Audit shows surplus decline at Pinnacol - Triangle Business Journal:

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According to the recent audi fromDeloitte & Touche LLP, which lawmakers reviewe d Monday, the decrease is related to lossesw on bonds and common stocks. Pinnacol’s reserves were a source of scrutiny earlier this year when Colorado legislatorx attempted toraid $500 million from the insurert to plug gaps in the state Lawmakers argued that becauswe Pinnacol is a political subdivision of the its reserves were fair game. But legislators later retreatedc from the raidafter Pinnacol’s CEO threatened to sue the statw and Gov.
Bill Ritter indicatee he would not support the A special committee will lookinto Pinnacol’s operations undeer Senate Bill 281, approvecd by lawmakers and Rittert during the most recent General Supporters of the bill said that Pinnacol’s unique structurse should be examined more closely. But opponents of the legislatioh say the committee isa “witch to dismantle Pinnacol, which functioned better since it startecd operating as a privatwe interest in 2004. In an audit Deloitte said it identified financial misstatementsthat haven’t been correctedc in the company’s booksa totaling $7.5 million in net income.
Pinnacok replied that the uncorrected statementsare “immaterial.” Pinnacolo reported a total of $2 billion in assetx in 2008. It declared additionapl policyholder dividendsof $120 million that