reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-B - Life and Health Insurance Guaranty Association of 1996 › Section 408-B:18 - Stay of Proceedings; Reopening Default Judgments.

408-B:18 Stay of Proceedings;  Reopening Default Judgments. –
All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed 60 days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict, or finding based on default, the association may apply to have such judgment set aside by the same court that made such judgment and shall be permitted to defend against such suit on the merits.
Source.
1995, 305:1, eff. Jan. 1, 1996.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-B - Life and Health Insurance Guaranty Association of 1996 › Section 408-B:20 - Prospective Application.

408-B:20 Prospective Application. –
This chapter shall not apply to any insurer which is insolvent or unable to fulfill its contractual obligations on January 1, 1996.
Source.
1995, 305:1, eff. Jan. 1, 1996.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:1 - Purposes.

408-C:1 Purposes. –
The purposes of this compact are, through means of joint and cooperative action among the compacting states:
I. To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products.
II. To develop uniform standards for insurance products covered under the compact.
III. To establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting states.
IV. To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard.
V. To improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of insurance products covered under the compact.
VI. To create the Interstate Insurance Product Regulation Commission.
VII. To perform these and such other related functions as may be consistent with the state regulation of the business of insurance.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:3 - Commission Established and Venue.

408-C:3 Commission Established and Venue. –
I. The compacting states hereby create and establish a joint public agency known as the "Interstate Insurance Product Regulation Commission." Pursuant to RSA 408-C:4, the commission shall have the power to develop uniform standards for product lines, receive and provide prompt review of products filed therewith, and give approval to those product filings satisfying applicable uniform standards; provided, it is not intended for the commission to be the exclusive entity for receipt and review of insurance product filings. Nothing in this chapter shall prohibit any insurer from filing its product in any state wherein the insurer is licensed to conduct the business of insurance; and any such filing shall be subject to the laws of the state where filed.
II. The commission is a body corporate and politic, and an instrumentality of the compacting states.
III. The commission is solely responsible for its liabilities except as otherwise specifically provided in this compact.
IV. Venue is proper and judicial proceedings by or against the commission shall be brought solely and exclusively in a court of competent jurisdiction where the principal office of the commission is located.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:6 - Meetings and Acts of the Commission.

408-C:6 Meetings and Acts of the Commission. –
I. The commission shall meet and take such actions as are consistent with the provisions of this compact and the bylaws.
II. Each member of the commission shall have the right and power to cast a vote to which that compacting state is entitled and to participate in the business and affairs of the commission. A member shall vote in person or by such other means as provided in the bylaws. The bylaws may provide for members' participation in meetings by telephone or other means of communication.
III. The commission shall meet at least once during each calendar year. Additional meetings shall be held as set forth in the bylaws.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:9 - Dispute Resolution.

408-C:9 Dispute Resolution. –
The commission shall attempt, upon the request of a member, to resolve any dispute or other issues that are subject to this compact and which may arise between 2 or more compacting states, or between compacting states and non-compacting states, and the commission shall promulgate an operating procedure providing for resolution of such disputes.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:10 - Product Filing and Approval.

408-C:10 Product Filing and Approval. –
I. Insurers and third-party filers seeking to have a product approved by the commission shall file the product with, and pay applicable filing fees to, the commission. Nothing in this chapter shall be construed to restrict or otherwise prevent an insurer from filing its product with the insurance department in any state wherein the insurer is licensed to conduct the business of insurance, and such filing shall be subject to the laws of the states where filed.
II. The commission shall establish appropriate filing and review processes and procedures pursuant to commission rules and operating procedures. Notwithstanding any provision herein to the contrary, the commission shall promulgate rules to establish conditions and procedures under which the commission will provide public access to product filing information. In establishing such rules, the commission shall consider the interests of the public in having access to such information, as well as protection of personal medical and financial information and trade secrets, that may be contained in a product filing or supporting information.
III. Any product approved by the commission may be sold or otherwise issued in those compacting states for which the insurer is legally authorized to do business.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:11 - Review of Commission Decisions Regarding Filings.

