CO HB1213

Converts Pinnacol Assurance from a state political subdivision into a stock insurance company owned by a mutual insurance holding company, with policyholders becoming members of the mutual holding company.

Requires Pinnacol Assurance to transfer $305 million to the state within 5 days of conversion, split equally between the controlled maintenance trust fund and a newly created just transition trust fund for worker support programs.

Establishes a disaffiliation process allowing Pinnacol Assurance to terminate its affiliation with the Public Employees' Retirement Association (PERA) by January 1, 2023, with detailed methodology for calculating disaffiliation payment amounts.

Requires the Insurance Commissioner to contract with a workers' compensation insurance carrier to serve as carrier of last resort for employers from the conversion date through December 31, 2024, ensuring continued coverage availability in the residual market.

Makes conforming amendments throughout Colorado law (32 sections) to reflect Pinnacol's conversion from a state agency to a private stock insurance company, including removal of references to it as a political subdivision.