Scanlan vows 'unprecedented transparency' with pooled risk receiver
At Scanlan's urging, Merrimack County Superior Court Judge Martin Honigberg last month named Lance Turgeon, a financial executive with Wipfli LLP, as receiver, to make all decisions regarding New Hampshire Interlocal Trust (NHIT) finances.
'It's a borderline situation right now,' Turgeon told reporters at a news conference Scanlan called in his office Tuesday.
'Look at the cash position of the trust, it's a negative number and the known claims, that is a negative number too.'
Christina Ferrari, a Manchester lawyer representing the state, said Scanlan went into court seeking the protection upon learning NHIT trustees adopted a resolution on April 11 to dissolve the trust.
'We are unpacking all the issues as this has come together so quickly in the last 30 days,' Ferrari said.
NHIT is the smallest of four firms that manage health insurance and/or property and casualty insurance coverage for government entities.
Affected communities include the cities of Berlin, Laconia and Franklin, along with the towns of Amherst, Milford, Wilton and many communities in the Great North Woods region.
The state's risk management law exempts these firms from having to file any reports with the Internal Revenue Service or to be subject to regulation of the Department of Insurance.
Scanlan's bureau was the only government entity charged with ensuring that the pooled risk management companies are financially solvent.
Probe of NHIT goes back 4 years
The state Bureau of Securities Regulation going back to 2021 opened a financial probe into NHIT operations.
The bureau claimed NHIT and two affiliate groups, Albert C. Jones Employee Benefits Inc. and Albert C. Jones2, violated state laws through misuse of public funds and the diversion of surplus owed to the government members of the trust.
Lawyers for NHIT have denied the charges.
An administrative proceeding against NHIT is pending with a hearing on the merits set for December.
Two months ago, Scanlan asked the Legislature to pass legislation (SB 297) to adopt more restrictive 'guardrails' for all pooled risk management programs to ensure they are financially sound.
At that time, Scanlan warned both New Hampshire Interlocal Trust and HealthTrust, the largest pooled risk management program, were in danger of becoming financially insolvent.
'If that bill was in place, NHIT would not be insolvent,' Scanlan said.
The Senate passed it without debate on a voice vote. The House Commerce and Small Business Committee held a public hearing last month and has scheduled a work session on the issue next week.
HealthTrust represents 191 of the state's 234 cities and towns, six of 10 counties, 85 school groups and 74 other units like water, library and fire districts.
HealthTrust officials said Scanlan's actuary drew false conclusions about the program's finances and maintained that it had more than enough assets to be viable.
They maintain Scanlan's bill sets asset levels that are too low to create a healthy climate for the risk pools.
Scanlan released an April 11 statement that alleged HealthTrust on numerous occasions ignored the advice of their own actuaries to raise rates from 2020-23.
Last month, HealthTrust executives announced that they would exit the market should the Senate-passed bill be signed into law.
klandrigan@unionleader.com
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