Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Insurance commissioner urges cap and timing limits on insurer assessment credits to stabilize revenue
Summary
The Insurance Department recommended HB 11‑94 to limit how insurers offset insolvency assessments against the insurance premium tax, proposing a $10 million annual threshold that would reduce allowable credits and smooth state revenue volatility; industry representatives asked for indexing and language fixes.
The Ways and Means Committee heard testimony on HB 11‑94 on March 4 after Representative (sponsor) introduced the bill at the Insurance Department’s request. Commissioner DJ Bettencourt said the bill would help the state avoid sudden swings in insurance premium tax (IPT) revenue when large insolvency assessments hit member companies.
Bettencourt told the committee that while domestic insurer failures in New Hampshire are rare, insolvencies in other states can still produce large assessments that ripple through premium‑tax receipts. “That safety net…can create unexpected swings in state revenue,” he said, and the proposal is intended “to smooth out that volatility” without undermining…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
