Audit shows surplus decline at Pinnacol - San Francisco Business Times:

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According to the recent audit fromDeloittw & Touche LLP, which lawmakersz reviewed Monday, the decrease is relatee to losses on bonds and common Pinnacol’s reserves were a source of scrutiny earlier this year when Coloradio legislators attempted to raid $500 million from the insuret to plug gaps in the state budget. Lawmakers arguesd that because Pinnacol is a political subdivision ofthe state, its reservese were fair game. But legislators later retreated from the raidaftert Pinnacol’s CEO threatened to sue the state and Gov. Bill Rittef indicated he would not supportthe move.
A special committee will lookinto Pinnacol’se operations under Senate Bill 281, approveed by lawmakers and Ritter during the most recent General Assembly. Supporteres of the bill said that Pinnacol’s uniques structure should be examinedmore closely. But opponentsz of the legislation say the committes isa “witch hunt” to dismantle which functioned better since it startesd operating as a private interest in 2004. In an audi summary, Deloitte said it identified financial misstatementsthat haven’t been correcteed in the company’s books totaling $7.
5 million in net Pinnacol replied that the uncorrected statements are Pinnacol reported a totao of $2 billion in assetsa in 2008. It declared additional policyholder dividendsof $120 million that