Mon December 10, 2012
N.H. Towns File Complaint With Securities Regulators
A dozen New Hampshire towns have filed a complaint arguing they are being deprived of their share of $52 million being refunded by the group that manages health insurance pools for public workers and retirees.
The Bureau of Securities Regulation ordered the Local Government Center to return the money in August after finding that it improperly collected surplus funds. The center is appealing that order, but in the meantime, has said it plans to return the money via insurance premium "holidays" to its current members.
That would effectively cut out towns and school districts that have taken their business elsewhere and are no longer members. In a complaint made public Monday, Durham, Peterborough and 10 other towns say it's outrageous and unfair to taxpayers that they can't get cash refunds.