Colorado: Governor examines possible sale of state WC insurer

Officials are considering selling Colorado's interest in Pinnacol Assurance, the state-chartered but independently run and funded workers' compensation insurance firm.

The announcement that Gov. Bill Ritter Jr. has met with JP Morgan to discuss a potential sale after several months of legislative hearings into Pinnacol that concluded in October. An interim committee was charged under Senate Bill 281 with examining the role and operation of the firm. Some lawmakers have said that Pinnacol amassed large reserves and overcompensated its executives while denying injured employees' claims.

The committee, which voted to move forward with seven bills to increase oversight and improve the management of Pinnacol, discussed the idea of selling the company but ultimately recommended against it. Critics of the plan said the state would lose control over the comp insurer if it were sold.

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A spokesperson for the governor said Ritter has not decided whether to move forward with the sale, which would have to be approved by the Colorado Legislature.

Read more at the WORKERSCOMP Forum^TM homepage.

March 4, 2010

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