dissenting:
The majority holds that the Colorado Compensation Insurance Authority (CCIA) is not an arm of the state for Eleventh Amendment purposes and consequently is a “person” that may be sued pursuant to 42 U.S.C. § 1983 (1994). A review of the three factors used by the majority in making this determination leads me to a different result. Accordingly, I dissent.
I.
Section 1983 provides that any “person” who, under color of state law, deprives an individual of his or her constitutional rights may be sued for damages. However, the United States Supreme Court has held that states, largely due to their Eleventh Amendment immunity, are not “persons” that can be subjected to § 1983 liability in actions filed in state courts. See Will v. Michigan Dep’t of State Police, 491 U.S. 58, 64-66, 109 S.Ct. 2304, 2308-10, 105 L.Ed.2d 45 (1989). In determining whether a government entity should also be afforded immunity from suits brought pursuant to § 1983, federal courts have determined that government entities deemed to be arms of the state are entitled to enjoy the same immunity as the state itself. See Watson v. University of Utah Med. Ctr., 75 F.3d 569, 574 (10th Cir.1996).
Although federal courts have relied upon a variety of factors in determining whether a political entity is an arm of the state, the majority analyzes this question using the following three “dominant” factors: (1) the characterization of the entity by state law; (2) the degree of autonomy the entity enjoys from state control; and (3) whether a judgment against the entity will ultimately be *1312paid with state funds. Maj. op. at 1305.1 In weighing these three factors as they relate to the CCIA, the majority concludes that “the balance tips in favor of finding that the CCIA is not an arm of the state.” Maj. op. at 1311. I disagree.
A.
Under the majority’s first factor, the CCIA’s enabling act indicates that the General Assembly’s characterization of the CCIA is ambiguous. Section 8-45-101(1), 3B C.R.S. (1995 Supp.),2 provides in relevant part that
[tjhere is hereby created the Colorado compensation insurance authority which shall be a body corporate and a political subdivision of the state. The authority shall not be an agency of state government, nor shall it be subject to administrative direction by any state agency except as provided in this article, and except for the purposes of the “Colorado Governmental Immunity Act” ... and except for inclusion in the risk management fund....
While section 8-45-101(1) defines the CCIA as “a political subdivision of the state,” it also treats the CCIA as a state agency for purposes of the Colorado Governmental Immunity Act (Immunity Act) and the risk management fund. See also § 24-30-1502(5), 7 C.R.S. (1997) (including the CCIA within the risk management fund’s definition of “state agency”).3 Besides treating the CCIA as a political subdivision and state agency, the General Assembly has also structured the CCIA to resemble a private insurance company. See § 8-45-115, 3 C.R.S. (1997); § 8 — 45-118, 3 C.R.S. (1997) (employers pay premiums into the CCIA fund, claims are received and processed by the CCIA, and disbursements are paid out of the CCIA fund); § 8-45-117, 3 C.R.S. (1997) (CCIA is subject to regulation by the commissioner of insurance); § 8-45-102(2), 3 C.R.S. (1997) (CCIA fund manager is authorized to act in the same manner “as the head of a private insurance company”).
Because the General Assembly has simultaneously characterized the CCIA as a political subdivision, state agency, and private insurance company, any arm-of-the-state analysis based upon the state’s characterization of the CCIA is destined to result in ambiguity. For this reason, the first factor presented by the majority offers little guidance in determining whether the CCIA is an arm of the state.4
B.
A careful review of the second factor in the majority’s analysis indicates that, despite having some of the characteristics of a private insurance company, the CCIA is far from autonomous.
Regarding personnel, the CCIA operates through a board of directors consisting of seven members, all of whom are appointed by the governor with the consent of the Senate. See § 8-45-101(2)(a), 3 C.R.S. (1997). Compensation for members of the board is set by the General Assembly at one *1313hundred forty dollars per diem plus expenses. See § 8-45-101(3), 3 C.R.S. (1997). Until 1987, all employees of the CCIA’s predecessor, the state compensation insurance authority (SCIA), were state employees. See § 8-54-102.5(9), 3B C.R.S. (1986).5 .
