reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 401-D - Corporate Governance Annual Disclosure Act › Section 401-D:1 - Purpose and Scope.

401-D:1 Purpose and Scope. –
I. The purpose of this chapter is to:
(a) Provide the insurance commissioner with a summary of an insurer or insurance group's corporate governance structure, policies and practices to permit the commissioner to gain and maintain an understanding of the insurer's corporate governance framework.
(b) Outline the requirements for completing a corporate governance annual disclosure with the insurance commissioner.
(c) Provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer or insurance group's internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.
II. Nothing in this chapter shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law. Nothing in this chapter shall be construed to limit the commissioner's authority, or the rights or obligations of third parties, under RSA 400-A:37.
III. The requirements of this chapter shall apply to all insurers domiciled in this state.
Source.
2016, 316:1, eff. Jan. 1, 2017. 2018, 36:1, eff. May 15, 2018.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 401-D - Corporate Governance Annual Disclosure Act › Section 401-D:2 - Definitions.

401-D:2 Definitions. –
In this chapter:
I. "Commissioner" means the insurance commissioner.
II. "Corporate governance annual disclosure" or "CGAD" means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this chapter.
III. "Insurance group" means those insurers and affiliates included with an insurance holding company system as defined in RSA 401-B.
IV. "Insurer" shall have the same meaning as set forth in RSA 401-B:3-a, I(b) except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
V. "NAIC" means the National Association of Insurance Commissioners.
VI. "ORSA summary report" means the report filed in accordance with RSA 401-C.
Source.
2016, 316:1, eff. Jan. 1, 2017.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 401-D - Corporate Governance Annual Disclosure Act › Section 401-D:3 - Disclosure Requirement.

401-D:3 Disclosure Requirement. –
I. An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1 of each calendar year, submit to the commissioner a CGAD that contains the information described in RSA 401-D:5. Notwithstanding a request from the commissioner made pursuant to paragraph III, if the insurer is a member of an insurance group, the insurer shall submit the report required by this section to the commissioner of the lead state for the insurance group, in accordance with the laws of the lead state, as determined by the procedures outlined in the most recent financial analysis handbook adopted by the NAIC.
II. The CGAD shall include a signature of the insurer or insurance group's chief executive officer or corporate secretary attesting to the best of that individual's belief and knowledge that the insurer has implemented the corporate governance practices and that a copy of the disclosure has been provided to the insurer's board of directors or the appropriate committee of such board.
III. An insurer not required to submit a CGAD under this section shall do so upon the commissioner's request.
IV. For purposes of completing the CGAD, the insurer or insurance group may provide information regarding corporate governance at the ultimate controlling parent level, an intermediate holding company level, and/or the individual legal entity level, depending upon how the insurer or insurance group has structured its system of corporate governance. The insurer or insurance group is encouraged to make CGAD disclosures at the level at which the insurer's or insurance group's risk appetite is determined, or at which the earnings, capital, liquidity, operations, and reputation of the insurer are overseen collectively and at which the supervision of those factors are coordinated and exercised, or the level at which legal liability for failure of general corporate governance duties would be placed. If the insurer or insurance group determines the level of reporting based on these criteria, it shall indicate which of the 3 criteria was used to determine the level of reporting and explain any subsequent changes in the level of reporting.
V. The review of the CGAD and any additional requests for information shall be made through the lead state as determined by the procedures within the most recent financial analysis handbook referenced in paragraph I.
VI. Insurers providing information substantially similar to the information required by this chapter in other documents provided to the commissioner, including proxy statements filed in conjunction with Form B requirements, or other state or federal filings provided to the department shall not be required to duplicate that information in the CGAD, but shall only be required to cross reference the document in which the information is included.
Source.
2016, 316:1, eff. Jan. 1, 2017.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 401-D - Corporate Governance Annual Disclosure Act › Section 401-D:4 - Rules and Regulations.

401-D:4 Rules and Regulations. –
The commissioner, may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as shall be necessary to carry out the provisions of this chapter.
Source.
2016, 316:1, eff. Jan. 1, 2017.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 401-D - Corporate Governance Annual Disclosure Act › Section 401-D:5 - Contents of Corporate Governance Annual Disclosure; Rulemaking.