408-C:11 Review of Commission Decisions Regarding Filings. –
I. Not later than 30 days after the commission has given notice of a disapproved product or advertisement filed with the commission, the insurer or third party filer whose filing was disapproved may appeal the determination to a review panel appointed by the commission. The commission shall promulgate rules to establish procedures for appointing such review panels and provide for notice and hearing. An allegation that the commission, in disapproving a product or advertisement filed with the commission, acted arbitrarily, capriciously, or in a manner that is an abuse of discretion or otherwise not in accordance with the law, is subject to judicial review in accordance with RSA 408-C:3, IV.
II. The commission shall have authority to monitor, review and reconsider products and advertisement subsequent to their filing or approval upon a finding that the product does not meet the relevant uniform standard. Where appropriate, the commission may withdraw or modify its approval after proper notice and hearing, subject to the appeal process in paragraph I.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:12 - Finance.

408-C:12 Finance. –
I. The commission shall pay or provide for the payment of the reasonable expenses of its establishment and organization. To fund the cost of its initial operation, the commission may accept contributions and other forms of funding from the National Association of Insurance Commissioners, compacting states and other sources. Contributions and other forms of funding from other sources shall be of such a nature that the independence of the commission concerning the performance of its duties shall not be compromised.
II. The commission shall collect a filing fee from each insurer and third party filer filing a product with the commission to cover the cost of the operations and activities of the commission and its staff in a total amount sufficient to cover the commission's annual budget.
III. The commission's budget for a fiscal year shall not be approved until it has been subject to notice and comment as set forth in RSA 408-C:7.
IV. The commission shall be exempt from all taxation in and by the compacting states.
V. The commission shall not pledge the credit of any compacting state, except by and with the appropriate legal authority of that compacting state.
VI. The commission shall keep complete and accurate accounts of all its internal receipts, including grants and donations, and disbursements of all funds under its control. The internal financial accounts of the commission shall be subject to the accounting procedures established under its bylaws. The financial accounts and reporting including the system of internal controls and procedures of the commission shall be audited annually by an independent certified public accountant. Upon the determination of the commission, but no less frequently than every 3 years, the review of the independent auditor shall include a management and performance audit of the commission. The commission shall make an annual report to the governor and legislature of the compacting states, which shall include a report of the independent audit. The commission's internal accounts shall not be confidential and such materials may be shared with the commissioner of any compacting state upon request provided, however, that any work papers related to any internal or independent audit and any information regarding the privacy of individuals and insurers' proprietary information, including trade secrets, shall remain confidential.
VII. No compacting state shall have any claim to or ownership of any property held by or vested in the commission or to any commission funds held pursuant to the provisions of this compact.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:13 - Compacting States, Effective Date, and Amendment.

408-C:13 Compacting States, Effective Date, and Amendment. –
I. Any state is eligible to become a compacting state.
II. The compact shall become effective and binding upon legislative enactment of the compact into law by 2 compacting states; provided, the commission shall become effective for purposes of adopting uniform standards for, reviewing, and giving approval or disapproval of, products filed with the commission that satisfy applicable uniform standards only after 26 states are compacting states or, alternatively, by states representing greater than 40 percent of the premium volume for life insurance, annuity, disability income and long-term care insurance products, based on records of the NAIC for the prior year. Thereafter, it shall become effective and binding as to any other compacting state upon enactment of the compact into law by that state.
III. Amendments to the compact may be proposed by the commission for enactment by the compacting states. No amendment shall become effective and binding upon the commission and the compacting states unless and until all compacting states enact the amendment into law.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:15 - Severability and Construction.

408-C:15 Severability and Construction. –
The provisions of this compact shall be severable; and if any phrase, clause, sentence or provision of this compact is declared to be unconstitutional or the applicability thereof, to any state, agency, person, or circumstances held invalid, the constitutionality of the remainder of this compact and the applicability thereof, to any other state, agency, person or circumstance shall not be affected thereby. It is the legislative intent that the provisions of this compact be reasonably and liberally construed to effectuate its purpose.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-C - Interstate Insurance Product Compact › Section 408-C:16 - Binding Effect of Compact and Other Laws.