The CCIA accepts all applications for insurance, regardless of risk. See Bastian v. Martinez, 698 P.2d 1373, 1374 (Colo.App.1984); § 8-45-101(5)(e.5), 3 C.R.S. (1997) (the board shall not refuse to insure any employer due to risk of loss). Prior to 1987, the executive director of the department of labor and employment was responsible for setting the rates for CCIA insurance. See § 8-54-105, 3B C.R.S. (1986). While rate-setting discretion now rests with the board, section 8-45-106, 3 C.R.S. (1996 Supp.), limits that discretion by requiring the board to provide its insurance at cost and set “the lowest possible rates of premium consistent with the maintenance of a solvent state compensation insurance authority fund.” Section 8-45-107, 3 C.R.S. (1997), further limits the board’s discretion by providing the board with its basis for setting rates.
The CCIA’s legislative scheme also calls for considerable state oversight. Section 8-45-121(1), 3 C.R.S. (1997), provides that the CCIA fund “shall be open to visitation by the commissioner of insurance at all reasonable times.” The commissioner of insurance is also required to conduct an examination of the CCIA fund at least once every three years and report his or her findings to the governor, General Assembly, and department of labor and management. See § 8-45-121(4), 3 C.R.S. (1997). Each year, the state auditor conducts an audit of the CCIA’s financial condition and submits a report, complete with recommendations and comments, to the governor, General Assembly, and department of labor and management. See § 8-45-121(2), 3B C.R.S. (1996 Supp.). Finally, the CCIA fund manager is required to submit an annual report to the governor and joint budget committee regarding the business operations, resources, and liabilities of the CCIA fund. See § 8-45-122, 3B C.R.S. (1996 Supp.).
As to control over the CCIA fund itself, the state treasurer serves as its custodian and is responsible for investing any portion of the fund,' including its surpluses and reserves, which is not needed for immediate use. See § 8-45-118(1), 3 C.R.S. (1997); § 8-45-120(1), 3 C.R.S. (1997). This court has also limited the CCIA’s autonomy over the fund. See Denver Area Labor Fed’n, AFL-CIO v. Buckley, 924 P.2d 524, 529 (Colo.1996). In Buckley, this court held that section l-45-116(l)(a), IB C.R.S. (1996 Supp.), of the Campaign Reform Act prohibits the CCIA from expending its “public moneys” on certain political activities. See Buckley, 924 P.2d at 529. In so holding, this court explained that “[wjhile moneys collected by the [CCIA] are not derived from state-imposed sales, use, property, or income taxes, those moneys may be spent by the CCIA only for authorized public purposes.” Id. at 528.6 Buckley therefore places a dual limitation on the CCIA’s autonomy by defining the CCIA fund as “public moneys” even though the CCIA fund is derived from private sources, and by restricting the use of the CCIA fund to “authorized public purposes.”
The CCIA’s enabling act reflects that, although the General Assembly has patterned the CCIA after a private insurance company, the CCIA resembles a private insurance company only when it is convenient for administrative purposes. Otherwise, the state has substantial control over all facets of the CCIA’s operation. Viewing the enabling act in combination with this court’s willingness to treat the CCIA as a public entity, the CCIA clearly does not function as an autonomous entity despite its seemingly private form.
C.
The third factor the majority sets forth in determining that the CCIA is not an arm of *1314the state concerns whether the state is ultimately liable for a judgment, if rendered, against the CCIA. As the United States Supreme Court recently explained in Regents of the University of California v. Doe, — U.S. —, —, 117 S.Ct. 900, 904, 137 L.Ed.2d 55 (1997), “the. question whether a money judgment against a State instrumentality or official would be enforceable against the State is of considerable importance to any evaluation of the relationship between the State and the entity or individual being sued.” See also Austin v. State Indus. Ins. System, 939 F.2d 676, 678 (9th Cir.1991) (explaining that potential impact on the state treasury is a “central concern” in an Eleventh Amendment inquiry). These cases suggest that the question of whether the state is obligated to pay a judgment rendered against the state entity is of critical importance to any Eleventh Amendment analysis.
