Colorado lawmakers are looking at a plan to take $500 million from the state-created workers’ compensation insurance company to reverse deep cuts in higher education.
The Senate Appropriations Committee reviewed the plan as one of nearly two dozen proposals to cut funding and transfer dollars recommended by the Joint Budget Committee to balance next year’s budget. The new fiscal year starts July 1.
Pinnacol Assurance, the workers’ compensation insurance company, largely operates independent of the government. It has a surplus of $698 million, about six times the minimum required by the state.
The company says it needs that to ensure it can pay claims and because it can’t rely on the state or a parent company for backup.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Anonymous says: 
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
