|
|
|
|
| November 06, 2009 |
 |
|
local newsEmail this article to a friend
Pinnacol Assurance warns against increased regulation
FORT COLLINS - An attorney for Pinnacol Assurance, Colorado's largest workers' compensation provider, said Friday that seven bills proposed by an interim committee of the Colorado Assembly are a threat to the company's ability to effectively provide workers' compensation services to businesses in the state.
Daniel O'Neil, general counsel and vice president of claims for Pinnacol, told a group of about 65 business people and others that the bills -- all offered by Democrats serving on the interim committee appointed by the Legislature -- collectively imperil Pinnacol's future success.
"We don't think legislators should get involved in a business that frankly they don't know a lot about," O'Neil said at the BBB/Pinnacol Workers' Compensation Safety Xpo 2009 event held at the Fort Collins Hilton.
The proposed bills, which must still get approval from the Legislative Council before they can be presented for action in January, cover a wide range of possible new regulations for Pinnacol. One from Rep. Su Ryden of Arapahoe County, for example, calls for Pinnacol to return a dividend to policyholders if its surplus exceeds 800 percent of its risk-based capital.
O'Neil said that would be bad for Pinnacol. "By putting this limitation on us it limits our ability to be effective in the marketplace," he said. "It is just really an arbitrary number."
Another proposed bill offered by Rep. Joe Miklosi of Denver would change the makeup of Pinnacol's board of directors, requiring two employee members to be non-management employees and two other members to be an injured worker and the executive director of the state's Department of Labor and Employment or his or her representative.
O'Neil said Pinnacol believes it now has the right board membership and it doesn't need changed. "Right now we think it's working very well," he said.
Other proposed bills would limit Pinnacol's ability to conduct surveillance activities in cases where fraud is suspected; increase the fine for insurers or employers violating workers' compensation laws from $500 to up to $1,000; and prohibit financial incentives from being given to anyone for denying or delaying a workers' compensation claim.
"We don't do that," O'Neil said. "It just doesn't occur."
O'Neil said Pinnacol has not yet taken a formal stance on any of the proposed bills but would soon, adding that he expects most if not all of the bills to go on to the Legislature for action.
Meantime, Pinnacol has created the Pinnacol Assurance Legislative Action Network, a web-based effort to keep employers informed of legislation movement and quickly contact state lawmakers to make their views known.
The 16-member interim committee included Democratic and Republican lawmakers, Pinnacol representatives, the commissioner of insurance and others, and met six times during the summer to study Pinnacol, a "political subdivision" of the state.
Last spring, lawmakers considered using Pinnacol's $500 million-plus surplus to help balance the state's budget but ultimately backed away from doing so. Instead, the legislature set up the interim committee to study how the 58,000-member, semi-private company works and what improvements it might need to perform better. |
|
Lawmakers set higher education discussion
FORT COLLINS - Three Fort Collins area Democratic state legislators will host a Nov. 18 panel that will discuss higher education issues in light of funding priorities to be considered in the next legislative session.
Sen. Bob Bacon and Reps. John Kefalas and Randy Fischer will present "Why Higher Education is Critical to Colorado's Economy and Future," to be held from 6:30 to 8:30 p.m. at the Fort Collins Coloradoan Community Room, 1300 Riverside Ave.
Panelists will include Tony Frank, Colorado State University president; Joe Blake, Colorado State University System chancellor; James Butzek, Front Range Community College Larimer campus vice president; and Kris Binard, Front Range Community College Larimer campus dean of student services.
The event is open to the public and will focus on the value of higher education to business and the state's economic future.
For more information, call Kefalas at 720-254-7598 or Emily Arell at 303-866-2474. |
|
Larimer tax lien sale Nov. 18
LOVELAND - The annual Larimer County tax lien sale will be held Nov. 18 at the McKee Community Building at The Ranch in Loveland.
Doors open at 7:30 a.m. and the sale will begin after everyone has registered. Those who would like to receive a packet for the tax lien sale should send $5 to the Larimer County Treasurer's Office, Attention: Tax Sale Civil Deputy, P.O. Box 1250, Fort Collins, 80522.
