CO SB178

Amends the definition of "similar coverage" to allow commercial vehicle operators to obtain occupational accident insurance instead of workers' compensation coverage as an alternative to traditional workers' compensation.

Commercial vehicle operators who elect similar coverage must be excluded from the employee definition under workers' compensation law and must notify the Division of Workers' Compensation and provide proof of coverage upon request.

"Similar coverage" must include disability insurance for on and off-the-job injuries, health insurance, and life insurance with benefits at least comparable to workers' compensation, subject to Division of Insurance regulation and minimum standards set by rule.

Exempts commercial vehicle operators, motor carriers, and contract carriers with similar coverage from Colorado workers' compensation law (Articles 40-47 of Title 8).

Requires the Commissioner of Insurance to establish minimum coverage requirements for occupational accident policies under this provision; effective August 8, 2018, subject to voter approval if a referendum petition is filed.