Colorado’s state-created workers’ compensation insurance company head, Kevin Ross, believes the organization would run more efficiently if it were privatized.
Speaking before state lawmakers this week, CEO Ross stated Pinnacol Assurance paid $347 million in dividends to policyholders dating back to its creation. In Ross’ mind, Pinnacol could do even better by becoming a mutual insurance company.
Pinnacol Assurance traces its history back to the state fund created in 1915 to take care of injured workers. However, state lawmakers agreed to spin it off in 2002. It’s viewed officially by law as a political subdivision of Colorado, but the company, not the state, has power over its funds. workersxzcompxzkit)
Colorado lawmakers this year attempted to tap into the company for money to balance the state budget, but decided to put off discussions until later in the year.
Author: Robert Elliott, J.D.
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