As set forth above, section 8-45-101(1) provides in part that the CCIA “shall not be an agency of state government ... except for the purposes of the ‘Colorado Governmental Immunity Act’ ... and except for inclusion in the risk management fund.” In other words, the CCIA is considered a state agency for liability purposes and enjoys the protections of both the Immunity Act and the risk management fund. See § 24-30-1502(5) (defining the term “state agency” to include the CCIA for purposes of the risk management fund). While the Immunity Act concerns state law causes of action, the risk management fund protects state agencies from suits brought pursuant to federal law. See § 24-30-1510(3)(a), 7 C.R.S. (1997). Therefore, the General Assembly has chosen to expressly designate the CCIA as a state agency in situations where it is sued under federal law — precisely the situation posed by the present ease.
The General Assembly’s unwillingness to subject the CCIA to responsibility for a § 1983 judgment is also evident from the manner in which the CCIA collects funds. Because it must provide its subscribers with at-cost insurance, the CCIA is unable to generate additional revenue to satisfy § 1983 judgments. See § 8-45-106. This problem is further exemplified by the manner in which the CCIA is required to set its rates. See § 8 — 45-107(2).7 These statutes indicate that the General Assembly has not only chosen to assume responsibility for a § 1983 judgment rendered against the CCIA, but it has also refused to give the CCIA the means to afford the financial burden that comes with such a judgment.
The majority seizes upon language in section 8-45-102(1) which provides that “[s]uch administration shall be without liability on the part of the state, beyond the amount of said fund” to support its conclusion that the General Assembly apparently intended to shield itself from CCIA liability. This assertion is flawed in two respects. First, the above-quoted reference in section 8-45-102(1) is clearly limited to the “administration” of the CCIA fund, which would presumably only cover claims made under CCIA insurance policies. Second, reading this statute in such a manner renders the multiple statutes classifying the CCIA as a state agency for purposes of the Immunity Act and risk management fund meaningless. See Rodriguez v. Schutt, 914 P.2d 921, 925 (Colo.1996) (explaining that a court must read and consider a statute as a whole to give consistent, harmonious, and sensible effect to all of its parts).
The majority ignores the more relevant section 8-45-103(2), 3 C.R.S. (1997), which provides in part as follows:
The manager shall manage and conduct all business and affairs ... in the name of the [CCIA], and in that name ... the manager may:
(a)(1) Sue and be sued in all the courts of this state ... in actions arising out of *1315any act, deed, matter, or tiling made, omitted, entered into, done, or suffered in connection with the [CCIA] fond and the administration, management, or conduct of the business or affairs relating thereto; and the manager shall be authorized to employ counsel to represent the fond in any action.
(II) Nothing in this paragraph (a) shall be construed to waive any provisions of the “Colorado Governmental Immunity Act” ... nor shall it be construed to waive immunity of the state of Colorado ... guaranteed by the eleventh amendment to the constitution of the United States.
(Emphasis added.) The meaning of section 8-45-103(2)(a)(II) is clear. While section 8-45-103(2)(a)(I) allows the CCIA to sue and be sued for acts arising out of its “business or affairs,” section 8-45-103(2)(a)(II) clearly provides that nothing in that section shall be construed to waive the CCIA’s Eleventh Amendment immunity as a state agency.
The majority also contends that the third factor lends only limited support for finding that the CCIA is an arm of the state because it remains to be seen whether the CCIA or the state would actually pay such a judgment if rendered. However, federal law does not require that the state’s obligation to pay be definite. In fact, several circuit courts have found organizations to be arms of the state even though the state’s obligation to pay was only a possibility. See Haldeman v. State of Wyoming Farm Loan Bd., 32 F.3d 469, 473-74 (10th Cir.1994) (explaining that “it is apparent that a monetary judgment would possibly be paid from state funds. It is this possibility which this court has previously recognized as an influencing factor.”); Austin, 939 F.2d at 679 (finding that “[w]e cannot say that a monetary judgment against [the organization] inevitably would have an impact on the state treasury. However, this disclaimer is not fatal to [the organization’s] claim of immunity”).
The General Assembly’s inclusion of the CCIA within the protections afforded by the risk management fond establishes conclusive support for finding that the CCIA is an arm of the state. Section 8-45-103(2)(a)(I) provides further support for this conclusion. Contrary to the majority’s assertions, the unanswered question of who would actually pay a judgment rendered against the CCIA has little, if any, bearing on whether the CCIA is an arm of the state.
D.
