(1) As used in this section, state self-insurance fund means the risk management fund created in section 24-30-1510 (1) excluding the state employee workers' compensation account; the self-insured property fund created in section 24-30-1510.5; or the state employee workers' compensation account in the risk management fund created in section 24-30-1510.7.
(2) If there is an insufficient cash balance in a state self-insurance fund for any allowable expenditure other than the direct and indirect administrative costs of operating the risk management system, then the executive director may request the state treasurer to transfer money from another state self-insurance fund's reserve balance to the fund with the deficiency. The amount of the requested transfer shall not exceed the amount of the deficiency. The state treasurer shall transfer the money between the state self-insurance funds as requested. In the next annual general appropriations act that is enacted after the transfer is made, the general assembly shall appropriate an amount equal to the transfer to the state self-insurance fund from which the money was deducted, in addition to any other amounts appropriated to the fund.
(3) The department of personnel may expend the money transferred in accordance with subsection (2) of this section for any purpose for which money in the state self-insurance fund is continuously appropriated but shall not expend any of the money for the direct and indirect administrative costs of operating the risk management system.
Source: L. 2017: Entire section added, (SB 17-175), ch. 11, p. 34, � 1, effective March 1.
24-30-1512. Risk management fund and self-insured property fund not subject to insurance laws. The setting aside of reserves for self-insurance purposes in the risk management fund created in section 24-30-1510, in the self-insured property fund created in section 24-30-1510.5, and in the state employee workers' compensation account in the risk management fund created in section 24-30-1510.7, shall not be construed to be creating an insurance company, nor shall the risk management fund or the self-insured property fund otherwise be subject to the provisions of the laws of this state regulating insurance or insurance companies. The requirements of section 10-4-624, C.R.S., concerning motor vehicle self-insurance are not applicable to this part 15.
Source: L. 85, 1st Ex. Sess.: Entire part added, p. 7, � 1, effective September 27. L. 86, 2nd Ex. Sess.: Entire section amended, p. 67, � 9, effective August 25. L. 90: Entire section amended, p. 1197, � 8, effective May 24. L. 97: Entire section amended, p. 1016, � 29, effective August 6. L. 2003: Entire section amended, p. 1572, � 9, effective July 1.