408-C:16 Binding Effect of Compact and Other Laws. –
I. (a) Nothing in this chapter shall prevent the enforcement of any other law of a compacting state, except as provided in subparagraph (b).
(b) For any product approved or certified to the commission, the rules, uniform standards and any other requirements of the commission shall constitute the exclusive provisions applicable to the content, approval and certification of such products. For advertisement that is subject to the commission's authority, any rule, uniform standard or other requirement of the commission which governs the content of the advertisement shall constitute the exclusive provision that a commissioner may apply to the content of the advertisement. Notwithstanding the foregoing, no action taken by the commission shall abrogate or restrict:
(1) The access of any person to state courts;
(2) Remedies available under state law related to breach of contract, tort, or other laws not specifically directed to the content of the product;
(3) State law relating to the construction of insurance contracts; or
(4) The authority of the attorney general of the state, including but not limited to maintaining any actions or proceedings, as authorized by law.
(c) All insurance products filed with individual states shall be subject to the laws of those states.
II. (a) All lawful actions of the commission, including all rules and operating procedures promulgated by the commission, are binding upon the compacting states.
(b) All agreements between the commission and the compacting states are binding in accordance with their terms.
(c) Upon the request of a party to a conflict over the meaning or interpretation of commission actions, and upon a majority vote of the compacting states, the commission may issue advisory opinions regarding the meaning or interpretation in dispute.
(d) In the event any provision of this compact exceeds the constitutional limits imposed on the legislature of any compacting state, the obligations, duties, powers or jurisdiction sought to be conferred by that provision upon the commission shall be ineffective as to that compacting state, and those obligations, duties, powers or jurisdiction shall remain in the compacting state and shall be exercised by the agency thereof to which those obligations, duties, powers or jurisdiction are delegated by law in effect at the time this compact becomes effective.
Source.
2004, 196:2, eff. Aug. 6, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:4 - License Revocation and Denial.

408-D:4 License Revocation and Denial. –
I. The commissioner may refuse to issue, suspend, revoke, or refuse to renew the license of a life settlement provider, or a life settlement producer, or a life insurance producer operating as a life settlement producer if the commissioner finds that:
(a) There was any material misrepresentation in the application for the license;
(b) The licensee or any officer, partner, member, or key management personnel has been convicted of fraudulent or dishonest practices, is subject to final administrative action, or is otherwise shown to be untrustworthy or incompetent;
(c) The life settlement provider demonstrates a pattern of unreasonable payments to viators;
(d) The licensee or any officer, partner, member, or key management personnel has been found guilty of, or has pleaded guilty or nolo contendere to any felony, or to a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;
(e) The life settlement provider has entered into any life settlement contract using a form that has not been approved pursuant to this chapter;
(f) The life settlement provider has failed to honor contractual obligations set out in a life settlement contract;
(g) The licensee no longer meets the requirements for initial licensure;
(h) The life settlement provider has assigned, transferred, or pledged a settled policy to a person other than a life settlement provider licensed in this state, life settlement purchaser, an accredited investor or qualified institutional buyer as defined respectively in Rule 501(a) or Rule 144A promulgated under the Federal Securities Act of 1933, as amended, financing entity, special purpose entity, or related provider trust; or
(i) The licensee or any officer, partner, member, or key management personnel has violated any provision of this chapter.
II. If the commissioner denies a license application or suspends, revokes, or refuses to renew the license of a life settlement provider or life settlement producer, or suspends, revokes, or refuses to renew a license of a life insurance producer operating as a life settlement producer pursuant to this chapter the commissioner shall conduct a hearing in accordance with RSA 541-A.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:5 - Approval of Life Settlement Contracts and Life Settlement Provider Disclosure Statements.

408-D:5 Approval of Life Settlement Contracts and Life Settlement Provider Disclosure Statements. –
I. A person shall not use a life settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the commissioner.
II. The commissioner shall disapprove a life settlement contract form or disclosure statement form if, in the commissioner's opinion, the life settlement contract or provisions contained therein fail to meet the requirements of RSA 408-D:9, RSA 408-D:11, RSA 408-D:14 and RSA 408-D:15, II, or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the viator. At the commissioner's discretion, the commissioner may require the submission of advertising material.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:6 - Reporting Requirements and Privacy.

