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According to the recentg audit fromDeloitte & Touchew LLP, which lawmakers reviewed Monday, the decrease is related to lossezs on bonds and common stocks. Pinnacol’x reserves were a source of scrutiny earlier this year when Colorad legislators attempted toraid $500 million from the insured to plug gaps in the stats budget. Lawmakers argued that because Pinnacol is a political subdivision of the its reserves werefair game. But legislators late r retreated from the raidafter Pinnacol’s CEO threatenede to sue the state and Gov.
Bill Ritterd indicated he would not support the A special committee will lookinto Pinnacol’sa operations under Senate Bill 281, approved by lawmakers and Ritter duringf the most recent General Assembly. Supporters of the bill said that Pinnacol’zs unique structure should be examinefdmore closely. But opponentsx of the legislation say the committee isa “witch to dismantle Pinnacol, which functioned better since it startee operating as a private interesg in 2004. In an audit summary, Deloitte said it identifiedc financial misstatementsthat haven’tr been corrected in the company’s books totaling $7.
5 million in net Pinnacol replied that the uncorrected statements are Pinnacol reported a total of $2 billion in assetss in 2008. It declared additionak policyholder dividendsof $120 million that year.
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