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Commissioner warns risk pool audit failures could drive premium hikes or state intervention
Summary
Commissioner Sean Roey reported the county's risk pool failed two of three state financial audits; he said the pool may be unable to pay all claims absent new premiums or legislative change and that increases will be discussed at the risk-pool October meeting.
Commissioner Sean Roey summarized a recent biannual risk-pool meeting and the packet showing the pool failed two of three state financial audits. He said the auditors' findings indicate the pool could lack sufficient reserves to pay all claims and that the only practical mitigation is an influx of cash through increased premiums.
Roey said the pool has added two new member counties and has retained a lobbyist to pursue legislative changes, but he warned that absent tort reform or other statutory remedies the pool could dissolve and the state might have to step in to manage claims. He told commissioners the county will revisit premium projections at the risk-pool’s October meeting.
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