reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:7 - Cooperation of Officers and Employees.

402-C:7 Cooperation of Officers and Employees. –
I.
Duty to Cooperate. Any officer, manager, trustee or general agent of any insurer and any other person with executive authority over or in charge of any segment of the insurer's affairs shall cooperate with the commissioner in any proceeding under this chapter or any investigation preliminary or incidental to the proceeding. "To cooperate" includes, but is not limited to the following:
(a) To reply promptly in writing to any inquiry from the commissioner requesting such a reply; and
(b) To make available and deliver to the commissioner any books, accounts, documents or other records, or information or property of or pertaining to the insurer and in his possession, custody or control.
II.
Duty Not to Obstruct. No person shall obstruct or interfere with the commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental thereto.
III.
Right to Defend. This section shall not render it illegal to resist by legal proceedings the petition for liquidation or other delinquency proceedings, or other orders.
IV.
Sanction. Any person included within RSA 402-C:7, I who fails to cooperate with the commissioner, or any person who obstructs or interferes with the commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental thereto, shall be guilty of a misdemeanor if a natural person, or guilty of a felony if any other person.
Source.
1969, 272:1. 1973, 528:278, eff. at 11:59 p.m., Oct. 31, 1973.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:8 - Bonds.

402-C:8 Bonds. –
In any proceeding under this chapter the commissioner and his deputies shall be responsible on their official bonds for the faithful performance of their duties. If the court deems it desirable for the protection of the assets, it may at any time require an additional bond from the commissioner or his deputies.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:9 - Commissioner's Reports.

402-C:9 Commissioner's Reports. –
I.
General Report of Proceedings. The commissioner shall include in his annual report:
(a)
Formal Proceedings. The names of the insurers proceeded against under RSA 402-C:15, 20, 24, 52, 53, and 55 and such other facts as indicate in reasonable detail his formal proceedings under this chapter; and
(b)
Informal Proceedings. Such facts as generally indicate the utilization and effectiveness of proceedings under RSA 402-C:11, 12 and 13.
II.
Special Reports.
(a)
Causes of Delinquency. The commissioner shall include in the annual report, not later than the second annual report following the initiation of any formal proceedings under this chapter, a detailed analysis of the basic causes and the contributing factors making the initiation of formal proceedings necessary, and shall make recommendations for remedial legislation. For this purpose the commissioner may appoint a special assistant qualified in insurance, finance and accounting to conduct the study and prepare the analysis, and may determine the special assistant's compensation, which shall be paid pursuant to RSA 402-C:44, I.
(b)
Final Study. The commissioner shall include in the annual report, not later than the second annual report following discharge of the receiver, a detailed study of the delinquency proceeding for each insurer subjected to a formal proceeding, with an analysis of the problems faced and their solutions. The commissioner shall also suggest alternative solutions, as well as other material of interest, for the purpose of assisting and guiding liquidators or rehabilitators in the future. For this purpose the commissioner may appoint a special assistant qualified to conduct the study and prepare the analysis, and may determine the special assistant's compensation, which shall be paid pursuant to RSA 402-C:44, I.
III.
Reports on Insurers Subject to Proceedings. The commissioner as receiver shall make and file annual reports and any other required reports for the companies proceeded against under RSA 402-C:15, 20, 24, 52, 53 and 55 in the manner and form and within the time required by law of insurers authorized to do business in this state, and under the same penalties for failure to do so.
Source.
1969, 272:1. 1997, 221:3, eff. July 1, 1997.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:10 - Delinquency Proceedings.

402-C:10 Delinquency Proceedings. –
I. Every proceeding commenced before June 23, 1969, is deemed to have commenced under this chapter for the purpose of conducting the proceeding thereafter, except that in the discretion of the commissioner the proceeding may be continued, in whole or in part, as it would have been continued had this chapter not been enacted.
II. Until all payments of or on account of the insurer's contracted delegations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association, no insurer that is subject to any delinquency proceeding shall:
(a) Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding;
(b) Be permitted to solicit or accept new business or accept the restoration of any suspended or revoked license or certificate of authority;
(c) Be returned to the control of its shareholders or private management; or
(d) Have any of its assets returned to the control of its shareholders or private management.
Source.
1969, 272:1. 1991, 96:2, eff. Jan. 1, 1992.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:11 - Commissioner's Summary Orders.

