Senate committee reviews department amendment to regulate political-subdivision risk pools

The Senate Finance Committee on [date not specified] heard extended testimony on an amendment to House Bill 1491 that would create a new RSA 420-r to regulate political-subdivision risk pools.

The department's commissioner (transcript label 2) told the committee the amendment applies established insurance regulatory principles to pooled-government arrangements, requiring quarterly and annual financial reporting, rate review, risk-based capital monitoring and formal financial examinations at least every five years. "We have sought to strike the right balance in supporting innovation and collaboration among political subdivisions while ensuring that pooled risk is managed responsibly and sustainably," the commissioner said. "It is disciplined, but not heavy handed." The department emphasized flexibility for political subdivisions to continue organizing under RSA 5-b…