Pinnacol Assurance Spending Scrutinized By The Governor
Workers pay billions of dollars into insurance policies every year. Yet, every year there are stories of people having to scratch and claw with these same insurance providers to get the money and the services they need from the policies they paid on. The question is, where does all that money go, if it is not being used to pay for claims?
News9 reports Pinnacol Assurance executives were caught using the money last year for high-end golf trips and expensive Christmas presents, costing policyholders hundreds of thousands, if not, millions of dollars.
Due to this, Gov. John Hickenlooper has recommended that the company scrutinize on spending and tighten up trip budgets. The changes come two months after Hickenlooper requested the investigation by a task force committee from the board of directors. Some of the changes brought on by the investigation include:
- Three new board members
- More client incentives, rather than employee incentives
- More frugal planning and spending on trips
- Clear Lines drawn between board members and management
- Spouses will no longer be paid for on trips
- Temporary severance of relationships with lobbyists
The company services over 55,000 Colorado businesses and provides Workers’ Compensation insurance for more than 1 million workers.
Cases like this show that the insurance companies are only out for themselves. If you have been injured on the job, you need a Colorado Workers’ Compensation Lawyer on your side to fight for you. The attorneys with The McDivitt Law Firm do just that. Contact them here to discuss your case.Back to the Blog