402-C:11 Commissioner's Summary Orders. –
I.
Summary Order After Hearing. Whenever the commissioner has reasonable cause to believe, and determines after a hearing held as prescribed in paragraph III, that any insurer has committed or engaged in, or is committing or engaging in or is about to commit or engage in any act, practice or transaction that would subject it to formal delinquency proceedings under this chapter, he may make and serve upon the insurer and any other persons involved, such orders other than seizure orders under RSA 402-C:12 and 13 as are reasonably necessary to correct, eliminate or remedy such conduct, condition or ground. If the order is for a restoration of or addition to capital, it may be carried out as provided in RSA 403.
II.
Summary Order Before Hearing. If the conditions of paragraph I are satisfied, and if it appears to the commissioner that irreparable harm to the property or business of the insurer or to the interest of its policyholders, creditors or the public may occur unless he issues with immediate effect the orders described in paragraph I he may make and serve such orders without notice and before hearing, simultaneously serving upon the insurer notice of hearing under paragraph III.
III.
Service, Notice, Hearing. The notice of hearing under paragraphs I or II and the summary order issued under paragraphs I or II shall be reasonably calculated to fairly and reasonably notify the recipient of the time and place of hearing, and the conduct, condition or ground upon which the commissioner would base his order; the notice of hearing under paragraph II shall state the time and place of hearing. Unless mutually agreed between the commissioner and the insurer, the hearing shall occur not less than 10 days nor more than 30 days after notice is served and shall be either in Concord or in some other place convenient to the parties to be designated by the commissioner.
IV.
Judicial Relief. If the commissioner issues a summary order before hearing under paragraph II, the insurer may at any time waive the commissioner's hearing and apply for immediate judicial relief by means of any remedy afforded by law without first exhausting administrative remedies. Subsequent to a hearing the insurer or any person whose interests are substantially affected shall be entitled to judicial review of any order issued by the commissioner.
V.
Sanction. If any person has violated any order issued under this section which as to him was then still in effect, he shall be liable to forfeit a sum not to exceed $10,000. The penalty shall be imposed and collected in an action brought by the attorney general and shall be paid into the state treasury.
VI.
Enforcement by Injunction. The commissioner may apply for and any superior court may grant, such restraining orders, temporary and permanent injunctions and other orders as are deemed necessary to enforce a summary order.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:12 - Court's Seizure Order.

402-C:12 Court's Seizure Order. –
I.
Issuance. Upon the filing by the commissioner in any superior court in this state of a verified petition alleging any ground that would justify a court order for a formal delinquency proceeding against an insurer under this chapter and that the interests of policyholders, creditors or the public will be endangered by delay, and setting out the order deemed necessary by the commissioner, the court shall issue forthwith, ex parte and without a hearing, the requested order which may a) direct the commissioner to take possession and control of all or a part of the property, books, accounts, documents and other records of an insurer and of the premises occupied by it for the transaction of its business, and b) until further order of the court, enjoin the insurer and its officers, managers, agents, and employees from disposition of its property and from transaction of its business except with the written consent of the commissioner.
II.
Duration. The court shall specify in the order what its duration shall be, which shall be such time as the court deems necessary for the commissioner to ascertain the condition of the insurer. On motion of either party or on its own motion, the court may hold such hearings as it deems desirable after such notice as it deems appropriate, and may extend, shorten or modify the terms of the seizure order. The court shall vacate the seizure order if the commissioner fails to commence a formal proceeding under this chapter after having had a reasonable opportunity to do so. The issuance of an order of the court pursuant to a formal proceeding under this chapter vacates the seizure order.
III.
Anticipatory Breach. Entry of a seizure order under this section shall not constitute an anticipatory breach of any contract of the insurer.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:13 - Commissioner's Seizure Order.

