reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:23 - Operation of Separate Accounts.

408:23 Operation of Separate Accounts. –
I. The income, gains, and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against the account, without regard to other income, gains, or losses of the company.
II. Notwithstanding any inconsistent provision in this chapter or in any section of the general statutes, the amounts allocated to any separate account and accumulations thereon may be invested and reinvested without regard to any requirements or limitations prescribed by the laws of this state governing the investments of life insurance companies, and the investments in such separate account or accounts shall not be taken into account in applying the investment limitations otherwise applicable to the investments of the company.
III. Except with the approval of the commissioner and under such conditions as to investments and other matters as the commissioner may prescribe, which shall recognize the guaranteed nature of the benefits provided, reserves for benefits guaranteed as to dollar amount and duration, and funds guaranteed as to principal amount or stated rate of interest, shall not be maintained in a separate account.
IV. Unless otherwise approved by the commissioner, assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is no readily available market, then as provided under the terms of the contract or the rules or other written agreement applicable to the separate account, provided that, unless otherwise approved by the commissioner, the portion, if any, of the assets of the separate account equal to the company's reserve liability, with regard to the guaranteed benefits and funds referred to in paragraph III, shall be valued in accordance with the rules otherwise applicable to the company's assets.
V. No sale, exchange, or other transfer of assets may be made by a company between any of its separate accounts or between any other investment account and one or more of its separate accounts unless, in case of a transfer into a separate account, the transfer is made solely to establish the account or to support the operation of the contracts, with respect to the separate account to which the transfer is made, and unless the transfer, whether into or from a separate account, is made by a transfer of cash or by a transfer of securities having a readily determinable market value, provided that the transfer of securities is approved by the commissioner. The commissioner may approve other transfers among the accounts if, in his or her opinion, the transfers would not be inequitable.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:24 - Insurance Company Not a Trustee.

408:24 Insurance Company Not a Trustee. –
Amounts allocated by an insurance company to separate accounts in the exercise of the power granted by this chapter shall be owned by the insurance company, and the insurance company shall not be, or hold itself out to be, a trustee in respect to such amounts. To the extent so provided under the applicable contracts, that portion of the assets of any such separate account equal to the reserves and other contract liabilities, with respect to the account, shall not be chargeable with liabilities arising out of any other business the insurance company may conduct.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:25 - Managing Business of Separate Account.

408:25 Managing Business of Separate Account. –
To the extent the insurance company deems it necessary to comply with any applicable federal or state laws, the insurance company, with respect to a separate account, including, without limitation, any separate account that is a management investment company or a unit investment trust, may provide for persons, having an interest therein appropriate, voting and other rights and special procedures for the conduct of the business of the account, including, without limitation, special rights and procedures relating to investment policy, investment advisory services, selection of independent public accountants, and the selection of a committee, the members of which need not be otherwise affiliated with the company, to manage the business of the account.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:26 - Qualification of Companies; Subsidiaries and Affiliates.

408:26 Qualification of Companies;  Subsidiaries and Affiliates. –
I. No company shall issue for delivery within this state variable products unless it is licensed to do so in this state.
II. A variable product license will only be issued to a company licensed in this state to conduct life insurance and annuity business if the commissioner is satisfied that the life insurance company's condition or method of operation in connection with the issuance of variable products will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner shall consider, among other things:
(a) The history and financial condition of the company;
(b) The character, responsibility, and fitness of the officers and directors of the company; and
(c) The law and regulation under which the company is authorized in the state of domicile to issue variable products. The state of entry of an alien company shall be deemed its place of domicile for this purpose.
III. If the company is a subsidiary of an admitted life insurance company, or affiliated with such company through common management or ownership, it may be deemed by the commissioner to have met the provisions of this section if either it or the parent or the affiliated company meets the requirements hereof.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:27 - Certificate.

408:27 Certificate. –
Upon licensure of any insurance company to issue variable products, a certificate shall be issued stating the name and the fact that the company has been licensed as a life insurance company authorized to issue variable products. The certificate shall be in such form as the commissioner may determine but shall state in bold type that the commissioner does not recommend and assumes no responsibility for variable products offered by the licensee. Certified copies of this certificate shall be furnished to the licensee for a fee as specified in RSA 400-A:29.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:28 - Variable Product Provisions.

408:28 Variable Product Provisions. –
Any variable product issued or delivered in this state, and any certificate evidencing variable benefits issued pursuant to any such product on a group basis, shall contain a statement of the essential features of the procedure to be followed by the insurance company in determining the dollar amount of the variable benefits, or other contractual payments or values thereunder, and shall state in clear terms that such amount may decrease or increase according to such procedure. Any such product issued or delivered in this state and any such certificate shall contain on its first page, in a prominent position, a clear statement that the benefits, or other contractual payments or values thereunder, are on a variable basis.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:29 - Variable Products and Separate Accounts.

