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Colorado Revised Statutes Title 8. Labor and Industry § 8-72-101. Duties and powers of division

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) It is the duty of the division to administer articles 70 to 82 of this title; and it has the power to employ such persons, make such expenditures, require such reports, make such investigations, set such reasonably necessary standards, create and require the use of such forms, adopt such administrative methods and procedures, and take such other action as it deems necessary or suitable to that end. The division shall determine its own organization and methods of procedure in accordance with the provisions of articles 70 to 82 of this title.

(2) Repealed by Laws 1996, H.B.96-1167, § 46, eff. Aug. 7, 1996.

(3)(a) Whenever any event occurs that may have a material effect on the adequacy of the fund, whether to increase costs or decrease revenues or otherwise, the division shall promptly analyze the potential effect and provide the analysis to the governor and the general assembly. For purposes of this subsection (3), “event” includes proposed federal or state legislation and administrative or judicial adjudications.

(b) Notwithstanding section 24-1-136(11)(a)(I), the department of labor and employment shall update the general assembly annually on the status of the fund during the hearing conducted pursuant to section 2-7-203. By August 31, 2012, and by each August 31 thereafter, the division shall report to the joint budget committee, the economic and business development committee of the house of representatives, and the business, labor, and technology committee of the senate, or their successor committees, regarding the status of the fund. The report shall include at least the following from the prior calendar year:

(I) Total fund revenues and expenditures;

(II) The highest and lowest trust fund balance from the prior calendar year and a comparison of those balances to the following three solvency measures: The reserve ratio, the high-cost multiple, and the average high-cost multiple;

(III) An analysis of the responsiveness of the funding mechanism to changes in economic conditions, both positive and negative;

(IV) An analysis of any material concerns identified by the division in fund solvency, revenue, and expenditures;

(V) An analysis of the impact of total premiums assessed to employers by employer size and employer experience;

(VI) The total amount of overpayments paid to claimants and the total amount of overpayments recovered; and

(VII) An analysis of measures taken by the division to reduce the total number and amount of overpayments and fraudulent payments.

(4) Repealed by Laws 2021, Ch. 266 (S.B. 21-239), § 3, eff. July 1, 2022.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 8. Labor and Industry § 8-72-101. Duties and powers of division - last updated January 01, 2025 | https://codes.findlaw.com/co/title-8-labor-and-industry/co-rev-st-sect-8-72-101/

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