Categorized | Featured Stories, Pinnacol

Pinnacol Assurance Deal Comes Off Colorado’s Table

The proposal to give Pinnacol Assurance nearly full autonomy in exchange for potentially hundreds of millions of dollars to the state will not happen this year, The Denver Post reports.

That fact was confirmed by officials with the quasi-governmental worker’s compensation insurance fund today.

“Today we were advised that Pinnacol’s proposed plan to separate from the State of Colorado will not be considered by the Colorado General Assembly during the 2010 session,” Pinnacol President and chief executive Ken Ross said in a statement.

In other coverage:

The Denver Business Journal: The Colorado Legislature ended discussion of a $330 million deal in which Pinnacol Assurance would buy itself out from under state control Tuesday, leaving the quasi-governmental workers’ compensation agency full of reserve money, but fearful that a future Legislature will raid it. The end to roughly six months of negotiations between Pinnacol and Gov. Bill Ritter’s office came one day before six bills that would restrict some of the company’s activities are due to be heard in the Senate Judiciary Committee. Senate President Brandon Shaffer, D-Longmont, who sponsored a failed 2009 effort to take $500 million from Pinnacol’s reserves, said that any potential deal would be killed in his chamber, according to House Speaker Terrance Carroll, D-Denver.

Leave a Reply

You must be logged in to post a comment.