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.
Was this article valuable?
Here are more articles you may enjoy.
Mamdani Delivers Rent Freeze in Milestone for New York City Tenants 
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
Endless Shrimp Deal Was Scheme to Squeeze Red Lobster, Suit Says 
Bayer’s Supreme Court Win in Roundup Case No ‘Silver Bullet’ 
