2009 Proposed Legislation

Senate Bill 281 (SB 281) - Passed and signed into law by Governor Ritter 6/1/09

 Summary:

This bill includes provisions for performance and financial audits and creates an interim committee to study Pinnacol Assurance and the workers' compensation systems in Colorado.

Sponsors: Senate— Shaffer, B (D), Groff (D), Hodge (D), Keller (D), Morse (D), Romer (D), White (R) House— Weissman(D)

  • Sets up a committee to study worker safety, workers' compensation laws in Colorado and recommend changes to make to Pinnacol, including possible sale of company. 

  • Requires the legislative auditor to conduct, at Pinnacol's expense, at least one "performance audit" in 2009 to look at executive pay, rates, reserves, and injured worker experience, and authorizes the legislative auditor to conduct future such audits at his/her discretion. 

Read the full text of SB281 here.

Senate Bill 273 (SB 273) - Pulled 4/15/09

 Summary: 

This bill requires the transfer of funds from Pinnacol Assurance to the State Treasury.

Sponsors: Senate — White (R), Keller (D), Tapia (D);  House — Marostica (D), Ferrandino (D), Pommer

Summary:

  • Requires Pinnacol to transfer $500M to the state sometime between July 1 and September 1, 2009.

  • Requires Pinnacol by June 1 to present a plan for transferring the $500M.

  • Strikes language about Pinnacol operating as a domestic mutual insurance company.

  • Strikes language that says Pinnacol's assets belong to Pinnacol and can't be taken or borrowed by the state.

  • Strikes language regarding regulation by the commissioner of insurance having to do with the transfer of control of assets from the state treasurer to Pinnacol years ago.

  • Appropriates about $589M to higher education.

Read the full text of SB273 here.