Polis proposes conversion of Pinnacol in controversial measure to balance budget
By Ed Sealover | The Sum & Substance
Gov. Jared Polis’ pitch to convert Pinnacol Assurance into an independent company is being driven not just by money it could generate for the state budget but by the belief that failing to loosen the company’s operational restrictions could jeopardize its sustainability.
The Democratic governor sat for an interrogation before the powerful Joint Budget Committee on Wednesday about his plans to address a nearly $1 billion budget shortfall, including $638 million in expense cuts and revenue additions he has proposed. Among the most prominent and controversial of those suggestions is a proposal to allow the state-chartered workers’ compensation insurer of last resort to act as a private company, which could add $100 million to next year’s budget a...