401-D:5 Contents of Corporate Governance Annual Disclosure;  Rulemaking. –
I. The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the commissioner to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The commissioner may request additional information that he or she deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies, the reporting or information system, or controls implementing those policies.
II. The commissioner may, pursuant to RSA 541-A, adopt rules to establish the material information necessary to meet the requirements of paragraph I.
Source.
2016, 316:1, eff. Jan. 1, 2017.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 401-D - Corporate Governance Annual Disclosure Act › Section 401-D:7 - NAIC and Third-Party Consultants.

401-D:7 NAIC and Third-Party Consultants. –
I. The commissioner may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff as may be reasonably necessary to assist the commissioner in reviewing the CGAD and related information or the insurer's compliance with this chapter.
II. Any persons retained under paragraph I shall be under the direction and control of the commissioner and shall act in a purely advisory capacity.
III. The NAIC and third-party consultants shall be subject to the same confidentiality standards and requirements as the commissioner.
IV. As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this chapter.
V. A written agreement with the NAIC and/or a third-party consultant governing sharing and use of information provided pursuant to this chapter shall contain the following provisions and expressly require the written consent of the insurer prior to making public information provided under this chapter:
(a) Specific procedures and protocols for maintaining the confidentiality and security of CGAD-related information shared with the NAIC or a third-party consultant pursuant to this chapter.
(b) Procedures and protocols for sharing by the NAIC only with other state regulators from states in which the insurance group has domiciled insurers. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the CGAD-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality.
(c) A provision specifying that ownership of the CGAD-related information shared with the NAIC or a third party consultant remains with the insurance department and the NAIC's or third party consultant's use of the information is subject to the direction of the commissioner.
(d) A provision that prohibits the NAIC or a third party consultant from storing the information shared pursuant to this chapter in a permanent database after the underlying analysis is completed.
(e) A provision requiring the NAIC or third party consultant to provide prompt notice to the commissioner and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer's CGAD-related information.
(f) A requirement that the NAIC or a third party consultant consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third party consultant may be required to disclose confidential information about the insurer shared with the NAIC or a third party consultant pursuant to this chapter.
Source.
2016, 316:1, eff. Jan. 1, 2017.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 401-D - Corporate Governance Annual Disclosure Act › Section 401-D:8 - Sanctions.

401-D:8 Sanctions. –
Any insurer failing, without just cause, to timely file the CGAD as required in this chapter shall be required, after notice and hearing, to pay a penalty of $100 for each day's delay up to a maximum of $2,500, to be recovered by the commissioner. The penalty so recovered shall be deposited in the general fund. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Source.
2016, 316:1, eff. Jan. 1, 2017.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 401-D - Corporate Governance Annual Disclosure Act › Section 401-D:9 - Severability Clause.

401-D:9 Severability Clause. –
If any provision of this chapter other than RSA 401-D:6, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that end the provisions of this chapter, with the exception of RSA 401-D:6, are severable.
Source.
2016, 316:1, eff. Jan. 1, 2017.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:1 - Members' Liability.

402:1 Members' Liability. –
Members of mutual insurance companies shall not be individually liable to pay any debts of their respective companies, beyond their liability to assessments for losses occurring therein, nor to such assessments beyond the amount of their deposit notes.
Source.
1847, 501:1. CS 154:2. GS 158:1. GL 173:1. PS 168:1. PL 273:1. RL 323:1.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:3 - Assessment.

402:3 Assessment. –
No person insured in such company, or in any class thereof, in which the amount insured is less than $50,000, shall be assessed any greater sum than he would be if that amount were insured; but the officers of the company shall be individually liable for the indebtedness of the company not provided for by such assessments.
Source.
1858, 2082:2. GS 158:5. GL 173:5. PS 168:3. PL 273:3. RL 323:3.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:4 - Assessments on Closing Business.

402:4 Assessments on Closing Business. –
No more than 30 percent above its actual indebtedness shall be assessed by any such company to close its affairs; and the officers and agents thereof shall not receive more than 20 percent of the money collected for their services in closing its business.
Source.
1858, 2082:4. GS 158:6. GL 173:6. PS 168:4. PL 273:4. RL 323:4.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:5 - Territory.

402:5 Territory. –
A mutual fire insurance company, organized under the laws of the state, may limit its operations within certain prescribed boundaries; and in such case it shall be barred from insuring property situated outside those boundaries.
Source.
1850, 999:1. CS 154:1. GS 158:2. GL 173:2. PS 168:6. PL 273:5. RL 323:5.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:6 - Duties of Treasurer.

