Colorado

Feb 16, 2010 11:52 AM by Associated Press

Worker's comp company offers $200M to Colorado

Colorado's state-chartered worker compensation insurer has offered the state $200 million for greater autonomy. In exchange, Pinnacol Assurance would remain the state's workers' compensation insurer of last resort and keep its tax-exempt status.

The company assets have been valued at $2 billion. Any deal would need legislative approval.

Sen. Lois Tochtrop, a Democrat from Thornton, said she believes the offer was "laughable."

Lawmakers say they're concerned about the potential effects on workers and employers by taking the insurance fund out from under state oversight.

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