408-D:6 Reporting Requirements and Privacy. –
I. Each life settlement provider shall file with the commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may prescribe by rule. Individual transaction data regarding the business of life settlements or data that could compromise the privacy of personal, financial, and health information of the viator or insured shall be filed with the commissioner on a confidential basis.
II. Except as otherwise allowed or required by law, a life settlement provider, life settlement producer, insurance company, insurance producer, information bureau, rating agency or company, or any other person with actual knowledge of an insured's identity, shall not disclose that identity as an insured, or the insured's financial or medical information to any other person unless the disclosure:
(a) Is necessary to effect a life settlement between the viator and a life settlement provider and the viator and insured have provided prior written consent to the disclosure;
(b) Is necessary to effect a life settlement purchase agreement between the life settlement purchaser and a life settlement provider and the viator and insured have provided prior written consent to the disclosure;
(c) Is provided in response to an investigation or examination by the commissioner or any other governmental officer or agency or pursuant to the requirements of RSA 408-D:15, III;
(d) Is a term of or condition to the transfer of a policy by one life settlement provider to another life settlement provider;
(e) Is necessary to permit a financing entity, related provider trust, or special purpose entity to finance the purchase of policies by a life settlement provider, and the viator and insured have provided prior written consent to the disclosure;
(f) Is necessary to allow the life settlement provider or life settlement producer or their authorized representatives to make contacts for the purpose of determining health status; or
(g) Is required to purchase stop loss coverage or financial guaranty insurance.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:8 - Life Insurer Disclosure to Viator.

408-D:8 Life Insurer Disclosure to Viator. –
I. Life insurers shall provide individual life insurance policyholders with a written notice that any of the acts described in paragraph III can have significant future financial, tax, or other implications and the consumer should consult with a licensed financial advisor, attorney, or other professional who can explain to the consumer all available options and consequences before acting.
II. The timing of the issuance of the notice, and the form of the notice shall be as set forth in rules adopted by the commissioner.
III. Actions that may have a significant future financial, tax, or other implication to the consumer are:
(a) Sale of the policy.
(b) Surrender of the policy.
(c) Lapse of the policy.
(d) Assignment of the policy or any right under the policy.
(e) Failure to pay premium.
(f) Application of the equity of the policy toward payment of premium.
(g) Application of accumulated dividends toward payment of premium.
(h) Financing of premium payments.
IV. Life insurers shall comply with regulations that require annual reporting to the consumer of policy information including annual reporting of the cash value of the policy.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:10 - Life Settlement Provider and Life Settlement Producer Disclosure to Insurer.

408-D:10 Life Settlement Provider and Life Settlement Producer Disclosure to Insurer. –
Prior to the initiation of a plan, transaction, or series of transactions, a life settlement producer or life settlement provider shall fully disclose to an insurer a plan, transaction, or series of transactions, to which the life settlement producer or life settlement provider is a party, to originate, renew, continue or finance a life insurance policy with the insurer for the purpose of engaging in the business of life settlements at anytime prior to, or during the first 5 years after, issuance of the policy.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:15 - Injunctions; Civil Remedies; Cease and Desist.

408-D:15 Injunctions;  Civil Remedies;  Cease and Desist. –
I. In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any rule implementing this chapter, the commissioner may seek an injunction in a court of competent jurisdiction and may apply for temporary and permanent orders that the commissioner determines are necessary to restrain the person from committing the violation.
II. Any person damaged by the acts of a person found in violation of this chapter by the commissioner may bring a civil action against the person committing the violation in a court of competent jurisdiction.
III. The commissioner may issue, in accordance with RSA 541-A, a cease and desist order upon a person that violates any provision of this chapter, any rule or order adopted by the commissioner, or any written agreement entered into with the commissioner.
IV. When the commissioner finds that an activity in violation of this chapter presents an immediate danger to the public that requires an immediate final order, the commissioner may issue an emergency cease and desist order reciting with particularity the facts underlying the findings. The emergency cease and desist order is effective immediately upon service of a copy of the order on the respondent and remains effective for 90 days. If the commissioner begins non-emergency cease and desist proceedings, the emergency cease and desist order remains effective, absent an order by a court of competent jurisdiction pursuant to RSA 541:18.
V. In addition the penalties and other enforcement provisions of this chapter, any person who violates this chapter is subject to civil penalties of up to $2,500 per violation. Imposition of civil penalties shall be pursuant to an order of the commissioner issued under RSA 400-A:23. The commissioner's order may require a person found to be in violation of this chapter to make restitution to persons aggrieved by violations of this chapter.
VI. A person convicted of a violation of this chapter shall be ordered to pay restitution to persons aggrieved by the violation of this chapter. Restitution shall be ordered in addition to a fine or imprisonment, but not in lieu of a fine or imprisonment. The commissioner may order a life settlement provider to pay restitution to persons aggrieved by the violations of this chapter committed by its appointed life settlement producers.
VII. Except for a fraudulent life settlement act committed by a viator, the enforcement provisions and penalties of this section shall not apply to a viator.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:16 - Unfair Trade Practices.

