Today, HealthTrust, a sister organization under the Local Government Center umbrella was reorganized into HealthTrust, Inc., a wholly independent not-for-profit corporation. The change will be effective September 1, 2013.
This past fall, to comply with the Order from the NH Bureau of Securities Regulation, HealthTrust put into place a separate Board and separate bylaws from Property-Liability Trust. Today's action goes much further than what was required under the Order by transferring the assets and liabilities of HealthTrust into a completely separate and independent entity, and by relinquishing any legal ties to LGC, its former parent company. HealthTrust remains committed to implementing the provisions of the Bureau's Order and increasing the transparency of its operations.
The Board of Directors of Property-Liability Trust, LLC (PLT) voted today to restructure the property liability, workers compensation and unemployment programs into a fully independent not-for-profit corporation. The change will be effective September 1, 2013.
As directed by the NH Bureau of Securities Regulation, you may recall that this past fall the Property-Liability Trust put in place a separate Board and separate bylaws from HealthTrust. This vote, which goes further than is required by the Order, but increases the accountability and transparency of the PLT risk pool, now transfers the assets, liabilities and operations of Property-Liability Trust into a completely separate and independent entity. It ends the risk pool’s subsidiary relationship to LGC, its former parent company.
Today, the Local Government Center board approved the restructuring plan which will allow the New Hampshire Municipal Association to be not only operationally, but legally a separate and independent organization from HealthTrust and Property-Liability Trust. The New Hampshire Municipal Association (NHMA) board approved the plan at a meeting last week.
When LGC was created in 2003, all services provided to municipalities by NHMA were assumed by LGC except legislative advocacy, which remained in NHMA LLC, a separate subsidiary of LGC. This past fall, at the urging of NHMA member municipalities, all “traditional municipal league services” including legislative advocacy, legal advisory services, training programs, and educational publications, were consolidated under NHMA and the oversight of the NHMA Board of Directors. NHMA has since operated as a totally separate, independent organization from the risk pools, with a board comprising only elected and appointed municipal officials elected by NHMA members.