LGC Proposes Restructuring Plan
Right now, the non-profit Local Government Center acts as a parent company to the health and property-liability insurance risk pools. But the pools are actually set-up as for-profit LLCs. Interim Executive Director George Bald says the plan is to scrap the Local Government Center name, and instead have three separate non-profits. The New Hampshire Municipal Association, HealthTrust, and Property-Liability Trust.
“And having three separate organizations I think will add greater transparency. We'll see exactly where every single dollar is spent for those three organizations," Bald says.
The Bureau of Securities Regulation has publicly voiced concerns about how the LGC’s insurance contracts and joint real estate holdings would be handled if the reorganization goes ahead. While the LGC would like to start with the new set-up early next month, Bald says he’s willing to wait if regulators want more time to review the proposal.