402-C:13 Commissioner's Seizure Order. –
I.
Issuance. If it appears to the commissioner that the interests of creditors, policyholders or the public will be endangered by the delay incident to asking for a court seizure order, then on any ground that would justify a court seizure order under RSA 402-C:12 without notice and without applying to the court, he may issue a seizure order which must contain a verified statement of the grounds of his action. As directed by the seizure order, the commissioner's representatives shall forthwith take possession and control of all or part of the property, books, accounts, documents and other records of the insurer, and of the premises occupied by the insurer for the transaction of its business. The commissioner shall retain possession and control until the order is vacated or is replaced by an order of the court pursuant to a proceeding commenced under paragraph II or a formal proceeding under this chapter.
II.
Judicial Review. At any time after seizure under paragraph I, the insurer may apply to the superior court for Merrimack county or for the county in which the insurer's principal office is located. The court shall thereupon order the commissioner to appear forthwith and shall proceed thereafter as if the order were a court seizure order issued under RSA 402-C:12.
III.
Duty to Assist Commissioner. Every law enforcement officer shall assist the commissioner in making and enforcing any such seizure, and every sheriff's and police department shall furnish with such deputies, patrolmen or officers as are necessary to assist him.
IV.
Anticipatory Breach. Entry of a seizure order under this section shall not constitute an anticipatory breach of any contract of the insurer.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:14 - Conduct of Hearings in Summary Proceedings.

402-C:14 Conduct of Hearings in Summary Proceedings. –
I.
Confidentiality of Commissioner's Hearings. The commissioner shall hold all hearings in summary proceedings privately unless the insurer requests a public hearing, in which case the hearing shall be public.
II.
Confidentiality of Court Hearings. The court may hold all hearings in summary proceedings and judicial reviews thereof privately in chambers, and shall do so on request of the insurer proceeded against.
III.
Records. In all summary proceedings and judicial reviews thereof, all records of the company, other documents, and all insurance department files and court records and papers, so far as they pertain to or are a part of the record of the summary proceedings, shall be and remain confidential except as is necessary to obtain compliance therewith, unless the court, after hearing arguments from the parties in chamber, shall order otherwise, or unless the insurer requests that the matter be made public. Until such court order, all papers, filed with the clerk of the court shall be held by him in a confidential file.
IV.
Parties. If at any time it appears to the court that any person whose interest is or will be substantially affected by an order did not appear at the hearing and has not been served, the court may order that notice be given and the proceedings be adjourned to give him opportunity to appear on such terms as may be just.
V.
Sanctions. Any person having possession or custody of and refusing to deliver any of the property, books, accounts, documents or other records of an insurer against which a seizure order or a summary order has been issued by the commissioner or by the court, shall be guilty of a misdemeanor if a natural person, or guilty of a felony if any other person.
Source.
1969, 272:1. 1973, 528:279, eff. Oct. 31, 1973 at 11:59 p.m.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:16 - Rehabilitation Orders.

402-C:16 Rehabilitation Orders. –
I.
Appointment of Rehabilitator. An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the commissioner and his successors in office rehabilitator and shall direct the rehabilitator forthwith to take possession of the assets of the insurer and to administer them under the orders of the court. The filing or recording of the order with any register of deeds in the state imparts the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that register of deeds.
II.
Anticipatory Breach. Entry of an order of rehabilitation shall not constitute an anticipatory breach of any contracts of the insurer.
III. Any order issued under this section shall require accountings to the court by the rehabilitator. Accountings shall be at such intervals as the court specifies in its order, but no less frequently than semi-annually.
Source.
1969, 272:1. 1991, 96:3, eff. Jan. 1, 1992.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:17 - Powers and Duties of the Rehabilitator.

