LGC head suddenly resigns
Carroll's resignation, effective Friday, was announced Friday by the LGC in a press release.
"The Board of Directors has come to the difficult decision that fresh leadership would be Ibest for the organization. Maura has agreed to respect the decision of the Board and step down," board Chairman Tom Enright said in a statement.
George Bald, the former commissioner of the state Department of Resources and Economic Development, will serve as interim executive director for six months while on leave from a position he holds at Cate Street Capital in Portsmouth, the release said.
"We look forward to George's fresh perspective as he applies his business and government background to this role," Enright said in his statement.
Carroll assumed the director's role in 2009 and her tenure has seen tumult in the organization, as it was dogged by continued criticism of its practice of retaining surpluses from its self-funded risk pools for liability claims and health care coverage for municipalities and other government agencies such as school districts, housing authorities and water districts. The organization claimed the reserves kept rates stable for members and reduced long-term costs.
Critics, however, said the surplus should have been returned to its members rather that used for other purposes, such as a workers' compensation program.
The state Bureau of Securities Regulation in August ordered the LGC to repay more than $50 million to its members. The LGC has appealed the order to the state Supreme Court.
In addition, 14 New Hampshire communities have filed a right to know request with the LGC seeking financial information from 2003 to 2012 to include the annual audits of financial transactions, the annual actuarial evaluation of the LGC's pooled risk management programs, the written bylaws of the organization and documents indicating the name of each LGC member entity during those years and the date of departure for each member during those years.