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DENVER—Colorado’s state-chartered worker’s compensation insurer has agreed to credit policyholders a minimum of $15 million against premiums after the state Division of Insurance questioned the company’s rates.
Pinnacol Assurance also will pay a civil penalty of $80,000, representing $10,000 per year for violations where the company used unfiled schedule rating factors.
Insurance commissioner Marcy Morrison says employers often accepted the company’s rates without question because Pinnacol is the insurer of last resort.
Pinnacol Assurance was the focus of a critical audit this year that determined the company’s practices could result excessive rates.
A company spokeswoman did not return calls for reaction.
