The bill SB 614-FN introduces a new chapter in New Hampshire law titled "Multiple-Caregiver Self-Insured Risk Coverage Arrangements," allowing nonprofit and for-profit providers of child care, day care, foster care, and behavioral health services to form joint self-insurance arrangements for liability risks. This legislation enables these entities to collectively self-insure, purchase insurance, and contract for risk management services while establishing that such arrangements are not classified as insurance companies under state law, thus exempting them from certain regulations and taxes. Key definitions are provided, and the bill mandates that the New Hampshire insurance department commissioner must approve the formation of these arrangements, which must adhere to specific reporting requirements and operational guidelines.

The bill outlines the application process for approval, requiring governance documents, a fidelity bond, and a management plan, with the commissioner having 120 days to respond to applications. It also specifies conditions under which the commissioner may suspend or revoke licenses, including non-compliance and failure to pay judgments. Additionally, penalties for operating without valid approval are introduced, with fines ranging from $5,000 to $50,000. The act is set to take effect 60 days after passage and is noted to have no fiscal impact on state, county, or local expenditures or revenue. Overall, the legislation aims to provide a structured framework for collaborative risk management among service providers in New Hampshire.