For more information, call 970-498-7032. |
|
Colorado State Parks closing most reservoirs in winter
DENVER - Colorado State Parks will close most of the state's 29 park reservoirs to boating this winter in an effort to prevent the spread of zebra and quagga mussels and other aquatic nuisance species.
"During the cold winter months, boating declines," said Gene Seagle, coordinator for the invasive species program for Colorado State Parks. "The boating ramps at most state parks are closed off to prevent access by motorized and trailered watercraft. Boaters should check with the state park that's their destination before heading out because the ramp may be closed. Some parks may still also offer hand launch of canoes or kayaks."
Parks that have already closed ramps include: Barr Lake, Bonny Lake, Crawford, Elkhead Reservoir, Harvey Gap, Highline Lake, Lathrop, Mancos, John Martin Reservoir, North Sterling, Paonia, Pearl Lake, Ridgway, Rifle Gap, San Luis, Stagecoach, Sweitzer and Vega. Steamboat Lake State Park closed its ramps Friday.
State parks with ramps closing Dec. 1 include Boyd Lake, Chatfield, Cherry Creek, Eleven Mile, Jackson Lake, Navajo, Spinney Mountain and Trinidad Lake. However, those ramps could close earlier if the lakes freeze.
This year, inspectors checked more than 200,000 boats and found adult mussels on 10 watercraft. Another 500 vessels with standing water were decontaminated. |
|
UQM posts better second quarter than 2008
FREDERICK - UQM Technologies Inc. (NYSE Amex: UQM) saw a significant improvement in its financial performance for the first half and second quarter of its fiscal 2009.
The Frederick-based supplier of electric propulsion motors and generators to the automotive, truck, bus, off-road vehicle and military markets, announced a net loss for the second quarter of $496,037 or $0.02 per common share on total revenue of $2,270,542. This compares to a net loss of $1,538,111 or $0.06 per common share on total revenue of $2,277,331 for the second quarter last fiscal year.
Operations for the six month period ended Sept. 30 resulted in a net loss of $1,125,153 or $0.04 per common share on total revenue of $4,399,861, much better than last year's net loss of $2,537,826 or $0.10 per common share on total revenue of $4,070,686.
Donald A. French, UQM treasurer and chief financial officer, attributed the improvement to increased product sales, which rose 9 percent and 23 percent for the quarter and six month period, respectively, as well as lower production costs. During the period, the company saw the production launch of an electric propulsion system for Coda Automotive's five passenger all-electric passenger automobile scheduled for introduction in the California market in mid-2010.
"In addition, last week we closed on a public offering of 8.625 million shares of common stock resulting in net proceeds to the company of approximately $32 million, raising our cash and short-term investments to approximately $37 million," French added in a statement announcing the results Thursday. "These additional funds will be used for facilities, tooling and equipment expenditures and working capital requirements associated with the launch of volume manufacturing operations for Coda Automotive."
President and Chief Executive Officer William G. Rankin added that during the second quarter UQM received low-volume orders from 21 customers, which represent the first step in the sales process leading to the inclusion of the company's propulsion systems and generators into new vehicle development programs.
At the end of the trading day, shares of UQM were up 4 cents to $4.80. |
|
|
national news
U.S. jobless rate surges to 10.2 percent
WASHINGTON (Reuters) - The U.S. jobless rate unexpectedly jumped to 10.2 percent last month, a 26-1/2-year high, adding to pressure on the Obama administration to do more to tackle unemployment even as signs of recovery mount.
SEC sees evolution in insider trading
NEW YORK (Reuters) - A top U.S. securities regulator said some funds may now view insider trading as a central tenet of their business models, rather than as a one-time opportunity for big rewards as sometimes happened in the 1980s.
IMF warns G20 off cutting economic support too fast
ST ANDREWS, Scotland (Reuters) - The International Monetary Fund warned global financial leaders on Friday not to repeat the mistakes of the Great Depression and choke off emergency support for their economies too quickly.
|
|
|
|
©2010 Northern Colorado Business Report. All rights reserved.
This service is provided on NCBR's standard Terms & Conditions.
Read our Privacy Policy.
|
|
 |
Stocks
|
 |
|