402:6 Duties of Treasurer. –
The treasurer of every such company shall enter in books provided for the purpose a correct account of all assessments made, of all sums by him received and paid out for the company, and of all evidences of debt and other assets belonging to the company coming into his possession. He shall balance his accounts yearly, prior to the annual meeting, and shall report to the company, at that time, its financial standing as shown by the books. Any treasurer who neglects to comply with either of the provisions of this section shall be fined $25.
Source.
1858, 2082:5. GS 158:3. GL 173:3. PS 168:7. PL 273:6. RL 323:6.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:7 - Terminating Risks.

402:7 Terminating Risks. –
Any such company may terminate its policies by publishing a notice of the time when they will terminate, and by giving or mailing a like notice to each party insured, 30 days at least before the time fixed for such termination, and by tendering to the insured under each policy a ratable proportion of the premium.
Source.
1858, 2082:3. GS 158:4. GL 173:4. PS 168:8. 1917, 30:3. PL 273:7. RL 323:7.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:8 - Dividends.

402:8 Dividends. –
From time to time the directors of a mutual insurance company may, by vote, fix and determine the percentage of dividend or expiration return of premium to be paid on expiring policies, and may classify its risks as to dividends and assessments; but policies insuring risks in this state in the same classification shall have an equal rate of dividend and assessment.
Source.
1855, 1662:2. GS 158:8. GL 173:8. PS 168:10. 1917, 30:5. PL 273:8. RL 323:8.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:9 - Dividend Notice to Policyholders.

402:9 Dividend Notice to Policyholders. –
Every mutual and participating stock, fire, marine, fidelity, and casualty insurance company shall send a written dividend notice through its resident agent to all policyholders who have not renewed and who have not received their dividend as shown by the records of the company. Such notice shall be sent within 60 days of the expiration of the policy, and such notice should include receipt to be executed by the insured and shall state the amount of the dividend payable. The company shall cause payment of such dividend to be made within 10 days after receiving the dividend receipt properly executed and no policyholder shall be discriminated against because of the period of time for which insurance has been carried.
Source.
1939, 104:1. RL 323:9.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:10 - Requirement.

402:10 Requirement. –
No insurance company organized under the laws of this state shall do insurance business unless it has obtained a license from the insurance commissioner authorizing it to do so.
Source.
1903, 18:1. PL 273:9. RL 323:10.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:11 - Information.

402:11 Information. –
Before a license is granted to the company it shall file with the commissioner a certified copy of its charter and bylaws, a certificate giving the amount of capital paid in in cash, and a full statement, under oath of its president and secretary, showing its financial standing and condition in accordance with blanks furnished by the commissioner, and such other information in relation to its condition as may be required by the commissioner.
Source.
1903, 18:2. PL 273:10. RL 323:11.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:11-a - Prohibitions.

402:11-a Prohibitions. –
I. No insurer which is directly or indirectly owned or controlled in whole or in substantial part by any government or governmental agency shall be authorized to transact insurance in this state. Membership in a mutual insurer or subscribership in a reciprocal insurer or ownership of stock in an insurer by the alien property custodian or similar official of the United States or ownership of stock or other security which does not have voting rights with respect to the management of the insurer or supervision of an insurer by public authority shall not be deemed to be an ownership or control of the insurer for the purposes of this section.
II. The commissioner shall not grant or continue authority to transact insurance in this state as to any insurer or proposed insurer that management of which is found by the commissioner after investigation or upon reliable information to be incompetent or dishonest or untrustworthy or of unfavorable business repute or so lacking in insurance company managerial experience in operations of the kind proposed in this state as to make such operation, currently or prospectively, hazardous to or contrary to the best interests of, the insurance-buying or investing public of this state, or which the commissioner has good reason to believe is affiliated directly or indirectly through ownership, control, reinsurance transactions, or other business relations with any person or persons of unfavorable business repute or whose business operations are or have been marked, to the injury of insurers, stockholders, policyholders, creditors, or the public, by illegality, or by manipulation of assets or of accounts or of reinsurance or by bad faith.
Source.
2008, 18:8, eff. July 11, 2008.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:12 - Licenses.

