relative to pooled risk management programs.

The bill no longer amends RSA 5-B (Assessment Pooled Risk Management Programs). Instead, it creates a brand new chapter, RSA 420-R, for 'Political Subdivision Risk Management Programs,' which are defined as arrangements that are NOT organized as assessable risk pools under RSA 5-B. This carves out a separate regulatory category.

The purpose statement changed from exempting programs from both insurance regulation and taxation to exempting them from taxation and, 'except as specifically set forth in this chapter,' from insurance regulation - meaning the new chapter itself imposes insurance-style regulation on these programs.

A full set of new definitions was added including RBC-related terms (authorized control level event, company action level event, mandatory control level event, RBC instructions, RBC level), 'Commissioner,' 'Department,' 'Member,' 'NAIC,' 'Nonprofit organization,' and 'Political subdivision.' These establish a capital adequacy framework modeled on how the NAIC regulates insurance companies.

All original definitions were removed, including 'Administration,' 'Reserves,' 'Assessments,' 'Restricted fund balance,' 'Assessment pooled risk management program,' 'Assessable policy,' and 'Advance premium pooled risk management program.'

The regulatory authority shifted from a split system (secretary of state for assessment pools, insurance department for advance premium pools) to a single regulator - the commissioner of the department of insurance - with RBC-based capital monitoring triggers that escalate from company action level to regulatory action level to authorized control level to mandatory control level.

The 'Excess insurance' definition was narrowed from simply meaning 'reinsurance' to specifically meaning 'stop-loss insurance for health insurance claims and high-dollar value coverage above a primary layer for property and casualty insurance claims.'