Colorado § 8-45-120 - State treasurer to invest funds.

§ 8-45-120. State treasurer to invest funds.

(1) Except as provided in subsection (2) of this section, the state treasurer, after consulting with the board of directors or the board's designated committee as to the overall direction of the portfolio, shall invest any portion of the Pinnacol Assurance fund, including its surplus or reserves, which is not needed for immediate use. Such moneys may be invested in the types of investments authorized in sections 24-36-109, 24-36-112, and 24-36-113, C.R.S. Such moneys may also be invested in common and preferred stock in the same manner as a domestic insurance company pursuant to section 10-3-226, C.R.S. The state treasurer shall determine the appropriate percentage of the fund, not to exceed one hundred percent of the surplus, to be invested in common and preferred stock and the appropriate level of risk for such investments. The state treasurer may make such investments in the form of mutual funds and may contract with private professional fund managers and employ portfolio managers.

(2) Subject to approval by the board, the chief executive officer may authorize and direct the state treasurer to invest a portion of the funds in the Pinnacol Assurance fund for the purchase of real property, to house, contain, and maintain the offices and operational facilities of Pinnacol Assurance as may be deemed necessary to accommodate its immediate and reasonably anticipated future needs. The chief executive officer is authorized to purchase such real property, buildings, and improvements thereon. Title to such real property, buildings, and improvements thereon shall vest in Pinnacol Assurance, and such assets shall be a part of the Pinnacol Assurance fund. The chief executive officer may lease or rent space not needed for the immediate requirements of Pinnacol Assurance in such real property to other public agencies or private businesses. Moneys received from such rental or lease of space and moneys appropriated by the general assembly for rental or lease of space in such real property shall be deposited with the state treasurer for credit to the Pinnacol Assurance fund. The chief executive officer shall not sell or otherwise dispose of any property, buildings, or improvements thereon so acquired, without consent of the board, and the moneys received from such sale or disposition shall be credited to the account of the Pinnacol Assurance fund.

(3) Repealed.

Source: L. 90: Entire article R&RE, p. 540, § 1, effective July 1. L. 92: (3) amended, p. 1112, § 1, effective July 1. L. 97: (1) amended, p. 938, § 6, effective May 21; (3) repealed, p. 376, § 7, effective August 6. L. 2002: (1) and (2) amended, p. 1878, § 19, effective July 1.

Editor's note: This section is similar to former § 8-54-122 as it existed prior to 1990.

ANNOTATION

Annotator's note. (1) Since § 8-45-120 is similar to § 8-54-122 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.

(2) Cases included in the annotations to this section which refer to the industrial commission were decided prior to the enactment of 1986 Senate Bill No. 12 which abolished said commission and transferred its powers, duties, and functions under this article to the board of directors of the state compensation insurance authority.

Treasurer to obey commission and invest as directed by it. Full control of the fund is given to the commission; the custodian is authorized to do nothing with it except upon their order, and his investment of it is restricted. Nothing is required of the treasurer by this section but to obey the commission and invest as directed at the market price. Stong v. Indus. Comm'n, 71 Colo. 133, 204 P. 892 (1922).

Mandamus of state treasurer does not waive commission's right to sue for damages. In an action in mandamus against the state treasurer by the industrial commission to compel the former to invest state insurance funds as directed, the commission by electing to sue in mandamus did not waive its right to sue for damages occasioned by failure of the treasurer to act as directed. Indus. Comm'n v. Stong, 77 Colo. 590, 239 P. 12 (1925).