402-C:17 Powers and Duties of the Rehabilitator. –
I.
Special Deputy Commissioner. The commissioner as rehabilitator shall make every reasonable effort to employ an active or retired senior executive from a successful insurer to serve as special deputy commissioner to rehabilitate the insurer. The special deputy shall have all of the powers of the rehabilitator granted under this section. To obtain a suitable special deputy, the commissioner may consult with and obtain the assistance and advice of executives of insurers doing business in this state. Subject to court approval, the commissioner shall make such arrangements for compensation as are necessary to obtain a special deputy of proven ability. The special deputy shall serve at the pleasure of the commissioner.
II.
General Power. Subject to court approval, the rehabilitator may take such action as he deems necessary or expedient to reform and revitalize the insurer. He shall have all the powers of the officers and managers, whose authority shall be suspended, except as they are redelegated by the rehabilitator. He shall have full power to direct and manage, to hire and discharge employees subject to any contract rights they may have and to deal with the property and business of the insurer.
III.
Advice From Experts. The rehabilitator may consult with and obtain formal or informal advice and aid of insurance experts.
IV.
Pursuit of Insurer's Claims Against Insiders. If the rehabilitator finds that there has been criminal or tortious conduct or breach of any contractual or fiduciary obligation detrimental to the insurer by any officer, manager, agent, broker, employee or other person, he may pursue all appropriate legal remedies on behalf of the insurer.
V.
Reorganization Plan. The rehabilitator may prepare a plan for the reorganization, consolidation, conversion, reinsurance, merger or other transformation of the insurer. Upon application of the rehabilitator for approval of the plan, and after such notice and hearing as the court prescribes, the court may either approve or disapprove the plan proposed, or may modify it and approve it as modified. If it is approved, the rehabilitator shall carry out the plan. In the case of a life insurer, the plan proposed may include the imposition of liens upon the equities of policyholders of the company, if all rights of shareholders are first relinquished. A plan for a life insurer may also propose imposition of a moratorium upon loan and cash surrender rights under policies, for such period and to such an extent as are necessary.
VI.
Fraudulent Transfers. The rehabilitator shall have the power to avoid fraudulent transfers under RSA 402-C:30 and 31.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:18 - Actions by and Against Rehabilitator.

402-C:18 Actions by and Against Rehabilitator. –
I.
Stays in Pending Litigation. On request of the rehabilitator, any court in this state before which any action or proceeding by or against an insurer is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for such time as is necessary for the rehabilitator to obtain proper representation and prepare for further proceedings. The court that entered the rehabilitation order shall order the rehabilitator to take such action respecting the pending litigation as the court deems necessary in the interests of justice and for the protection of creditors, policyholders and the public. The rehabilitator shall immediately consider all litigation pending outside this state and shall petition the courts having jurisdiction over that litigation for stays whenever necessary to protect the estate of the insurer.
II.
Statutes of Limitations on Claims by Insurer. The time between the filing of a petition for rehabilitation against an insurer and denial of the petition or an order of rehabilitation shall not be considered to be a part of the time within which any action may be commenced by the insurer. Any action by the insurer that might have been commenced when the petition was filed may be commenced at least 60 days after the order of rehabilitation is entered.
III.
Statutes of Limitations on Claims Against Insurer. The time between the filing of a petition for rehabilitation against an insurer and the denial of the petition or an order of rehabilitation shall not be considered to be a part of the time within which any action may be commenced against the insurer. Any action against the insurer that might have been commenced when the petition was filed may be commenced for at least 60 days after the order of rehabilitation is entered or the petition is denied.
IV. Any guaranty association or foreign guaranty association covering life or health insurance or annuities shall have standing to appear in any court proceeding concerning the rehabilitation of a life or health insurer if such association is or may become liable to act as a result of the rehabilitator.
Source.
1969, 272:1. 1991, 96:4, eff. Jan. 1, 1992.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:19 - Termination of Rehabilitation.

