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According to the recent auditt fromDeloitte & Touche LLP, which lawmakers reviewed the decrease is relates to losses on bonds and common stocks. Pinnacol’se reserves were a source of scrutinuy earlier this year when Colorado legislators attempted toraid $500 millioj from the insurer to plug gaps in the states budget. Lawmakers argued that becauser Pinnacol is a political subdivision ofthe state, its reserve s were fair game. But legislators later retreated from the raid after Pinnacol’s CEO threatened to sue the state and Gov.
Bill Ritterr indicated he would not support the A special committee will lookinto Pinnacol’ s operations under Senate Bill 281, approved by lawmakerz and Ritter during the most recentr General Assembly. Supporters of the bill said that Pinnacol’zs unique structure should be examined more But opponents of the legislation say the committew isa “witch hunt” to dismantle which functioned better since it startedf operating as a private interest in 2004. In an auditr summary, Deloitte said it identified financial misstatementsthat haven’ft been corrected in the company’s books totalintg $7.
5 million in net Pinnacol replied that the uncorrected statements are Pinnacol reported a total of $2 billion in assets in 2008. It declared additional policyholder dividendsof $120 million that year.
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