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Senate committee weighs changes to oversight and reserve rules for pooled risk programs
Summary
The Senate Finance Committee heard hours of testimony on SB 661, a bill to set minimum/maximum contingency reserves and strengthen oversight of pooled risk programs after recent failures and surprise assessments at some trusts. Supporters say it prevents insolvency; opponents say it would outlaw non‑assessable models and strain small municipal budgets.
The New Hampshire Senate Finance Committee heard extensive testimony on SB 661, a bill from Sen. Sharon Carson that would set minimum and maximum contingency reserve levels for pooled risk management programs and give regulators new tools to intervene when a pool shows signs of financial stress.
"Pooled risk programs were created to allow political subdivisions to self‑insure," Carson said in her introduction, citing recent experience that prompted the bill. She told the committee the measure would establish solvency protections, require clearer disclosure and create an emergency triggering mechanism so the secretary of state could seek a receiver to stabilize an impaired pool.
Secretary of State David Scanlon described the regulator's role under RSA 5‑B and the recent collapse of the New Hampshire Interlocal Trust (NHIT). "When we were here discussing this legislation a year ago, I raised concerns about a couple…
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