(1) It is the duty of the board, in the exercise of the powers and discretion conferred
upon it by articles 40 to 47 of this title, ultimately to fix and maintain, for each
class of occupation, the lowest possible rates of premium consistent with the maintenance
of a solvent Pinnacol Assurance fund, and the creation and maintenance of a reasonable
surplus after the payment of legitimate claims for injury and death, that may be authorized
to be paid from the Pinnacol Assurance fund for the benefit of injured and dependents
of killed employees.
(2) The board may impose a premium surcharge, not to exceed an additional fifty percent,
for up to twelve continuous months, as a condition precedent to insure or reinsure
an employer whose policy was canceled or terminated by any insurer for reasons of
fraud or intentional misrepresentation of a material fact; except that, if an employer
disputes the imposition of such surcharge, the employer may make a complaint to the
commissioner of insurance. If the commissioner of insurance determines that the board, in imposing a premium
surcharge, has engaged in any conduct in violation of part 11 of article 3 of title
10, C.R.S., the commissioner may take any action the commissioner deems appropriate
and authorized by law.
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