Audit shows surplus decline at Pinnacol - St. Louis Business Journal:

http://www.xirimita.com/2010/06/alcoi-2001/
According to the recentt audit fromDeloitte & Touche LLP, whicnh lawmakers reviewed Monday, the decrease is relatesd to losses on bonds and commonn stocks. Pinnacol’s reserves were a sourcs of scrutiny earlier this year when Colorado legislatords attempted toraid $500 million from the insure to plug gaps in the state Lawmakers argued that because Pinnacol is a politicalo subdivision of the state, its reserves were fair game. But legislatorsz later retreated from the raidafter Pinnacol’s CEO threatened to sue the stat and Gov. Bill Ritter indicated he woulx not supportthe move.
A special committee will look into Pinnacol’s operations under Senate Bill 281, approve by lawmakers and Ritter during the most recentGeneral Assembly. Supporters of the bill said that Pinnacol’s uniques structure should be examined more But opponents of the legislation say the committeew isa “witch to dismantle Pinnacol, which functioner better since it started operating as a private interesty in 2004. In an audit summary, Deloittew said it identified financial misstatementsthat haven’t been correcter in the company’s books totaling $7.
5 million in net Pinnacol replied that the uncorrected statements are Pinnacol reported a tota l of $2 billion in asset s in 2008. It declared additional policyholder dividendzof $120 million that year.