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Gov. to consider Pinnacol restructuring

A task force will examine the options to restructure Pinnacol Assurance, the state’s workers’ compensation insurance provider. Gov. John Hickenlooper asked the agency to provide options for the future, and the company suggested becoming a private company. Under current law, it is a quasi-public organization with oversight by the legislature. “One of our chief concerns… Continue Reading Gov. to consider Pinnacol restructuring

The embattled state-owned workers’ compensation insurer of last-resort has withdrawn as the administrator of state employees’ claims, forcing Colorado to hire an independent contractor. One year remained on Pinnacol’s contract as an administrator of state employees’ workers’ compensation claims when it terminated its services and forced Colorado to put the services out to bid. State… Continue Reading Pinnacol withdraws as workers comp administrator

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Pinnacol to pay $15 million to policy holders

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State workers’ compensation insurer, Pinnacol Assurance, will have to pay $15 million back to some of its policy holders and an $80,000 civil penalty under a settlement announced today with the Division of Insurance. The division discovered some irregularities with the way Pinnacol was determining rates for workers’ compensation claims. The company is a quasi-governmental… Continue Reading Pinnacol to pay $15 million to policy holders

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Pinnacol officials face Colo. lawmakers

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Colorado lawmakers are questioning huge salaries and bonuses paid to executives of the state-chartered workers’ compensation insurer Pinnacol Assurance. A state audit released Monday found the quasi-governmental agency paid more than $1.9 million in bonuses to employees from 2007 to 2009. Lawmakers also were stunned to learn that executives set up golden parachutes that require… Continue Reading Pinnacol officials face Colo. lawmakers

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Pinnacol valued at $374 million

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Pinnacol Assurance is worth as much as $374 million to the state, the Denver Post is reporting. That value, figured according to an an Morgan Stanley analysis, is nearly twice the amount the state-chartered workers’ compensation insurance fund offered the state under a proposal that would grant the quasi-governmental agency nearly full autonomy. Pinnacol officials made the offer… Continue Reading Pinnacol valued at $374 million

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Regional Business News – Aug. 31, 2009

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Clean energy economy legislation expected The Northern Colorado Business Report is reporting that U.S. Department of the Interior Secretary Ken Salazar and Gov. Bill Ritter told an invitation-only crowd of about 350 on Thursday that the Obama administration is looking to “jump start” a clean energy economy with new legislation this year. The American Clean… Continue Reading Regional Business News – Aug. 31, 2009

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Officials at the National Federation of Independent Business are not happy. Their ire was raised today when the Colorado Senate voted 18-to-15, to support Senate Bills 283 and 271 which allow the state to reallocate Workmen’s Compensation reserves held by Pinnacol Assurance in order to provide $300 million in funding for higher education and another… Continue Reading Small businesses at odds with Senate over Pinnacol vote

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