408:29 Variable Products and Separate Accounts. –
Any domestic life insurance company which issues variable products shall establish one or more separate accounts known as variable product accounts. Variable product accounts shall comply with all the requirements of separate accounts, pursuant to RSA 408:21-25.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:30 - Limitations.

408:30 Limitations. –
Investments and liabilities of a variable product account shall at all times be clearly identifiable and distinguishable from the other investments and liabilities of the company. No investments of a variable product account shall be pledged or transferred as collateral for a loan.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:31 - Investments.

408:31 Investments. –
I. The assets of a variable product account may be invested in any real estate or tangible or intangible personal property which is a legal investment for a life insurance company, and, in addition, such assets may be invested wholly or partly in common stock, in preferred stocks, or in other equities which are, at the time of their purchase, either listed or admitted to trading on a security exchange located in the United States of America or Canada, or are publicly traded on the over-the-counter market and as to which market quotations are available, provided that no more than 5 percent of the assets in any variable product account may be invested in the securities of any one company and not more than 10 percent of any class of securities of any company shall be acquired.
II. Unless otherwise approved by the commissioner, assets allocated to a variable product account shall be valued at their market value on the date of valuation or, if there is no readily available market, as provided under the terms of the contract or policy, or the rules or other written agreement applicable to such variable product account, provided that, unless otherwise approved by the commissioner, the portion, if any, of the assets of such variable product account equal to the company's reserve liability, with regard to the guaranteed benefits and funds referred to in RSA 408:32, shall be valued in accordance with the rules otherwise applicable to the company's assets.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:32 - Reserves.

408:32 Reserves. –
Except with the approval of the commissioner and under such conditions as to investments and other matters as he or she may prescribe, which shall recognize the guaranteed nature of the benefits provided, reserves for (a) benefits guaranteed as to dollar amount and duration and (b) funds guaranteed as to principal amount or stated rate of interest shall not be maintained in a variable product account. The reserve liability for variable products shall be established by the insurance commissioner pursuant to the requirements of RSA 410, the standard valuation law, in accordance with actuarial procedures that recognize the variable nature of the benefits provided.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:33 - Deposit of Securities.

408:33 Deposit of Securities. –
Any company organized under the laws of this state, which has been authorized by the commissioner to issue variable products, shall deposit all securities representing the assets of a segregated fund for a variable product account, and all uninvested cash of such a fund, with a custodian which shall be a bank or trust company, either within or without the state of New Hampshire, approved by the commissioner.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:34 - Advertising.

408:34 Advertising. –
I. Only a life insurance company licensed to issue variable products in this state may, in this state, by direct solicitation or through agents or producers, or by letter, circular, or advertising, sell, offer for sale, or invite offers for or inquiries about variable products and only if it is licensed to do so under the provisions of this chapter.
II. No insurance company or producer authorized to issue variable products shall advertise publicly the fact of his or her license or use such fact or the license certificate in connection with any sale or effort to sell variable products, except by statement of the fact or by exhibiting the certificate or a certified copy thereof.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:35 - Prohibiting Sales.

408:35 Prohibiting Sales. –
If the commissioner is of the opinion that any variable product is of such a character that there is a serious financial danger to the purchaser in buying it, or that the circulars and advertisements do not disclose pertinent facts sufficient to enable intending purchasers to form a correct judgment of the nature and value of the variable product, the commissioner may prohibit the sale or advertisement of said variable product.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:36 - Qualification of Variable Products.

408:36 Qualification of Variable Products. –
Except for RSA 409:2, in the case of a variable life insurance policy, and except as otherwise provided in this chapter, all pertinent provisions of Title XXXVII shall apply to separate accounts and products relating thereto. Any variable life insurance or annuity contract delivered or issued for delivery in this state shall comply with all respective requirements of this chapter.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408 - Life Insurance › Section 408:37 - False Statement.

408:37 False Statement. –
I. Whoever violates any provisions of RSA 408:26-36, inclusive, or knowingly files with the commissioner, or furnishes to him or her any false or misleading statements or information, shall be guilty of a class B felony, if a natural person, or guilty of a felony if any other person.
II. Any false or misleading statements or information furnished to the commissioner shall be evidence that any sales of such variable products made thereafter were made on false representation in a suit to recover damages on account of loss sustained through the purchase thereof.
Source.
2022, 144:1, eff. Jan. 1, 2023.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:1 - Purpose.