402:12 Licenses. –
I. On compliance with the foregoing conditions and if the company is found upon examination made by or under the direction of the commissioner to (a) have complied with the laws of the state applicable to it; (b) have been consistent with the NAIC's Uniform Certificate of Authority Application process and standards; and (c) have complied with any other terms or documentation the commissioner may require, a license to transact the kind of business specified in the license shall be issued until June 14 thereafter. Annually thereafter, on June 14, such license may be renewed so long as the company shall comply with the requirements of the law and the commissioner shall regard it as safe, reliable, and entitled to confidence, so long as its application is consistent with the standards set forth by state law and NAIC guidelines and so long as the company continues to conduct a meaningful insurance business, as determined by the commissioner, within New Hampshire.
II. Every insurance company shall conduct its business in the legal name of the insurer as it appears on the insurer's application filed with the NAIC for a company code number. If an insurer is part of a group of affiliated insurers, the group name may appear in addition to the name of the individual insuring company, but the group name shall not be used in lieu of the legal name of the individual company.
(a) All insurance policies and contracts, and any endorsements or amendments separately issued and intended to be attached to such policies or contracts, shall identify the legal name, as set forth in paragraph II, of the insurer that is directly assuming the obligations under the policy or contract. Inclusion of the legal name of the insurer in a policy jacket, declaration, or other similar cover page issued with the policy, contract, or endorsement shall be deemed to be in compliance with this requirement.
(b) Identification of the insuring company on any advertisement or promotional materials shall be governed by the laws or rules related to advertisements, misrepresentations in sale of insurance, and misrepresentation in insurance transactions.
Source.
1903, 18:2. 1917, 78:1. PL 273:11. 1939, 22:1. RL 323:12. RSA 402:12. 1973, 74:2. 1975, 229:1. 1977, 232:1. 1983, 371:2. 2009, 215:1, eff. Jan. 1, 2010. 2021, 207:2, Pt. VI, Sec. 1, eff. Oct. 9, 2021.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:13 - Stock Companies.

402:13 Stock Companies. –
No such license shall be issued to a stock company unless in addition to its paid-up capital it shall have a surplus over all liabilities, consisting of money or other lawful assets, to an amount not less than 25 percent of its capital stock.
Source.
1917, 78:2. PL 273:12. RL 323:13.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:14 - Mutual Companies.

402:14 Mutual Companies. –
No such license shall be issued to a mutual insurance company which charges a full cash premium, unless it has applications for insurance aggregating not less than $500,000 in not less than 200 separate risks, upon which it shall have received in cash at least one premium for a term not less than one year, amounting in the aggregate to at least $10,000; provided, that this requirement shall not apply to a mutual insurance company having a fully paid up guaranty capital of not less than $500,000, nor to mutual life insurance companies, nor to mutual employers' liability insurance companies.
Source.
1917, 78:2. PL 272:13. RL 323:14. RSA 402:14. 1969, 283:4, eff. June 25, 1969.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:14-a - New License Required for Changed Conditions.

402:14-a New License Required for Changed Conditions. –
The commissioner shall require a company licensed under this chapter to apply for a new license in accordance with this chapter, if, after notifying the company and after holding a hearing if requested, the commissioner finds that the company has undergone a substantial change in finances or managerial control since its last application for a license. The current license shall expire upon approval of the new application of the company or 30 days after the decision of the commissioner that a substantial change has occurred, whichever is sooner.
Source.
1975, 313:1, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:15 - Eligibility as Agent.

402:15 Eligibility as Agent. –
An insurance producer license to act as an agent shall be issued to any eligible person or business entity pursuant to the provisions of RSA 402-J.
Source.
1933, 124:2. RL 323:16. RSA 402:15. 1969, 366:1. 2000, 315:9, eff. Jan. 1, 2001.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:15-a - Transactions Through Credit Card Facilities.

