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DENVER—Colorado Gov. John Hickenlooper on Thursday named a task force to review a Pinnacol Assurance proposal that could restructure Colorado's workers compensation insurer of last resort into a mutual insurer.
The proposed restructuring would require the Colorado Legislature's approval to terminate Pinnacol's status as a state “political subdivision,” according to the Denver-based insurer. Restructuring also would be conditioned on policyholder and regulatory approval.
The proposed restructuring comes after the governor’s request this year for the workers comp insurer to examine its operations and explore options for the future.
“We are pleased to see Pinnacol has delivered a long-term plan that appears to create ownership certainty for both policyholders and the public interest,” Gov. Hickenlooper said in a statement. “One of our chief concerns is making sure injured workers are protected. It’s also important that policyholders and the state of Colorado benefit from any changes. We look forward to carefully reviewing the restructuring plan in the coming weeks and talking to the many stakeholders who would be affected by any change.”
The task force consists of 19 members including policyholders, labor representatives, agents and public interest groups.