News - Local
Colorado Senate president opposes selling Pinnacol
Posted: Feb 22, 2010 3:27 PM by Bea Karnes, News First 5
The leader of the Colorado Senate says he's opposed to selling off a state-created workers' compensation insurer to help balance the budget. President Brandon Shaffer said Monday that he wouldn't authorize late legislation in the Senate to privatize Pinnacol Assurance. Pinnacol recently offered the state $200 million for greater autonomy.
Gov. Bill Ritter has also asked an investment banker to study a sale of the company. Its assets have been valued at $2 billion.
Shaffer said Pinnacol's low offer wasn't the main reason for his opposition, but he didn't elaborate.
Other lawmakers have said they're concerned about the potential effect on workers and possible premium increases if it's no longer under state oversight.
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