402:15-a Transactions Through Credit Card Facilities. –
I. No person may knowingly solicit or negotiate any insurance, seek or accept applications for insurance, issue or deliver any policy to or for any insurer or relative to a subject of insurance resident, located or to be performed in this state, through the arrangement or facilities of a credit card facility or organization, for the purpose of insuring credit card holders or prospective credit card holders. Credit card holders as used in this section means any person who may pay the charge for purchases or other transactions through the credit card facility or organization, and whose credit with such facility or organization is evidenced by a credit card, identifying such person as being one whose charges the credit card facility or organization will pay, and who is identified as such upon the credit card either by name, account number, symbol, insignia, or any other method or device of identification.
I-a. Any premiums returned as a result of cancellation on any policy paid with a credit card, or financed through a credit card facility or organization, shall be paid directly to the credit card holder. The commissioner may issue rules for the proper administration of this paragraph pursuant to RSA 400-A:15.
II. Whenever any person does or performs in this state any of the acts set forth in the preceding paragraph I for or on behalf of any insurer therein referred to, such insurer shall be held to be doing business in this state and shall be subject to the same taxes, state, county and municipal, as insurers that have been legally qualified and admitted to do business in this state by agents or otherwise are subject, the same to be assessed and collected against such insurers; and such persons so doing or performing any of such acts shall be personally liable for all such taxes.
III. The provisions of this section shall not apply to group or individual policies of accident insurance written by insurance companies duly authorized to do business in this state. However, any individual policies of accident insurance must be placed through agents who are residents of this state and who are licensed to transact business in this state.
Source.
1965, 288:1. 1973, 257:1. 1979, 448:2. 1981, 502:6. 1986, 194:1, eff. Aug. 2, 1986.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:15-b - Direct Billing Restricted.

402:15-b Direct Billing Restricted. –
No insurer authorized and licensed to issue policies of insurance other than life and accident and health insurance and to transact business in this state shall demand or make mandatory upon any agent so licensed in this state, any system of direct billing to the insured by the insurer unless such system shall be approved, accepted and endorsed by any such agent in writing, on a form prescribed by the commissioner. No insurer authorized and licensed to issue policies of insurance other than life and accident and health insurance and to transact business in this state shall cancel an agent's book of business with such insurer in its entirety or in part following an agent's decision not to accept a direct billing proposal advanced by the said insurer wherein such cancellation can be attributed to the agent's decision not to accept a system of direct billing to the insured.
Source.
1975, 498:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:15-c - Termination of Insurance Agency Contracts.

402:15-c Termination of Insurance Agency Contracts. –
I. Any insurance company authorized to transact fire or casualty business in this state shall, upon termination of an agent's appointment by said company, permit the renewal of all contracts of insurance written by such agent for a period of one year from the date of such termination, as determined by the individual underwriting requirements of said company; provided, however, that if any contract does not meet such underwriting requirements, the company shall give the agent 60 days' notice of its intention not to renew said contract.
II. No insurance agency contract entered into in this state by a licensed insurer with an insurance agent licensed under this chapter shall be terminated by the licensed insurer unless the licensed insurer upon terminating such contract shall give not less than 90 days' written notice in advance to the other party unless the contract shall be terminated by the licensed insurer for failure of the licensed insurance agent, after receiving a written demand, to pay over monies due to such insurer, provided during said 90-day period after any such notice, the licensed insurance agent shall not write or bind any new business on behalf of the licensed insurer without the specific written approval by such insurer of such business. This paragraph shall not apply to any contract with an agent for the sale of life insurance.
III. Any insurance company renewing contracts of insurance in accordance with this section shall pay commissions for such renewals to the terminated agent in the same amount as had been paid to him on similar policies during the 12 months immediately preceding the notice of termination.
IV. This section shall not apply to business owned by the insurer and not the agent; provided, that the insurer offers to continue such policies through another of its agents.
Source.
1975, 498:1. 2004, 29:1, eff. June 22, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:16-b - Insurance Referrals.

402:16-b Insurance Referrals. –
Notwithstanding other provisions of this title, a person who has not complied with all applicable state insurance licensing and appointment laws and regulations may refer a party to a person who has complied with all applicable state insurance licensing and appointment laws and regulations, if the person making such referral is compensated for such referral in an amount that does not exceed the nominal amount of $25 and such amount is not based on or related to the party's purchase of insurance.
Source.
2000, 313:1, eff. Aug. 20, 2000. 2022, 42:3, eff. July 2, 2022.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:27 - Scope of Subdivision.

