Colo. businesses rally against insurance fund raid

By: Associated Press Email
By: Associated Press Email

Denver (AP) - Colorado business owners are protesting a plan by lawmakers to take money from a workers compensation insurance company to help balance the state's budget.

They plan to rally Monday at the capitol before another vote on the issue in the senate.

Some lawmakers want to take $500 million from the reserves of Pinnacol Assurance. The state-created company is Colorado's dominant workers' compensation insurer, and businesses worry their rates could rise if the money is taken.

State law says the reserves are controlled by Pinnacol's board, but last week senators gave initial backing to a bill taking that power away. They also gave initial approval to taking the $500 million.

Pinnacol's reserves are about six times larger than required by state regulators.
(COPYRIGHT 2009 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)


KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.

powered by Disqus
KKCO NBC 11 News 2531 Blichmann Avenue Grand Junction, CO 81505 Station Phone: 970.243.1111 Business Fax: 970.243.1770 Newsroom Fax: 970.245.3793 News Tip & Contest Line: 970.255.8477
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 42906902 - nbc11news.com/a?a=42906902