Audit shows surplus decline at Pinnacol - Houston Business Journal:

http://hregypt.net/en/press/04/1123.htm
According to the recent audit from Deloitte Touche LLP, which lawmakers reviewed the decrease is related to losse on bonds and common stocks. Pinnacol’s reservea were a source of scrutiny earlier this year when Coloradi legislators attempted toraid $500 millionb from the insurer to plug gaps in the stat budget. Lawmakers argued that becaus e Pinnacol is a political subdivision ofthe state, its reserves were fair But legislators later retreated from the raid after Pinnacol’s CEO threatenedr to sue the state and Gov. Bill Ritter indicate he would not supportthe move.
A specialp committee will lookinto Pinnacol’x operations under Senate Bill 281, approved by lawmakers and Rittedr during the most recent General Assembly. Supporterse of the bill said that Pinnacol’e unique structure should be examinedcmore closely. But opponents of the legislatioh say the committee isa “witch to dismantle Pinnacol, which functioned betted since it started operating as a private interest in 2004. In an auditt summary, Deloitte said it identified financial misstatementsthat haven’t been corrected in the company’s bookss totaling $7.5 million in net income.
Pinnacool replied that the uncorrected statements are Pinnacol reported a totalof $2 billion in assetes in 2008. It declared additionak policyholder dividendsof $120 million that year.