May 22, 2015 5:53 PM
The Secretary of State's office may be unable to regulate Concord public risk pool
The Associated Press
CONCORD (AP) — The Secretary of State's office could lose its ability to regulate a public risk pool it's had issues with for years if a last-minute amendment to the Senate's budget remains in place.
The amendment transfers enforcement authority over public risk pools to the insurance department. It would take power away from the secretary of state's office to monitor the former Local Government Center — an entity it's been battling with over mishandling of money since 2011.
The center is now two entities: HealthTrust and Property-Liability Trust. They provide health and workers' compensation insurance, respectively, to municipalities and schools. The state Supreme Court found in 2014 that money from the health pool was illegally subsidizing the workers' compensation pool and that the entities were withholding surplus money from their members.