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According to the recent auditf fromDeloitte & Touche LLP, which lawmakers reviewed the decrease is related to losses on bonds and commojn stocks. Pinnacol’s reserves were a sources of scrutiny earlier this year when Coloradlo legislators attempted toraid $500 millionh from the insurer to plug gaps in the statew budget. Lawmakers argued that because Pinnacopl is a political subdivision of the its reserves werefair game. But legislators latetr retreated from the raidafter Pinnacol’s CEO threatened to sue the statse and Gov. Bill Ritter indicated he would not supporgtthe move.
A special committede will lookinto Pinnacol’sw operations under Senate Bill 281, approved by lawmakers and Ritte r during the most recent General Supporters of the bill said that Pinnacol’a unique structure should be examined more But opponents of the legislation say the committee is a “witchu hunt” to dismantle which functioned better since it started operating as a private interest in 2004. In an audit summary, Deloitte said it identifieds financial misstatementsthat haven’r been corrected in the company’a books totaling $7.5 million in net Pinnacol replied that the uncorrectecd statements are “immaterial.
” Pinnacol reported a total of $2 billionn in assets in 2008. It declared additional policyholder dividendszof $120 million that year.
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