Colo. house panel approves takeover of insurer

By: Associated Press Email
By: Associated Press Email

Denver (AP) - A house committee has approved a bill to take over a state-created workers compensation insurance company to balance next year's budget.

Lawmakers are hoping to use some of Pinnacol Assurance's reserves to avoid huge cuts in higher education.

The legislature is searching for dollars amid a big drop in tax revenues because of the recession.

The bill approved Tuesday by the House Appropriations Committee Changes the structure of Pinnacol and takes control of its money away from its board.

Lawmakers will consider a separate bill that would take $500 million from Pinnacol's surplus to reverse cuts to higher education.

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