7 Colo. Code Regs. § 1101-4, pt. 6

Current through Register Vol. 47, No. 24, December 25, 2024

Part 6 - ANNUAL REVIEW PROCESS

(A)EACH PERMIT HOLDER WILL SUBMIT TO THE EXECUTIVE DIRECTOR WITHIN SIXTY (60) DAYS FOLLOWING THE ANNIVERSARY DATE OF ITS PERMIT A REPORT CONTAINING THE FOLLOWING INFORMATION:

(1) A copy of the permit holder's most recent certified financial statement;

(2) A copy of the permit holder's payroll statement submitted to the Division of Workers' Compensation for Premium Surcharge Assessment purposes;

(3) Total number of workers' compensation claims for the current year and all preceding years;

(4) Total payments and reserves on claims for the current year and all preceding years;

(5) Evidence by certificate that the required insurance is currently in force and the bond, if a bond(s) had been tendered for security, is currently in force.

(6) Other annual data as requested by the Executive Director or his/her agent.

(B)EXECUTIVE DIRECTOR EVALUATION OF THE DATA

(1) Upon review of the annual report the Executive Director will enter an order only when a change in self-insured status is necessary.

(2) The Executive Director or his/her agent, will notify a permit holder of any required change in security or when change in insurance requirements is necessary.

(3) Revocation as a result of the review shall be pursuant to Part 5(A).

(C)EXECUTIVE DIRECTOR RESPONSIBILITY FOR NON-SCHEDULED REVIEWS

The Executive Director may request information similar to that developed at the time of the annual review at any time in order to examine the financial status of the permit holder. Such an interim examination of status shall be conducted after a written request to the permit holder. Such a request by the Executive Director shall not reduce or delay the obligation of the permit holder to file the reports required hereunder.

(D)EXECUTIVE DIRECTOR RIGHT TO AUDIT CLAIMS

The Executive Director, or his/her agent, has the right to perform on site audits/reviews of claim files to determine workers' compensation liability and security needs. The audits/reviews will also evaluate efficiency, effectiveness and competency of the claims administration. The Executive Director, or his/her agent will give ten (10) days notice of the audit, unless in the opinion of the Executive Director, an immediate audit is necessary. The Executive Director, in lieu of an audit by his/her agent may require a certified statement by an approved independent source evaluating such liability.

7 CCR 1101-4, pt. 6