New Hampshire Senate Bill SB661

New Hampshire 2026 Regular Session

• Introduced: 2/4/26
• Refer: 2/4/26
• Report Pass: 3/19/26
• Engrossed: 3/27/26
• Refer: 3/27/26
• Report Pass: 5/7/26

Caption

Relative to pooled risk management programs.

Impact

The bill mandates assessments from participating members on a pro rata basis to address any deficiencies in the pooled risk management programs. It requires the establishment of a contingency reserve to be maintained depending on the coverage type provided by the pools, with failures to meet the required standards triggering notifications to members and potentially increased assessments. This could lead to increased financial obligations for local governments involved in such pooled risk management schemes.

Summary

SB661 is an act concerning pooled risk management programs in New Hampshire and aims to ensure the financial stability and operational standards of such programs established for the benefit of political subdivisions. The bill allows the Secretary of State to mandate corrective measures when programs have insufficient assets or may require receivership if necessary. Additionally, the bill requires the governing board of these programs to exercise a standard of care, diligence, and prudence in their management, ensuring that participating members are treated fairly and that their financial obligations are met.

Contention

Key points of contention surrounding SB661 include the provisions that may impose additional costs on local subdivisions, which can be affected by the requirements to maintain sufficient reserve levels. Some municipalities may express concerns about the potential for unexpected financial assessments and the administrative costs associated with complying with these new fiscal regulations. Furthermore, there may be opposition regarding the extent of transparency required, especially with the mandates for public disclosures and annual audits to ensure accountability within these pooled programs.