CONCORD – House Speaker William O’Brien (R-Mont Vernon) and House Majority Leader D.J. Bettencourt (R-Salem) offered the following statements on the passage of Senate Bill 212, which provides oversight and accountability over pooled risk management programs, like the Local Government Center (LGC), Primex and SchoolCare. The bill would prevent such companies from accumulating large surplus funds.
House Speaker William O’Brien
“Pooled risk management programs should be truly governed by its members, which means more transparency is needed on the status of membership funds. The reforms passed today will require disclosure and return of surplus monies to members annually. Increasing state oversight of pooled risk management companies also will stop and prevent the unfortunate abuses we have seen and result in the reduction of insurance premiums for members and in turn lead to savings to local taxpayers.”
House Majority Leader D.J. Bettencourt
“This bill will bring much needed oversight and accountability to pooled risk management groups and will create more transparency for the taxpayers’ dollars and ultimately greater benefits to local taxpayers.”