408-D:16 Unfair Trade Practices. –
A violation of this chapter, including the commission of a fraudulent life settlement act, shall be considered an unfair trade practice under RSA 417.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:17 - Rulemaking.

408-D:17 Rulemaking. –
The commissioner shall have the authority to:
I. Adopt rules pursuant to RSA 541-A, implementing this chapter;
II. Establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person that is chronically or terminally ill;
III. Establish appropriate licensing requirements, fees, and standards for continued licensure for life settlement providers and life settlement producers;
IV. Require a bond or other mechanism for financial accountability for life settlement providers and life settlement producers; and
V. Adopt rules governing the relationship and responsibilities of both insurers and life settlement providers and life settlement producers during the viatication of a life insurance policy or certificate.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:18 - Severability.

408-D:18 Severability. –
If any provision of this act or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of the act which can be given effect without the invalid provision or application, and to this end the provisions of this act are declared to be severable.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-D - Life Settlements Act › Section 408-D:19 - Applicability.

408-D:19 Applicability. –
A life settlement provider or life settlement producer transacting business in this state may continue to do so pending approval or disapproval of the life settlement provider, or life settlement producer application for licensure if the application is filed with the commissioner within one month of the effective date of this chapter.
Source.
2010, 132:1, eff. June 14, 2010.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-E - Funding Agreements › Section 408-E:1 - Purpose and Scope.

408-E:1 Purpose and Scope. –
This chapter specifically permits life insurance companies to issue funding agreements as a type of insurance business permitted under authority of RSA 401:1, III and establishes standards for the regulation of funding agreements.
Source.
2013, 108:1, eff. Aug. 23, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-E - Funding Agreements › Section 408-E:2 - Definitions.

408-E:2 Definitions. –
In this chapter:
I. "Funding agreement" means an agreement issued by a life insurance company, not based on mortality or morbidity, providing for the accumulation of funds by the insurer for the purpose of making one or more payments to the holder, where the initial premium paid is $1,000,000 or more. Except as provided in this chapter, a "funding agreement" does not constitute life insurance or an annuity and does not constitute a security as defined in RSA 421-B:1-102(53).
II. "Holder" means a person described in RSA 408-E:4 to whom the life insurance company may issue a funding agreement.
III. "Life insurance company" means a life insurance company authorized to do business pursuant to RSA 401:1, III.
IV. "Optional modes of settlement" means the manner in which the funding agreement is structured to make payments to the holder.
Source.
2013, 108:1. 2015, 273:18, eff. Jan. 1, 2016.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-E - Funding Agreements › Section 408-E:3 - Authorization and Regulation of Funding Agreements.

408-E:3 Authorization and Regulation of Funding Agreements. –
I. Any licensed life insurance company may deliver or issue for delivery one or more funding agreements.
II. For the purposes of RSA 402-C:44, funding agreements shall be treated as insurance contracts, and holders of funding agreements shall be entitled to the same priority of distribution as policyholders.
III. Except as provided in this chapter, funding agreements shall not be subject to consumer protections that apply to annuity contracts including free-look requirements that permit consumers to void an issued contract and receive a return of premium by returning the contract within a specified time frame.
IV. Funding agreements shall be filed for approval by the commissioner consistent with this chapter.
Source.
2013, 108:1, eff. Aug. 23, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-E - Funding Agreements › Section 408-E:4 - Permissible Holders of Funding Agreements.

408-E:4 Permissible Holders of Funding Agreements. –
Funding agreements may be issued to:
I. Persons authorized by a state or foreign country to engage in an insurance business or to subsidiaries of such persons.
II. Entities other than persons authorized to engage in an insurance business and to individuals for the purpose of funding:
(a) Benefits under any employee benefit plan as defined in the federal Employee Retirement Income Security Act of 1974, 29 U.S.C. section 1001 et seq., maintained in the United States or in a foreign country;
(b) Activities of any organization exempt from taxation under section 501(c) of the Internal Revenue Code or of any similar organization in any foreign country;
(c) Any program of the government of the United States, the government of any state, foreign country or political subdivision thereof, or any agency or instrumentality thereof;
(d) Any agreement providing for one or more payments in satisfaction of a claim;
(e) Any program of an institution which has assets in excess of $25,000,000; or
(f) Any program of an institution for the purposes of providing collateral security for securities registered with the federal Securities and Exchange Commission.
Source.
2013, 108:1, eff. Aug. 23, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-E - Funding Agreements › Section 408-E:5 - Amounts Guaranteed or Credited Under Funding Agreements.

