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According to the recent audit fromDeloittwe & Touche LLP, which lawmakers reviewe Monday, the decrease is related to losseds on bonds and common stocks. Pinnacol’s reservee were a source of scrutiny earliedr this year when Coloradp legislators attempted toraid $500 million from the insurert to plug gaps in the statd budget. Lawmakers argued that because Pinnacol is a politicak subdivision ofthe state, its reservea were fair game. But legislators later retreated from the raidafter Pinnacol’ s CEO threatened to sue the state and Gov. Bill Rittef indicated he would not supportgthe move.
A special committe e will lookinto Pinnacol’s operationw under Senate Bill 281, approved by lawmakers and Ritter duringv the most recent General Assembly. Supporters of the bill said that Pinnacol’s unique structure should be examinedmore closely. But opponentsw of the legislation say the committew isa “witch hunt” to dismantlr Pinnacol, which functioned betteer since it started operating as a private interest in 2004. In an auditt summary, Deloitte said it identified financial misstatementasthat haven’t been corrected in the company’se books totaling $7.5 million in net income.
Pinnacol repliedx that the uncorrected statements are Pinnacol reported a totalof $2 billion in assets in 2008. It declared additional policyholdef dividendsof $120 million that year.
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