402:27 Scope of Subdivision. –
I. This subdivision applies to insurance companies organized under the laws of this state, other than life insurance companies. The percentage limitations contained in RSA 402:28 and RSA 402:29 shall not be effective until January 1, 1993. Any such domestic company may invest its funds in investments as provided in this subdivision and not otherwise. Notwithstanding the provisions of this subdivision, the insurance commissioner may, after notice and hearing, order a domestic company to limit or withdraw from certain investments, or discontinue certain investment practices, to the extent that the commissioner finds that such investments or investment practices endanger the solvency of such company.
II. No investment, loan, or investment practice, shall be made or engaged in by any domestic company, unless the same has been authorized or ratified by the board of directors, or by a committee of the board of directors charged with the duty of supervising investments and loans.
III. No such domestic company shall subscribe to, or participate in, any underwriting of the purchase or sale of securities or property or enter into any agreement to withhold from sale any of its property, but the disposition of its property shall be at all times within the control of the board of directors. Any agreement or contract providing for the lawful disposition of property wherein such disposition may be determined at the option of a third person at some specified future price or condition or specified time or upon demand shall be construed to be within the control of the board of directors.
IV. Nothing contained in paragraph III shall prevent the board of directors of any such company from depositing any of its securities with a committee appointed for the purpose of protecting the interest of security holders or with authorities of any state or country where it is necessary to do so in order to secure permission to transact its appropriate business. Nothing contained in this subdivision shall prevent the board of directors of such company from depositing securities as collateral for the securing of any bond or obligation required for the business of the company.
V. All investments and deposits of the funds of a domestic company shall be made in its corporate name except that, subject to the approval of the commissioner, securities may be kept under a custodial or similar agreement with a bank or banking and trust company or registered investment advisor and issued in the name of a nominee of such bank or banking and trust company or registered investment advisor.
Source.
1917, 30:4. PL 273:22. RL 323:27. RSA 402:27. 1957, 43:1. 1991, 372:1, eff. Jan. 1, 1992.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:29 - Loans to Transferred Employees.

402:29 Loans to Transferred Employees. –
A company may lend funds, on a secured basis, to an employee to defray, in whole or in part, the expenses of such employee who has been transferred. The maximum amount of any such loan to an employee shall be $250,000. This section also shall not prohibit the taking of a secured mortgage by a company on real property serving as the residence of any of its officers, employees, or directors. Such mortgage shall not exceed 85 percent of the appraised value of such realty as determined by an independent appraiser or the market value, whichever is the lesser amount. One of the terms of such mortgage shall provide that the outstanding balance of the mortgage becomes immediately due and payable to the company upon termination of the employment, or officer or director relationship, between the company and the mortgagor, or upon termination of said person's ownership of said real property.
Source.
1911, 87:1. 1913, 88:1. PL 273:24. RL 323:29. RSA 402:29. 1978, 11:2. 1991, 372:3, eff. Jan. 1, 1992.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:29-a - Lawful Distributions.

402:29-a Lawful Distributions. –
I. Nothing in this subdivision shall prohibit the acquisition by a domestic company of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or upon a debt or judgment, or under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation, or if acquired by it through the exercise of warrants, options, or similar rights to acquire securities received by it in accordance with this subdivision.
II. Nothing in this subdivision shall prevent any company from entering into an agreement for the purpose of protecting the interests of the company in securities lawfully held by it, or for the purpose of reorganization of a corporation which issued securities so held, and from depositing such securities with a committee or depositaries appointed under such agreement, nor from accepting stock, bonds, or other securities or other property which may be distributed pursuant to any such agreement, or to any plan of reorganization or arrangement.
III. No provision of this subdivision shall prevent any company from acquiring or holding any property acquired in satisfaction of any debt previously contracted, or that shall be obtained by sale or foreclosure of any security held by it. Any security or property so acquired which is not otherwise an eligible investment under this subdivision shall be disposed of within 5 years from date of acquisition, unless within such period the security or property has attained to the standard of eligibility, except that any security or personal property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period if so provided in the plan for such reinsurance, merger, or consolidation. The commissioner may grant from time to time reasonable extensions of the period within which an insurer shall dispose of any such property or security.
Source.
1991, 372:4, eff. Jan. 1, 1992.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:29-b - Prohibited Acts.

402:29-b Prohibited Acts. –
No director or other officer of a company, and no member of a committee having any authority in the investment or disposition of its funds, shall accept, or be the beneficiary of, either directly or indirectly, any fee, brokerage, commission, gift or other consideration for or on account of any loan, deposit, purchase, sale, payment or exchange made by or in behalf of such company, or be pecuniarily interested in any such purchase, sale or loan, either as borrower, principal, agent or beneficiary, except that, if a policyholder, he shall be entitled to all the benefits accruing under the terms of his contract. This section shall not prohibit the purchase by an insurance company of real property serving as the residence of any of its officers, employees, or directors, when such purchase is made in connection with the relocation by the insurer of the place of employment of such officer, employee, or director and at no more than the fair market value of such property as determined by an independent appraisal. No such real property having a purchase price in excess of $500,000 may be so acquired except with the approval of the insurance commissioner.
Source.
1991, 372:4, eff. Jan. 1, 1992.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:29-c - Purchasing Its Own Stock.

