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Member, Beacon International Group, Ltd.
DENVER—Marcia Benshoof resigned from Pinnacol Assurance’s board of directors, a spokesman for Colorado Gov. John Hickenlooper said Wednesday.
On Tuesday, seven members of Colorado’s Senate Judiciary Committee unanimously voted not to recommend her confirmation for a permanent appointment to Pinnacol’s board.
Ms. Benshoof—one of Business Insurance’s 2011 Women to Watch honorees—had been on the Denver-based insurer’s board since January, according to reports.
Gov. Hickenlooper nominated Ms. Benshoof to the board and his office expressed disappointment when the Senate Committee rejected her nomination.
“We think she was an outstanding choice and are disappointed she was not confirmed,” the governor’s spokesman said.
Reports say that because Ms. Benshoof previously served as Pinnacol’s chief business officer for 11 years, the Judiciary Committee questioned whether she could provide impartial direction at a time when the state-created insurer has been pursuing privatization goals.
DENVER—A plan to privatize Pinnacol Assurance has stalled following questions about the proposal from the insurer's stakeholders, including employers.