Today, the Joint Legislative Committee on Adminstrative Rules refused to sanction the the Insurance Commissioner's proposed changes to JUA rules. Under the proposal, the Commissioner provided himself a level of management and control over the affairs of the JUA not authorized by any statute. Additionally, the added authority transgressed other state statute which prohibits the Commissioner from owing or operating an insurer. Also, the proposed rules would prohibit the private inurement of financial benefits to policyholders which was a direct affront to the vested contractual rights contained in the insurance policies.
JLCAR unanimously voted to issue a final objection to the rules. Also, the committee voted 9 to 1 to issue a joint resolution which sends the issue of policyholders' rights to surplus funds to the legislature for action.
Click here for a link to an article by New Hampshire Watchdog