402-C:19 Termination of Rehabilitation. –
I.
Transformation to Liquidation. Whenever he believes that further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the rehabilitator may petition the court for an order of liquidation. A petition under this subsection shall have the same effect as a petition under RSA 402-C:20. The court shall permit the directors to defend against the petition and shall order payment from the estate of the insurer of such costs and other expenses of defense as justice requires.
II.
Order to Return to Company. The rehabilitator may at any time petition the court for an order terminating rehabilitation of an insurer. If the court finds that rehabilitation has been accomplished and that grounds for rehabilitation under RSA 402-C:15 no longer exist, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make that finding and issue that order at any time upon its own motion.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:20 - Grounds for Liquidation.

402-C:20 Grounds for Liquidation. –
The commissioner may apply by verified petition to the superior court for Merrimack county or for the county in which the principal office of the insurer is located for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on any one or more of the following grounds:
I. Any ground on which he may apply for an order of rehabilitation under RSA 402-C:15 whenever he believes that attempts to rehabilitate the insurer would substantially increase the risk of loss to its creditors, its policyholders or the public, or would be futile, or that rehabilitation would serve no useful purpose;
II. That the insurer is or is about to become insolvent;
III. That the insurer is engaging in a systematic practice of reaching settlements with and obtaining releases from policyholders or third party claimants and then unreasonably delaying payment of or failing to pay the agreed upon settlements;
IV. That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public;
V. That the insurer has not transacted the business of insurance during the previous 12 months or has transacted only a token insurance business during that period, although authorized to do so throughout that period, or that more than 12 months after incorporation it has failed to become authorized to do an insurance business;
VI. That within the previous 12 months the insurer has systematically attempted to compromise with its creditors on the ground that it is financially unable to pay its claims in full;
VII. That the insurer has commenced, or within the previous year has attempted to commence, voluntary liquidation otherwise than under the insurance laws of this state;
VIII. That the insurer has concealed records or assets from the commissioner or improperly removed them from the jurisdiction;
IX. That the insurer does not satisfy the requirements that would be applicable if it were seeking initial authorization to do an insurance business in this state, except for:
(a) Requirements that are intended to apply only at the time the initial authorization to do business is obtained, and not thereafter; and
(b) Requirements that are expressly made inapplicable by the laws establishing the requirements;
X. That the holders of
2/3 of the shares entitled to vote, or
2/3 of the members or policyholders entitled to vote in an insurer controlled by its members or policyholders, have consented to a petition.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:22 - Continuance of Coverage.

402-C:22 Continuance of Coverage. –
I. All insurance policies issued by the insurer shall continue in force:
(a) For a period of 30 days from the date of entry of the liquidation order;
(b) Until the normal expiration of the policy coverage;
(c) Until the insured has replaced the insurance coverage with equivalent insurance in another insurer; or
(d) Until the liquidator has effected a transfer of the policy obligation pursuant to RSA 402-C:25, VIII; whichever time is less.
II. If the coverage continued under this section is replaced by insurance that is not equivalent, the coverage continued under this section shall be excess coverage over the replacement policy to the extent of the deficiency. Claims arising during the continuation of coverage shall be treated as if they arose immediately before the petition for liquidation. Coverage under this section shall not satisfy any legal obligation of the insured to carry insurance protection, whether the obligation is created by law or by contract.
Source.
1969, 272:1. 1991, 96:6, eff. Jan. 1, 1992.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:23 - Dissolution of Insurer.

402-C:23 Dissolution of Insurer. –
The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he applies for a liquidation order. If the court issues a liquidation order, it also shall order dissolution if the commissioner has petitioned for it. The court shall order dissolution of the corporation upon petition by the commissioner at any time after a liquidation order has been granted. If the dissolution has not previously occurred, it shall be effected by operation of law upon the discharge of the liquidator.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:24 - Federal Receivership.

