20-3-370. Repayment of initial reserve from state from excess reserves.
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20-3-370 . Repayment of initial reserve from state from excess reserves.
(1)Beginning July 1, 2036, a trust created under 20-3-366 , shall, as part of its annual actuarial analysis, identify and report to the state auditor no later than 90 days following the completion of its annual audit, any excess reserves existing in the trust.
(2)The trust shall remit to the state any excess reserves identified pursuant to subsection
(1)until the cumulative amounts remitted reaches $40 million. The state shall deposit any amounts remitted from year to year in the capital developments long-range building program account for uses consistent with 17-7-209 .
(3)For the purposes of 20-3-366 through 20-3-370 , "excess reserves" means reserves in excess of the greater of:
(a)reserve levels required under rules adopted by the state auditor;
(b)minimum risk-based capital recommended by the trust's actuary, using a confidence interval of 90%; or
(c)minimum capital calculated by the trust's actuary following the risk-based capital requirements applicable to a health organization that are specified in Title 33, chapter 2, part 19, at levels above the levels that would trigger a company action level event for a health organization under 33-2-1904 .