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House panel weighs capping insurer-credit offsets at $10 million, extending insurer carryforward period
Summary
The House Ways and Means Committee debated HB 1194, which would cap the state nnual insurance premium tax (IPT) offsets tied to insurer insolvencies at $10 million and shift more liability to insurers by extending how they recover assessments. The committee signaled support for a 10‑year carryforward and removing an inflation rider while staff and industry negotiate exact language.
The House Ways and Means Committee spent the morning debating House Bill 1194, a proposal to change how New Hampshire taxpayers and insurers share the financial consequences when an insurance company becomes insolvent.
Deputy Commissioner Keith Nye of the New Hampshire Insurance Department told the panel the state—urrently allows insurers that front insolvency payments to recover those costs via credits against the insurance premium tax over five years, typically at 20 percent per year. "All fully insured carriers in the state of New Hampshire are required to be part of the guarantee association," Nye said. "When a company fronts the losses for an insolvent company, the member companies are then reimbursed for the monies that they front over the next 5 years at a rate of about 20% per year." (Keith Nye, Deputy Commissioner, Insurance…
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