402-C:24 Federal Receivership. –
I.
Petition for Federal Receiver. Whenever in the commissioner's opinion, liquidation of a domestic insurer or an alien insurer domiciled in this state would be facilitated by a federal receivership, and when any ground exists upon which the commissioner might petition the court for an order of rehabilitation or liquidation under RSA 402-C:15 or 20, or if an order of rehabilitation or liquidation has already been entered, the commissioner may request another commissioner or other willing resident of another state to petition any appropriate federal district court for the appointment of a federal receiver. The commissioner may intervene in any such action to support or oppose the petition, and may accept appointment as the receiver if he is so designated. So much of this chapter shall apply to the receivership as can be made applicable and is appropriate. Upon motion of the commissioner, the courts of this state shall relinquish all jurisdiction over the insurer for purposes of rehabilitation or liquidation.
II.
Compliance With Federal Requirements. If the commissioner is appointed receiver under this section, he shall comply with any requirements necessary to give him title to and control over the assets and affairs of the insurer.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:26 - Notice to Creditors and Others.

402-C:26 Notice to Creditors and Others. –
I.
Notice Required.
(a)
General Requirements. The liquidator shall give notice of the liquidation order as soon as possible by first class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is licensed to do business, by first class mail within this state and by airmail outside this state to all insurance agents having a duty under RSA 402-C:27, and by first class mail within this state and by airmail outside this state at the last known address to all persons known or reasonably expected to have claims against the insurer, including all policyholders. He also shall publish notice in a newspaper of general statewide circulation or in Merrimack county, the last publication to be not less than 3 months before the earliest deadline specified in the notice under paragraph III.
(b)
Special Requirements. Notice to agents shall inform them of their duties under RSA 402-C:27 and inform them what information they must communicate to insureds. Notice to policyholders shall include notice of impairment and termination of coverage under RSA 402-C:22. When it is applicable, notice to policyholders shall include 1) notice of withdrawal of the insurer from the defense of any case in which the insured is interested and 2) notice of the right to file a claim under RSA 402-C:40.
(c)
Reports and Further Notice. Within 15 days of the date of entry of the order, the liquidator shall report to the court what notice has been given. The court may order such additional notice as it deems appropriate.
II.
Notice Respecting Claims Filing. Notice to potential claimants under paragraph I shall require claimants to file with the liquidator their claims together with proper proofs thereof under RSA 402-C:38 on or before a date the liquidator specifies in the notice, which shall be no less than 6 months nor more than one year after entry of the order, except that the liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. The liquidator may specify different dates for the filing of different kinds of claims.
III.
Notice Conclusive. If notice is given in accordance with this section, the distribution of the assets of the insurer under this chapter shall be conclusive with respect to all claimants, whether or not they received notice.
Source.
1969, 272:1. 1975, 348:16, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:27 - Duties of Agents.

402-C:27 Duties of Agents. –
I.
Written Notice. Every person who receives notice in the form prescribed in RSA 402-C:26 that an insurer which he represents as an independent agent is the subject of a liquidation order shall as soon as practicable give notice of the liquidation order. The notice shall be sent by first class mail to the last address contained in the agent's records to each policyholder or other person named in any policy issued through the agent by the company, if he has a record of the address of the policyholder or other person. A policy shall be deemed issued through an agent if the agent has a property interest in the expiration of the policy; or if the agent has had in his possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another. The written notice shall include the name and address of the insurer, the name and address of the agent, identification of the policy impaired and the nature of the impairment under RSA 402-C:22. Notice by a general agent satisfies the notice requirement for any agents under contract to him.
II.
Sanctions. Any agent failing to give notice as required in paragraph I may be fined not more than $100 and may have his license suspended.
III.
Oral Notice. So far as practicable, every insurance agent subject to paragraph I shall give immediate oral notice by telephone or otherwise, of the liquidation order to the same persons to whom he is obligated to give written notice. The oral notice shall include substantially the same information as the written notice.
IV.
Unearned Premium Claims. It shall be the duty of each agent, subject to the provisions of this section, to prepare and file on forms prescribed by the liquidator or the association the claims for unearned premiums on behalf of the policyholders of the insolvent insurer for policies issued through said agent. Agents who fail to file valid claims of policyholders as required by this section shall be personally liable to the respective policyholders to whom the unearned premiums are due and owing by the insolvent insurer, but in no event shall the agent be liable to any individual policyholder for an amount more than said policyholder's unearned premium including unearned commission less the $50 deductible provision established under RSA 404-B:5, IV. Upon receipt of the unearned premium claims from the liquidator or the association, the agent shall promptly pay to each policyholder his just and proportionate share of said refund and in addition shall return to each policyholder the unearned commission due on each cancelled policy.
Source.
1969, 272:1. 1975, 348:11, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:28 - Actions by and Against Liquidator.

