colo. 581 , 380 P.2d 49 (1963).   State fund may enter into contracts with employers which contracts may cover a number of details, including that of cancellation, not set forth by statute so long as they conform with the public policy of this state. Dye Const. Co. v. Indus. Comm'n, 678 P.2d 1066 (Colo. App. 1983).   Contract provisions for cancellation are valid unless in conflict with the terms of an applicable statute. Dye Const. Co. v. Indus. Comm'n, 678 P.2d 1066 (Colo. App. 1983).   An unequivocal agreement contained in a policy, by which either party may cancel the contract, is binding between the parties, because the parties to an insurance contract validly may contract as they please with respect to cancellation. Dye Const. Co. v. Indus. Comm'n, 678 P.2d 1066 (Colo. App. 1983).   No statutory requirement that the fund accept each and every application for insurance. Implicit in the fund's authority to make and enter into contracts of insurance with employers is the power or authority to reject an application if the fund has a legitimate basis for doing so. Bastian v. Martinez, 698 P.2d 1373 (Colo. App. 1984).   The failure of the state compensation insurance fund to specify the time of effective cancellation of coverage results in the policy coverage being in effect until midnight of the date of cancellation. State Comp. Ins. Fund v. Bldg. Sys., 713 P.2d 940 (Colo. App. 1985).