408-E:5 Amounts Guaranteed or Credited Under Funding Agreements. –
An amount shall not be guaranteed or credited under a funding agreement except upon:
I. Reasonable assumptions as to investment income and expenses; and
II. A basis equitable to all holders of funding agreements of a given class.
Source.
2013, 108:1, eff. Aug. 23, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-E - Funding Agreements › Section 408-E:6 - Allocation to Separate Accounts.

408-E:6 Allocation to Separate Accounts. –
Amounts paid to the insurer, and proceeds applied under optional modes of settlement under the funding agreement may be allocated by the insurer to one or more separate accounts pursuant to the provisions in RSA 408 addressing separate accounts.
Source.
2013, 108:1, eff. Aug. 23, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-E - Funding Agreements › Section 408-E:7 - Reserve Requirements.

408-E:7 Reserve Requirements. –
In establishing minimum reserve requirements for funding agreements the commissioner may use any relevant actuarial guidelines, regulations, interpretations, or papers as well as standards set forth in the Valuation Manual of the National Association of Insurance Commissioners for deposit-type contracts.
Source.
2013, 108:1, eff. Aug. 23, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-E - Funding Agreements › Section 408-E:8 - Rules.

408-E:8 Rules. –
The commissioner may adopt rules, pursuant to RSA 541-A, relative to:
I. The standards to be followed in the approval of forms of funding agreements;
II. The reserves to be maintained by insurers issuing funding agreements;
III. The accounting and reporting of funds credited under funding agreements; and
IV. The disclosure of information to be given to holders or third parties that purchase funding agreements.
Source.
2013, 108:1, eff. Aug. 23, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:1 - Title.

408-F:1 Title. –
This chapter shall be known and may be cited as the New Hampshire Life and Health Insurance Guaranty Association Act of 2019.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:2 - Purpose.

408-F:2 Purpose. –
I. The purpose of this chapter is to protect, subject to certain limitations, the persons specified in RSA 408-F:5, I against failure in the performance of contractual obligations, under life, health and annuity policies, plans, or contracts specified in RSA 408-F:5, II, because of the impairment or insolvency of the member insurer that issued the policies, plans, or contracts.
II. To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited herein, and members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:3 - Construction.

408-F:3 Construction. –
This chapter shall be liberally construed to effect the purpose under RSA 408-F:2 which shall constitute an aid and guide to interpretation.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:6 - Creation of the Association.

408-F:6 Creation of the Association. –
I. There is created a nonprofit legal entity to be known as the New Hampshire life and health insurance guaranty association, which shall be the same association created under RSA 404-D:6. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance or a health maintenance organization business in this state. The association shall perform its functions under the plan of operation established and approved under RSA 408-F:10 and shall exercise its powers through a board of directors established under RSA 408-F:7. For purposes of administration and assessment, the association shall maintain 2 accounts:
(a) The life insurance and annuity account which includes the following subaccounts:
(1) Life insurance account;
(2) Annuity account, which shall include annuity contracts owned by a governmental retirement plan (or its trustee) established under section 401, 403(b) or 457 of the United States Internal Revenue Code, but shall otherwise excluded unallocated annuities; and
(3) Unallocated annuity account which shall exclude contracts owned by a governmental retirement benefit plan, or its trustee established under section 401, 403(b), or 457 of the United States Internal Revenue Code.
(b) The health account.
II. The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be opened to the public upon majority vote of the board of directors of the association.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:7 - Board of Directors.

408-F:7 Board of Directors. –
I. The board of directors of the association shall consist of not less than 7 nor more than 11 member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members, subject to the approval of the commissioner.
II. In approving selections or in appointing members to the board, the commissioner shall consider, among other things, whether all member insurers are fairly represented.
III. Members of the board may be reimbursed from the assets of the association for expense incurred by them as members of the board of directors but members of the board shall not otherwise be compensated by the association for their services.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:10 - Plan of Operation.