408-A:1 Purpose. –
The purpose of this chapter is to promote the public welfare by regulating credit life insurance and credit accident and health insurance. Nothing in this chapter is intended to prohibit or discourage reasonable competition. The provisions of this chapter shall be liberally construed.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:2 - Scope and Definitions.

408-A:2 Scope and Definitions. –
I. This chapter may be cited as "The Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance."
II. All life insurance and all accident and health insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this chapter except such insurance sold in connection with:
(a) A loan or other credit transaction of more than 15 years' duration; or
(b) A first real estate mortgage; or
(c) A loan secured by a filing under the Uniform Commercial Code pursuant to RSA 477:44, IV.
III. For the purpose of this chapter:
(a) "Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction;
(b) "Credit accident and health insurance" means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy;
(c) "Creditor" means the lender of money or vendor or lessor of goods, services, property, rights or privileges, for which payment is arranged through a credit transaction or any successor to the right, title or interest of any such lender, vendor, or lessor, and an affiliate, associate or subsidiary of any of them or any director, officer, or employee of any of them or any other person in any way associated with any of them;
(d) "Debtor" means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction;
(e) "Indebtedness" means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction, except, with respect to credit life insurance issued in connection with a loan or other credit transaction with terms greater than 75 months, "indebtedness" shall mean only the amount necessary to liquidate the remaining debt of a debtor in a single lump sum payment, excluding any unearned interest, unearned finance charges, late charges, or past due amounts more than 2 months delinquent. This exception shall not apply to leases;
(f) "Commissioner" means the insurance commissioner of the state of New Hampshire;
(g) "Credit unemployment insurance" means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is unemployed or on leave as defined in the policy.
Source.
1959, 66:1. 1973, 585:2. 1977, 406:1. 1985, 259:1. 1998, 385:1. 2000, 243:1, 2, eff. Aug. 7, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:3 - Forms of Credit Life Insurance and Credit Accident and Health Insurance.

408-A:3 Forms of Credit Life Insurance and Credit Accident and Health Insurance. –
Credit life insurance and credit accident and health insurance shall be issued only in the following forms:
I. Individual policies of life insurance issued to debtors on the term plan;
II. Individual policies of accident and health insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;
III. Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
IV. Group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:4 - Amount of Credit Life Insurance and Credit Accident and Health Insurance.

408-A:4 Amount of Credit Life Insurance and Credit Accident and Health Insurance. –
I.
Credit Life Insurance. The amount of credit life insurance shall not exceed the initial indebtedness. Where an indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance, the amount of insurance shall at no time exceed the scheduled amount of indebtedness, and where secured by a group policy of credit life insurance, shall at no time exceed the amount of unpaid indebtedness.
II.
Credit Accident and Health Insurance. The total amount of indemnity payable by credit accident and health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness; and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:5 - Term of Credit Life Insurance and Credit Accident and Health Insurance.

408-A:5 Term of Credit Life Insurance and Credit Accident and Health Insurance. –
The term of any credit life insurance or credit accident and health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, or the date from which interest or finance charges accrue if later, except that, where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than 30 days after the date when the debtor becomes obligated to the creditor, the term of the insurance may commence on the date on which the insurance company determines the evidence to be satisfactory, and in such event there shall be an appropriate refund or adjustment of any charge to the debtor for insurance. The term of such insurance shall not extend more than 15 days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in RSA 408-A:8.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:5-a - Credit Unemployment Insurance.

408-A:5-a Credit Unemployment Insurance. –
Credit unemployment insurance may be sold in connection with loans or other credit transactions, subject to the provisions of this chapter as applied to credit life insurance and credit accident and health insurance. Any insurer authorized to offer the coverage specified by this chapter may sell credit unemployment insurance pursuant to this chapter.
Source.
2000, 243:3, eff. Aug. 7, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:6 - Provisions of Policies and Certificates of Insurance; Disclosure to Debtors.

