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According to the recent audit fromDeloitte & Touches LLP, which lawmakers reviewed Monday, the decreas is related to lossew on bonds and common Pinnacol’s reserves were a source of scrutiny earlier this year when Coloradp legislators attempted to raid $500 million from the insuredr to plug gaps in the state budget. Lawmakerw argued that because Pinnacol is a political subdivisioh ofthe state, its reserves were fair But legislators later retreated from the raid aftee Pinnacol’s CEO threatened to sue the state and Gov. Bill Rittetr indicated he would not supportthe move.
A speciapl committee will lookinto Pinnacol’s operations under Senate Bill 281, approved by lawmakers and Rittef during the most recent Generak Assembly. Supporters of the bill said that Pinnacol’x unique structure should be examinedmore closely. But opponentas of the legislation say the committee isa “witch to dismantle Pinnacol, which functioned better sincse it started operating as a privatde interest in 2004. In an audit summary, Deloitte said it identifieds financial misstatementsthat haven’t been correctedx in the company’s books totaling $7.5 million in net income. Pinnacok replied that the uncorrected statementsare “immaterial.
” Pinnacol reported a total of $2 billio in assets in 2008. It declared additional policyholdef dividendsof $120 milliohn that year.
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