402-C:28 Actions by and Against Liquidator. –
I.
Termination of Actions Against Insurer by Order Appointing Liquidator. Upon issuance of any order appointing the commissioner liquidator of a domestic insurer or of an alien insurer domiciled in this state, all actions and all proceedings against the insurer whether in this state or elsewhere shall be abated and the liquidator shall not intervene in them, except as provided in this section. Whenever in the liquidator's judgment an action in this state has proceeded to a point where fairness or convenience would be served by its continuation to judgment, he may apply to the court for leave to defend or to be substituted for the insurer, and if the court gives him leave, the action shall not be abated. Whenever in the liquidator's judgment, protection of the estate of the insurer necessitates intervention in an action against the insurer that is pending outside this state, with approval of the court he may intervene in the action. The liquidator may defend any action in which he intervenes under this section at the expense of the estate of the insurer.
II.
Statute of Limitations on Claims by Insurer. The liquidator may, within 2 years subsequent to the entry of an order for liquidation or within such further time as applicable law permits, institute an action or proceeding on behalf of the estate of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which such order is entered. Where, by any agreement, a period of limitation is fixed for instituting a suit or proceeding upon any claim or for filing any claim, proof of claim, proof of loss, demand, notice or the like, or where in any proceeding, judicial or otherwise, a period of limitation is fixed, either in the proceeding or by applicable law, for taking any action, filing any claim or pleading or doing any act, and where in any such case the period had not expired at the date of the filing of the petition, the liquidator may, for the benefit of the estate, take any such action or do any such act, required of or permitted to the insurer, within a period of 60 days subsequent to the entry of an order for liquidation, or within such further period as is permitted by the agreement, or in the proceeding or by applicable law, or within such further period as is shown to the satisfaction of the court not to be unfairly prejudicial to the other party.
III.
Statutes of Limitations on Claims Against Insurer. The time between the filing of a petition for liquidation against an insurer and the denial of the petition shall not be considered to be a part of the time within which any action may be commenced against the insurer. Any action against the insurer that might have been commenced when the petition was filed may be commenced for at least 60 days after the petition is denied.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:31 - Fraudulent Transfers After Petition.

402-C:31 Fraudulent Transfers After Petition. –
I.
Effect of Petition: Real Property. After a petition for rehabilitation or liquidation, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred. The recording of a copy of the petition for or order of rehabilitation or liquidation with the register of deeds in the county where any real property in question is located is constructive notice of the commencement of a proceeding in rehabilitation or liquidation. The exercise by a court of the United States or any state of jurisdiction to authorize or effect a judicial sale of real property of the insurer within any county in any state shall not be impaired by the pendency of such a proceeding unless the copy is recorded in the county prior to the consummation of the judicial sale.
II.
Effect of Petition: Personal Property. After a petition for rehabilitation or liquidation and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:
(a) A transfer of any of the property of the insurer, other than real property, made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred.
(b) A person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the indebtedness or deliver the property or any part thereof to the insurer or upon his order, with the same effect as if the petition were not pending.
(c) A person having actual knowledge of the pending rehabilitation or liquidation shall be deemed not to act in good faith unless he has reasonable cause to believe that the petition is not well founded.
(d) A person asserting the validity of a transfer under this section shall have the burden of proof. Except as elsewhere provided in this section, no transfer by or in behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator shall be valid against the liquidator.
III.
Negotiability. Nothing in this chapter shall impair the negotiability of currency or negotiable instruments.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:33 - Claims of Holders of Void or Voidable Rights.