408-A:6 Provisions of Policies and Certificates of Insurance;  Disclosure to Debtors. –
I. All credit life insurance and credit accident and health insurance sold shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate of insurance shall be delivered to the debtor.
II. Each individual policy or group certificate of credit life insurance, and/or credit accident and health insurance shall, in addition to other requirements of law, set forth the name and home office address of the insurer, and the identity by name or otherwise of the person or persons insured, the rate or amount of payment, if any, by the debtor separately for credit life insurance and credit accident and health insurance, a description of the amount, term and coverage including any exceptions, limitations or restrictions, and shall state that the benefit shall be paid to the creditor to reduce or extinguish the unpaid indebtedness and, wherever the amount of insurance may exceed the unpaid indebtedness, that any such excess shall be payable to a beneficiary, other than the creditor, named by the debtor or to his estate.
III. Said individual policy or group certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is incurred except as hereinafter provided.
IV. If said individual policy or group certificate of insurance is not delivered to the debtor at the time the indebtedness is incurred, a copy of the application for such policy or a notice of proposed insurance, signed by the debtor and setting forth the name and home office address of the insurer, the identity by name or otherwise of the person or persons insured, the rate or amount of payment by the debtor, if any, separately for credit life insurance and credit accident and health insurance, a description of the amount, term and coverage provided, shall be delivered to the debtor at the time such indebtedness is incurred. The copy of the application for, or notice of proposed insurance, shall refer exclusively to insurance coverage, and shall be separate and apart from the loan, sale or other credit statement of account, instrument or agreement, unless the information required by this paragraph is prominently set forth therein. Upon acceptance of the insurance by the insurer and within 30 days of the date upon which the indebtedness is incurred, the insurer shall cause the individual policy or group certificate of insurance to be delivered to the debtor. Said application or notice of proposed insurance shall state that upon acceptance by the insurer, the insurance shall become effective as provided in RSA 408-A:5.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:7 - Filing, Approval and Withdrawal of Forms.

408-A:7 Filing, Approval and Withdrawal of Forms. –
I. All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders shall be filed with the commissioner of the state in which the policy is issued.
II. The commissioner shall within 30 days after the filing of any such policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders, disapprove any such form if the table of premium rates charged or to be charged appears by reasonable assumptions to be excessive in relation to benefits, or if it contains provisions which are unjust, unfair, inequitable, misleading, deceptive or encourage misrepresentation of the coverage, or are contrary to any provision of the insurance code or any rule or regulation promulgated thereunder.
III. If the commissioner notifies the insurer that the form is disapproved it is unlawful thereafter for such insurer to issue or use such form. In such notice, the commissioner shall specify the reason for his disapproval and state that a hearing will be granted within 20 days after request in writing by the insurer. No such policy, certificate of insurance, notice of proposed insurance, nor any application, endorsement or rider, shall be issued or used until the expiration of 30 days after it has been so filed, unless the commissioner shall give his prior written approval thereto.
IV. The commissioner may, at any time after a hearing held not less than 20 days after written notice to the insurer, withdraw his approval of any such form on any ground set forth in paragraph II above. The written notice of such hearing shall state the reason for the proposed withdrawal.
V. It is not lawful for the insurer to issue such forms or use them after the effective date of such withdrawal.
VI. Any order or final determination of the commissioner under the provisions of this section shall be subject to judicial review.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:8 - Premiums and Refunds.

408-A:8 Premiums and Refunds. –
I. Each insurer issuing credit life insurance or credit accident and health insurance shall file with the commissioner its schedules of premium rates for use in connection with such insurance. Any insurer may revise such schedules from time to time, and shall file such revised schedules with the commissioner. No insurer shall issue any credit life insurance policy or credit accident and health insurance policy for which the premium rate exceeds that determined by the schedules of such insurer as then on file with the commissioner. The commissioner may require the filing of the schedule of premium rates for use in connection with and as a part of the specific policy filings as provided by RSA 408-A:7.
II. Each individual policy, group certificate or notice of proposed insurance shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled thereto within 30 days from the termination of the insurance; provided, however, that the commissioner shall prescribe a minimum refund and no refund which would be less than such minimum need be made. The formula to be used in computing such refund shall be filed with and approved by the commissioner. For any refund which is not paid within this 30-day period, the person to whom the premium is owed shall be entitled to interest beginning on day 31, at the legal rate.
II-a. [Repealed.]
II-b. [Repealed.]
III. If a creditor requires a debtor to make any payment for credit life insurance or credit accident and health insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to such debtor and shall promptly make an appropriate credit to the account.
IV. The amount charged to a debtor for credit life or credit health and accident insurance shall not exceed the premium charged by the insurer, as computed at the time the charge to the debtor is determined.
Source.
1959, 66:1. 1988, 221:2. 1989, 173:2, eff. July 1, 1989.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:9 - Issuance of Policies.

408-A:9 Issuance of Policies. –
All policies of credit life insurance and credit accident and health insurance shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business therein, and shall be issued only through holders of licenses or authorizations issued by the commissioner unless the sale is by a financial institution pursuant to RSA 406-C.
Source.
1959, 66:1, eff. June 22, 1959. 2022, 223:6, eff. Aug. 16, 2022.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:10 - Claims.

