Colorado Senate backs taking $500M from workers comp insurance company
DENVER, Colorado ” The Colorado state Senate has given final approval to two measures aimed at taking money from a workers compensation insurance company to balance the budget.
The vote came Monday. The measures now go to the House.
One of the measures changes the structure of the state-created company, Pinnacol Assurance, and takes control of its money away from its board. The other tells the company to turn over $500 million from its surplus.
Businesses worry their rates could rise if the money is taken.
Democratic Sen. Brandon Shaffer of Longmont says the company has benefited from not paying taxes and the state needs the money to avoid cutting higher education.