402-C:33 Claims of Holders of Void or Voidable Rights. –
I.
Disallowance for Failure to Surrender Property. No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment or encumbrance, voidable under this chapter, shall be allowed unless he surrenders the preference, lien, conveyance, transfer, assignment or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within 30 days from the date of the entering of the final judgment, except that the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding.
II.
Time for Filing. A claim allowable under paragraph I by reason of the avoidance, whether voluntary or involuntary, of a preference lien, conveyance, transfer, assignment or encumbrance may be filed as an excused late filing under RSA 402-C:37 if filed within 30 days from the date of the avoidance or within the further time allowed by the court under paragraph I.
Source.
1969, 272:1, eff. June 23, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:34 - Setoffs.

402-C:34 Setoffs. –
I.
Setoffs Allowed in General. Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter shall be set off and the balance only shall be allowed or paid, except as provided in paragraph II.
II.
Exceptions. No setoff shall be allowed in favor of any person where:
(a) The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle him to share as a claimant in the assets of the insurer;
(b) The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff;
(c) The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution; or
(d) [Repealed.]
Source.
1969, 272:1. 2003, 218:1, 2, 4, eff. Aug. 30, 2003.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:36 - Liability of Insurer.

402-C:36 Liability of Insurer. –
The amount recoverable by the liquidator from a reinsurer shall not be reduced as a result of delinquency proceedings regardless of whether the reinsurance contract provides, in substance, that in the event of the insolvency of the ceding insurer, the reinsurance shall be payable by the assuming insurer on the basis of the claims allowed against the ceding insurer in the insolvency proceedings, under contract or contracts reinsured without diminution because of the insolvency of the ceding insurer. Such payments shall be made directly to the ceding insurer or to its domiciliary liquidator or receiver except:
I. Where the contract specifically provides another payee of such reinsurance in the event of the insolvency of the ceding insurer; or
II. Where the assuming insurer with the consent of the direct insured or insured has assumed such policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under such policies and in substitution for the obligations of the ceding insurer to such payees.
Source.
1969, 272:1. 2003, 218:3. 2005, 248:4, eff. Sept. 12, 2005.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402-C - Insurers Rehabilitation and Liquidation › Section 402-C:37 - Filing of Claims.

402-C:37 Filing of Claims. –
I.
Deadline for Filing. Proof of all claims must be filed with the liquidator in the form required by RSA 402-C:38 on or before the last day for filing specified in the notice required under RSA 402-C:26, except that proof of preferred ownership claims and proprietary claims under RSA 402-C:44 need not be filed at all, and proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.
II.
Excused Late Filings. For a good cause shown, the liquidator shall recommend and the court shall permit a claimant making a late filing to share in dividends, whether past or future, as if he were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation. Good cause includes but is not limited to the following:
(a) That existence of a claim was not known to the claimant and that he filed within 30 days after he learned of it;
(b) That a claim for cash surrender values or other investment values in life insurance or annuities which was not required to be filed was omitted from the liquidator's recommendations to the court under RSA 402-C:45, and that it was filed within 30 days after the claimant learned of the omission;
(c) That a transfer to creditor was avoided under RSA 402-C:30-32 or was voluntarily surrendered under RSA 402-C:33, and that the filing satisfies the conditions of RSA 402-C:33;
(d) That valuation under RSA 402-C:43 of security held by a secured creditor shows a deficiency, which is filed within 30 days after the valuation; and
(e) That a claim was contingent and became absolute, and was filed within 30 days after it became absolute.
III.
Unexcused Late Filings. The liquidator may consider any claim filed late which is not covered by paragraph II, and permit it to receive dividends, other than the first dividend, which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive, at each distribution, the same percentage of the amount allowed on his claim as is then being paid to other claimants of the same priority plus the same percentage of the amount allowed on his claim as is then being paid to claimants of any lower priority. This shall continue until his claim has been paid in full.
Source.
1969, 272:1. 1975, 348:12, 13, eff. Aug. 6, 1975.