408-F:10 Plan of Operation. –
I. (a) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto shall become effective upon the commissioner's written approval or unless the commissioner has not disapproved it within 30 days.
(b) If the association fails to submit a suitable plan of operation within 120 days after January 1, 2020, or if at any time thereafter the association fails to submit suitable amendments to the plan, the commissioner shall, after notice and hearing, adopt such reasonable rules under RSA 541-A as are necessary or advisable to effectuate the provisions of this chapter. The rules shall continue in force until modified by the commissioner or superseded by a plan submitted by the association and approved by the commissioner.
II. All member insurers shall comply with the plan of operation.
III. The plan of operation shall, in addition to requirements enumerated elsewhere in this chapter:
(a) Establish procedures for handling the assets of the association.
(b) Establish the amount and method of reimbursing members of the board of directors under RSA 408-F:7.
(c) Establish regular places and times for meetings including telephone conference calls of the board of directors.
(d) Establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors.
(e) Establish the procedures whereby selections for the board of directors will be made and submitted to the commissioner.
(f) Establish any additional procedure for assessments under RSA 408-F:9.
(g) Contain additional provisions necessary or proper for the execution of the powers and duties of the association.
IV. The plan of operation may provide that any or all powers and duties of the association, except those under RSA 408-F:8, XIII(c) and RSA 408-F:9, are delegated to a corporation, association or other organization which performs or will perform functions similar to those of this association, or its equivalent, in 2 or more states. Such a corporation, association, or organization shall be reimbursed for any payments made on behalf of the association and shall be paid for its performance of any function of the association. A delegation under this paragraph shall take effect only with the approval of both the board of directors and the commissioner, and may be made only to a corporation, association, or organization which extends protection not substantially less favorable and effective than that provided by this chapter.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:11 - Duties and Powers of the Commissioner.

408-F:11 Duties and Powers of the Commissioner. –
In addition to the duties and powers enumerated elsewhere in this chapter:
I. The commissioner shall:
(a) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer.
(b) When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time; notice to the impaired insurer shall constitute notice to its shareholders, if any; the failure of the impaired insurer to promptly comply with such demand shall not excuse the association from the performance of its powers and duties under this chapter.
(c) In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or rehabilitator.
II. The commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact business in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a forfeiture on any member insurer which fails to pay an assessment when due. Such forfeiture shall not exceed 5 percent of the unpaid assessment per month, but no forfeiture shall be less than $100 per month.
III. Any action of the board of directors or the association may be appealed to the commissioner by any member insurer if the appeal is taken within 60 days of the final action being appealed. If a member company is appealing an assessment, the amount assessed shall be paid to the association and available to meet association obligations during the pendency of an appeal. If the appeal on the assessment is upheld, the amount paid in error or excess shall be returned to the member company. Any final action or order of the commissioner shall be subject to judicial review in a court of competent jurisdiction.
IV. The liquidator, rehabilitator, or conservator of any impaired insurer may notify all interested persons of the effect of this chapter.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:13 - Credits for Assessments Paid.

408-F:13 Credits for Assessments Paid. –
I. A member insurer may offset against its tax liability under RSA 400-A any assessment described in RSA 408-F:9, II(b) for the life insurance and annuity account, and for the health account for guaranteeing the performance of contractual obligations of an impaired or insolvent insurer in regard to disability income coverages only, to the extent of 20 percent of the amount of the assessment for each of the 5 calendar years following the year in which the assessment was paid. If a member insurer ceases doing business, all uncredited assessments described above may be credited against its tax liability under RSA 400-A for the year it ceases doing business.
II. Any sums acquired by refund from the association by member insurers, as stated in RSA 408-F:9, VI, and which were previously offset against taxes as described in paragraph I, shall be paid by these member insurers to the state of New Hampshire in the manner required by the commissioner. The association shall notify the commissioner that refunds have been made.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:15 - Examination of the Association; Annual Report.

408-F:15 Examination of the Association;  Annual Report. –
The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner each year, not later than 120 days after the association's fiscal year, a financial report in a form approved by the commissioner and a report of its activities during the preceding fiscal year.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:16 - Tax Exemptions.

408-F:16 Tax Exemptions. –
The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:17 - Immunity.

408-F:17 Immunity. –
There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors, or the commissioner or the commissioner's representatives, for any action or omission by them in the performance of their powers and duties under this chapter. Such immunity shall extend to the participation in any organization of one or more other state associations of similar purposes and to any such organization and its agents or employees.
Source.
2019, 314:1, eff. Jan. 1, 2020.