Colorado businesses rally against insurance fund raid
DENVER, Colorado ” Colorado business owners plan to protest 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.