(1) If an institution of higher education, the Auraria higher education center established in article 70 of title 23, C.R.S., or the Colorado commission on higher education elects to be excluded from the meaning of "state agency" and to obtain an independent risk management program pursuant to section 24- 30-1502 (5)(b), such institution, center, or commission shall conduct an analysis of the institution's, center's, or commission's ability to provide workers' compensation and the estimated property and liability losses, insurance costs, and administrative costs of risk management that the institution, center, or commission will incur by implementing an independent program. (2) Before any institution of higher education, the Auraria higher education center established in article 70 of title 23, C.R.S., or the Colorado commission on higher education implements an independent risk management program, the institution, center, or commission, as applicable, shall submit a written report detailing the findings of the analysis conducted pursuant to subsection (1) of this section to the president of the senate, the speaker of the house of representatives, the majority and minority leaders of the senate and the house of representatives, the members of the joint budget committee, the members of the business affairs and labor committee in the house of representatives, or any successor committee, and the members of the business, labor, and technology committee in the senate, or any successor committee. (3) In the event that an institution of higher education, the Auraria higher education center established in article 70 of title 23, C.R.S., or the Colorado commission on higher education implements an independent risk management program, the institution, center, or commission shall conduct the analysis and submit the report required pursuant to this section within the existing resources of the institution, center, or commission, as applicable.
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