NH SB605

Political subdivisions would have 36 months from the invoice date to pay special assessments levied by pooled risk management programs, with payments divided into equal amounts over that period

The bill clarifies that special assessments from pooled risk management programs are not required by statute, but only apply when a program's agreement, contract, or bylaws authorize such assessments

The Department of State warns that delayed payments could jeopardize risk pool financial stability, potentially leading to insolvency and unpaid claims being shifted to political subdivisions or employees

State expenditures could increase by at least $100,000 for legal, actuarial, and accounting services if the Secretary of State must address risk pool insolvency

The act would take effect 60 days after passage