New Hampshire insurance regulators battle with non-profit organization over surplus funds from insurance pools

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Insurance Industry NewsInsurance regulators in New Hampshire have been clashing with a non-profit organization known as the Local Government Center (LGC). The dispute is centered on how the LGC manages health insurance risk pools for state employees and retirees. The Bureau of Securities Regulation has been investigating the operations of the organization and has released a final report regarding the issue. According to the report, taxpayers may be receiving a big refund from the LGC in the coming months.

The report shows that the LGC has merged with several smaller corporations in order to take advantage of $100 million in surplus funds. This merger violates state laws and the organization will have to refund this money to taxpayers, a notion that the LGC has been quick to oppose.

Board members of the LGC insist that there is no wrongdoing, and have been meeting with state regulators to find a solution to the problem at hand. They claim that the mergers are an effort to consolidate existing programs into the larger structure of the organization for the sake of efficiency. Despite the allegations, LGC leaders say that any surplus funds have been funneled back into the communities that contributed to the insurance pools in the form of lower rates for health care.

Regulators will continue to pursue the issue, hoping for a solution that will benefit the cities, town and school districts that have contributed to the LGC’s various programs. The dispute is headed for a state hearing that is scheduled for later this month.

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