402:29-c Purchasing Its Own Stock. –
No company shall invest its funds in, or loan them on its own stock without the prior approval of the insurance commissioner. This section shall not prohibit a company from investing its funds in the stock or obligations of its parent company provided that:
I. Such stock shall be valued according to the Securities Valuation Manual of the National Association of Insurance Commissioners.
II. No company shall hold, at any one time, more than 10 percent of its policyholder surplus, in such stock or obligations.
III. Such stock, in order to qualify under this section, shall be traded on a nationally recognized stock exchange or on the NASDAQ system.
Source.
1991, 372:4, eff. Jan. 1, 1992.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:30 - Valuation of Securities.

402:30 Valuation of Securities. –
Investments shall be valued as follows:
I. Securities held in accordance with the provisions of this subdivision shall be valued in accordance with the published valuation standards of the Securities Valuation Office of the National Association of Insurance Commissioners.
II. Securities as to which the National Association of Insurance Commissioners has not published valuation standards in its Valuation of Securities Manual, or its successor publication, shall be valued as follows:
(a) As obligations having a fixed term and rate shall, if not in default as to principal or interest, be valued as follows: if purchased at par, at the par value; if purchased at or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made.
(b) Common, preferred, except sinking fund preferred stock valued under subparagraph (c), or guaranteed stocks, shall be valued at their market value or at the option of the company, they may be valued at purchase price if purchase price is less than market value.
(c) Sinking fund preferred stocks which are subject to mandatory redemption shall be valued at cost.
(d) Any investment that is not valued by standards published by the National Association of Insurance Commissioners may be submitted by the company to the Securities Valuation Office for valuation, which valuation shall govern.
(e) No other investment shall be valued at more than its purchase price. Purchase price for real property includes capitalized permanent improvements, less depreciation spread evenly over the life of the property or, at the option of the company, less depreciation computed on any basis permitted under the United States Internal Revenue Code of 1986, as amended and regulations thereunder. Such investments that have been affected by permanent declines in value shall be valued at not more than their market value.
(f) Any investment, including real property, not purchased by a company, but acquired in satisfaction of a debt or otherwise shall be valued in accordance with the applicable procedures for that type of investment contained in this section. For purposes of applying the valuation procedures, the purchase price shall be deemed to be the market value at the time the investment is acquired or in the case of any investment acquired in satisfaction of debt, the amount of the debt, including interest, taxes and expenses, whichever amount is less.
(g) The eligibility of an investment shall be determined as of the date of its making or acquisition or the date of commitment in the case of commitment to invest.
Source.
1887, 47:1. PS 168:5. 1917, 30:2. PL 273:25. RL 323:30. RSA 402:30. 1991, 372:5. 1992, 288:13, 14, eff. Jan. 1, 1993.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:30-a - Rulemaking.

402:30-a Rulemaking. –
The commissioner may adopt rules, under RSA 541-A, which are reasonable and necessary for the implementation and administration of this chapter relative to:
I. Financial solvency standards, for investments under RSA 402:28.
II. Valuation standards, for investments under RSA 402:28.
III. Reporting requirements, for investments under RSA 402:28.
IV. Valuation of eligible investments not covered under RSA 402:30.
V. [Repealed.]
Source.
1963, 69:1. 1978, 11:3. 1991, 372:6. 2002, 207:28. 2012, 171:26, XVIII, eff. Aug. 10, 2012.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:30-b - Misconduct.

402:30-b Misconduct. –
If an insurance company organized under the laws of this state shall be guilty of gross waste, misconduct or negligence in the management of its affairs, its charter or authority to do business shall be liable to forfeiture as provided in this subdivision.
Source.
1975, 311:1, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:30-c - Petition.

402:30-c Petition. –
Whenever the commissioner is of the opinion that any such cause for revocation exists he shall file a petition against the company in the superior court of the county in which it has its principal place of business, praying for a decree of forfeiture and for a settlement of its affairs, which shall be entered and prosecuted according to the course of equity proceedings.
Source.
1975, 311:1, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:30-d - