DENVER (AP) — Gov. John Hickenlooper has chosen a panel to review the proposed privatization of the state-chartered workers’ compensation insurer, Pinnacol Assurance.

Hickenlooper announced Thursday that he selected 19 people representing businesses, insurers, workers and foundations to review the proposal and offer guidance on possible legislation.

Pinnacol’s board is appointed by the governor, but it operates largely like a private insurer. It is required to cover employers that private insurers won’t.

Pinnacol says its privatization proposal would give the state a $340 million ownership stake and provide an estimated $13.6 million in annual dividends to support education and business development in Colorado. It also proposes becoming a tax-paying entity.

Former Gov. Bill Ritter proposed last year to sell Pinnacol but backed off partly over concerns over the price.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)