HB 1491 introduces comprehensive regulations for assessment pooled risk management programs and advance premium pooled risk management programs in New Hampshire, aimed at enhancing insurance and risk management solutions for political subdivisions. Key provisions require advance premium pooled risk management programs to be licensed by the insurance department, maintain specific levels of excess or stop-loss coverage, and allow the commissioner to examine their financials under certain conditions. The bill also establishes definitions for terms such as "administration," "reserves," and "excess insurance," while repealing and reenacting the chapter heading of RSA 5-B to reflect these changes. Notably, it exempts certain pooled workers' compensation and unemployment compensation programs from filing requirements, streamlining the regulatory framework.

Significant amendments include the requirement for programs to notify members of potential assessments if contingency reserves decrease, and to inform the Secretary of State if reserves fall below specified thresholds. The bill mandates that these programs be member-owned and governed by a board of public officials, with fiduciary responsibilities to the member political subdivisions. It also introduces new standards for financial stability, including maintaining minimum contingency reserves and conducting annual audits. Additionally, the bill clarifies that pooled risk management programs are not classified as insurance companies, thus exempting them from certain regulations, while establishing new licensing requirements for medical utilization review services and expanding data submission requirements for claims data. Overall, HB 1491 aims to enhance oversight and ensure the financial stability of pooled risk management programs while providing a clear regulatory framework for their operation.

Statutes affected:
Introduced: 5-B:1, 5-B:2, 5-B:3, 5-B:4, 5-B:5, 420-E:2, 420-G:11, 402-H:11-b
HB1491 text: 5-B:1, 5-B:2, 5-B:3, 5-B:4, 5-B:5, 402-H:1, 420-E:2, 420-G:11, 402-H:11-b