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Tue March 27, 2012
State: Primex Deal Possible Game Changer
This week, state regulators reached what they consider a landmark agreement with a group that provides insurance to cities and towns.
State officials believe the deal could change how other so-called public insurance risk pools are run.
Primex, one of three public risk pools in New Hampshire, has agreed to return at least $16 million dollars back to its clients - cities and towns.
The deal comes after regulators determined Primex is holding excess surplus.
Attorney Andy Volinsky, who is working for the Securities Bureau, believes this agreement charts a course for better public risk pool management.
And he hopes the Local Government Center falls in line.
“We would like to offer the same opportunity to LGC to engage in a similar dialogue and similar agreement along similar lines and stop spending municipal and state money on litigation.”
The state has charged LGC with violating state law, and owes its clients upwards of $100 million dollars.
A hearing is scheduled for next month.