408-A:10 Claims. –
I. All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract.
II. All claims shall be paid either by draft drawn upon the insurer or by check of the insurer to the order of the claimant to whom payment of the claim is due pursuant to the policy provisions, or upon direction of such claimant to one specified.
III. No plan or arrangement shall be used whereby any person, firm or corporation other than the insurer or its designated claim representative shall be authorized to settle or adjust claims. The creditor shall not be designated as claim representative for the insurer in adjusting claims; provided, that a group policyholder may, by arrangement with the group insurer, draw drafts or checks in payment of claims due to the group policyholder subject to audit and review by the insurer.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:11 - Existing Insurance, Choice of Insurer.

408-A:11 Existing Insurance, Choice of Insurer. –
When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:12 - Enforcement.

408-A:12 Enforcement. –
The commissioner may, after notice and hearing, issue such rules and regulations as he deems appropriate for the supervision of this chapter. Whenever the commissioner finds that there has been a violation of this chapter or any rules or regulations issued pursuant thereto, and after written notice thereof and hearing given to the insurer or other person authorized or licensed by the commissioner, he shall set forth the details of his findings together with an order for compliance by a specified date. Such order shall be binding on the insurer and other person authorized or licensed by the commissioner on the date specified unless sooner withdrawn by the commissioner or a stay thereof has been ordered by a court of competent jurisdiction.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:13 - Judicial Review.

408-A:13 Judicial Review. –
Any party to the proceeding affected by an order of the commissioner shall be entitled to a rehearing and appeal in accordance with the provisions of RSA 541.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:14 - Penalties.

408-A:14 Penalties. –
In addition to any other penalty provided by law, any person who violates an order of the commissioner after it has become final, and while such order is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the state of New Hampshire a sum not to exceed $250 which may be recovered in a civil action, except that if such violation is found to be willful, the amount of such penalty shall be a sum not to exceed $1,000. The commissioner, in his discretion, may revoke or suspend the license or certificate of authority of the person guilty of such violation. Such order for suspension or revocation shall be upon notice and hearing, and shall be subject to judicial review as provided in RSA 408-A:13.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-A - Credit Life and Accident and Health Insurance › Section 408-A:15 - Separability Provision.

408-A:15 Separability Provision. –
If any provision of this chapter, or the application of such provision of any person or circumstances, shall be held invalid, the remainder of the chapter, and the application of such provision to any person or circumstances other than those as to which it is held invalid, shall not be affected thereby.
Source.
1959, 66:1, eff. June 22, 1959.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-B - Life and Health Insurance Guaranty Association of 1996 › Section 408-B:1 - Title.

408-B:1 Title. –
This chapter shall be known and may be cited as the New Hampshire Life and Health Insurance Guaranty Association Act of 1996.
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:2 - Purpose.

408-B:2 Purpose. –
I. The purpose of this chapter is to protect, subject to certain limitations, the persons specified in RSA 408-B:5, I against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in RSA 408-B:5, II, because of the impairment or insolvency of the member insurer that issued the policies or contracts.
II. To provide this protection, an association of 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.
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:3 - Construction.

408-B:3 Construction. –
This chapter shall be liberally construed to effect the purpose under RSA 408-B:2 which shall constitute an aid and guide to interpretation.
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:6 - Creation of the Association.

408-B: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 in this state. The association shall perform its functions under the plan of operation established and approved under RSA 408-B:10 and shall exercise its powers through a board of directors established under RSA 408-B: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 insurance 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.
1995, 305:1. 1997, 167:1. 2015, 205:4, eff. Sept. 4, 2015.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-B - Life and Health Insurance Guaranty Association of 1996 › Section 408-B:7 - Board of Directors.

408-B:7 Board of Directors. –
I. The board of directors of the association shall consist of not less than 5 nor more than 9 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.
1995, 305:1. 1997, 167:2, eff. Aug. 8, 1997.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-B - Life and Health Insurance Guaranty Association of 1996 › Section 408-B:10 - Plan of Operation.

408-B: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, 1996, 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-B: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-B: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-B:8, XIII(c) and RSA 408-B: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.
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:11 - Duties and Powers of the Commissioner.

408-B: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 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 insurance 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 pendancy 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.
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:13 - Credits for Assessments Paid.

408-B: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-B: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-B:9, VI, and which were previously offset against taxes as described in paragraph I, shall be paid by these 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.
1995, 305:1. 1996, 188:20, eff. Jan. 1, 1997.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-B - Life and Health Insurance Guaranty Association of 1996 › Section 408-B:15 - Examination of the Association; Annual Report.

408-B: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.
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:16 - Tax Exemptions.

408-B: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.
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:17 - Immunity.

408-B: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.
1995, 305:1, eff. Jan. 1, 1996.