NH HB1491

Creates two distinct categories of pooled risk management programs for political subdivisions: "assessment" programs (which can require members to pay additional funds beyond premiums) regulated by the Secretary of State under RSA 5-B, and "advance premium" programs (fixed premium, no assessments) regulated by the Insurance Department under new RSA 420-R

Requires advance premium pooled risk management programs to obtain a license from the Insurance Department, maintain capital above risk-based capital (RBC) levels required for insurers, and seek to maintain at least $5,000,000 in aggregate excess insurance or deposited surplus

Establishes contingency reserve requirements for assessment programs: 30-40% of annual contributions for workers' compensation/property casualty lines and 12-16% of annual contributions for health coverage, with mandatory notification and corrective action procedures when reserves fall below specified thresholds

Mandates specific board composition for advance premium programs offering employee health benefits (6 member representatives, 6 employee representatives, and up to 3 public representatives) and requires boards to vote on returning excess surplus when RBC exceeds 6 times the authorized control level

Requires both program types to provide public notice and hold two public hearings before implementing rate changes, and mandates that programs include written disclaimers informing members that pooled risk programs are not insurers and do not provide guaranteed-cost coverage