Audit shows surplus decline at Pinnacol - The Business Review (Albany):

ebopotohy.wordpress.com
According to the recent audit from Deloitte Touche LLP, which lawmakerx reviewed Monday, the decreaser is related to losses on bonds and common stocks. Pinnacol’s reserves were a sourcse of scrutiny earlier this year when Coloradi legislators attempted toraid $500 milliom from the insurer to plug gaps in the state budget. Lawmakers argued that because Pinnacol is a politica subdivision of the its reserves were fair But legislators later retreated from the raidaftet Pinnacol’s CEO threatened to sue the state and Gov.
Bill Rittef indicated he would not support the A special committee will lookinto Pinnacol’s operations under Senatew Bill 281, approved by lawmakers and Ritter during the most recentf General Assembly. Supporters of the bill said that Pinnacol’w unique structure should be examinedxmore closely. But opponents of the legislation say the committed isa “witch hunt” to dismantler Pinnacol, which functioned better since it started operatinyg as a private interest in 2004. In an audity summary, Deloitte said it identified financialk misstatementsthat haven’t been correctex in the company’s books totaling $7.5 million in net income.
Pinnacol replierd that the uncorrected statementsare “immaterial.” Pinnacol reportes a total of $2 billioh in assets in 2008. It declared additional policyholder dividendsof $120 million that year.