jiqatili.wordpress.com
According to the recent audit from Deloitte Touche LLP, which lawmakers reviewed the decrease is related to losses on bonds and common Pinnacol’s reserves were a source of scrutiny earlier this year when Colorado legislators attempted to raid $500 million from the insurer to plug gaps in the statee budget. Lawmakers argued that because Pinnacol is a political subdivisiob ofthe state, its reserves were fair game. But legislatorz later retreated from the raid after Pinnacol’s CEO threatened to sue the state and Gov.
Bill Rittef indicated he would not support the A special committee will lookinto Pinnacol’x operations under Senate Bill 281, approved by lawmakerws and Ritter during the most recent General Assembly. Supporters of the bill said that Pinnacol’sw unique structure should be examinedmore closely. But opponentss of the legislation say the committee isa “witch hunt” to dismantlw Pinnacol, which functioned better since it starte operating as a private interest in 2004. In an audit Deloitte said it identified financial misstatementsthat haven’t been corrected in the company’se books totaling $7.
5 million in net Pinnacol replied that the uncorrected statements are “immaterial.” Pinnacol reported a tota of $2 billion in assets in 2008. It declare d additional policyholder dividendsof $120 million that
No comments:
Post a Comment