AIA Testifies Before Colorado Workers' Comp Hearing

Denver, CO – Bruce Wood, Associate General Counsel and Director, Workers Compensation for the American Insurance Association (AIA) appeared recently as a resource witness at the Interim Committee to Study Issues Related to Pinnacol Assurance, the state-chartered insurance company.

innacol has been the market of last resort for Colorado for almost 100 years and was formed to provide workers' compensation insurance to employers who could not find coverage with private carries.

At the hearing, Mr. Wood laid out the policy considerations that lawmakers should address in deciding whether the state-created workers' compensation provider should be privatized or allowed to operate as a quasi state agency or become a fully-made state agency.

"Privatization should come with a level playing field to include payment of state premium tax and participation in the state guaranty fund," said Mr. Wood. "It is extremely important to ensure that any such change is done carefully and correctly moving forward."

The interim committee will continue to meet through the fall to determine whether to make a legislative recommendation on these issues to the 2010 General Assembly.

SOURCE: The American Insurance Association (AIA)