the scariest part of this is the idea that state government could end up in controll of ALL of the surplus. I’m not a huge fan of Pinnacol but they have helped create a competetive, although artificially low, workers comp market in CO. They don’t pay premium taxes or into the guaranty fund so it will be interesting to see the legal ramifications of this. Wasn’t it Ralph Nader who went after State Farm a few years back because their “reserves/surplus was too high”? Wonder if he feels that way now.
Update. As of this morning our socialistic legislatures decided not to confiscate the surplus. The state’s attorney (solicitor general) said last week, that if Pinnacol sued he could not defend the state.
Now they need to force Pinnacol to pay premium tax and into the guarantee fund. Article said the state could collect up to 40 million if they paid the taxes other insurance companies pay.
here’s the problem i have, if we are this far behind in the budget, how did we function last year? have we got our state money involved in too much of the stock market, we lost this money? how come the congressional folks can put a tax emergency and tap any source of income? why not cut their own salary to help with the budget? why not cut down their own spending of tax dollars for trips, company cars, frivilous committee meetings and such? sounds as if the taxpayer has no say in what is being done w/their money…
the scariest part of this is the idea that state government could end up in controll of ALL of the surplus. I’m not a huge fan of Pinnacol but they have helped create a competetive, although artificially low, workers comp market in CO. They don’t pay premium taxes or into the guaranty fund so it will be interesting to see the legal ramifications of this. Wasn’t it Ralph Nader who went after State Farm a few years back because their “reserves/surplus was too high”? Wonder if he feels that way now.
Update. As of this morning our socialistic legislatures decided not to confiscate the surplus. The state’s attorney (solicitor general) said last week, that if Pinnacol sued he could not defend the state.
Now they need to force Pinnacol to pay premium tax and into the guarantee fund. Article said the state could collect up to 40 million if they paid the taxes other insurance companies pay.
here’s the problem i have, if we are this far behind in the budget, how did we function last year? have we got our state money involved in too much of the stock market, we lost this money? how come the congressional folks can put a tax emergency and tap any source of income? why not cut their own salary to help with the budget? why not cut down their own spending of tax dollars for trips, company cars, frivilous committee meetings and such? sounds as if the taxpayer has no say in what is being done w/their money…