Using the three factors presented in the majority opinion, I believe that the CCIA is an arm of the state deserving Eleventh Amendment immunity. Although the CCIA is defined as a political subdivision, the General Assembly has ambiguously characterized the CCIA as a hybrid political entity that possesses attributes of both a state agency and a private insurance company. The General Assembly has also limited the CCIA’s autonomy by retaining substantial control and oversight over the CCIA’s entire operation. Finally, the General Assembly has designated the CCIA as a state agency for liability purposes and included the CCIA within the protections of the risk management fond. Although the question of whether the state or the CCIA would bear the ultimate cost of a § 1983 judgment remains undecided, the fact that the state has agreed to pay such a judgment is compelling evidence that the CCIA is an arm of state.
The holdings of two federal circuit courts of appeal support this conclusion. See Austin, 939 F.2d at 679; Lipofsky v. Steingut, 86 F.3d 15, 17 (2d Cir.1996). In Austin, the Ninth Circuit Court of Appeals held that the Nevada State Industrial Insurance System was an arm of the state for Eleventh Amendment immunity purposes. Id. at 679. Similarly, the Second Circuit Court of Appeals recently held in Lipofsky that although the New York State Insurance Fund, “in certain respects ... functions similarly to a private insurer, we conclude that it is nonetheless a State agency entitled to Eleventh Amendment immunity.” Id. at 16. As the majority’s opinion suggests, we must follow federal law in considering this issue. Despite the majority’s attempts to distinguish these cases, both stand for the proposition that state insurance authorities are arms of the state that deserve Eleventh Amendment im*1316munity. In my view, there is no reason to disregard this federal precedent.
II.
The CCIA is a state-created entity that serves the public function of providing workers’ compensation insurance to all Colorado employers, regardless of risk. In my view, this entity is an arm of the state protected by the Eleventh Amendment. For this reason, I would affirm the court of appeals and uphold the trial court’s dismissal of the § 1983 complaint. Accordingly, I dissent.
I am authorized to say that Justice KOURLIS joins in this dissent.
. As the majority notes, no federal precedent supports limiting this court's analysis to three particular factors. See maj. op. at 1303.
. Minor changes were made to this section in 1996 after the facts giving rise to this appeal arose.
. Additionally, the evolution of the CCIA’s given name evinces that the CCIA has been historically characterized as a state entity. See § 8-54-102(1), 3 C.R.S. (1973) (state compensation insurance fund); § 8-54-102.5(1), 3B C.R.S. (1986) (state compensation insurance authority); § 8-45-101(1), 3B C.R.S. (1996 Supp.) (Colorado compensation insurance authority).
. Contrary to the majority's assertions, the CCIA cannot be categorized with municipalities and counties because it is not constrained by geographical boundaries and local issues. See Mt. Healthy City Sch. Dist. Bd. of Educ. v. Doyle, 429 U.S. 274, 280, 97 S.Ct. 568, 572, 50 L.Ed.2d 471 (1977); Lake Country Estates, Inc. v. Tahoe Reg'l Planning Agency, 440 U.S. 391, 401-02, 99 S.Ct. 1171, 1177-78, 59 L.Ed.2d 401 (1979) (seizing upon the importance of local characteristics of government entity.)
By filling in the gaps in coverage created when private carriers refuse to insure high-risk employers, the CCIA performs an important statewide function by providing affordable insurance "for the benefit of injured and the dependents of killed employees.” See § 8-45-102(1), 3 C.R.S. (1997). In this sense, the CCIA more closely resembles a state agency than a municipality or county.
. CCIA employees are no longer considered state employees; however, section 8-45-101(9), 3 C.R.S. (1997), provides that anyone employed by SCIA prior to July 1, 1987, could elect, before July 1, 1992, to retain their state employee status.
. I filed a dissent to the majority’s opinion in Buckley to state my position that the moneys collected by the CCIA are not public funds subject to section 1 — 45—116(l)(a). See Buckley, 924 P.2d at 530-33 (Vollack, C.J., dissenting).
. Section 8-45-107(2) provides:
The rates so made shall be that percentage of the payroll of any employer which, on the average, shall produce a sufficient sum to:
(a) Carry all claims to maturity such that the rales shall be based upon the reserve and not upon the assessment plan;
(b) Produce a reasonable surplus as provided in articles 40 to 47 of this title, and to cover the catastrophe hazard, and to insure the payment to employees and their dependents of the compensation provided in said articles.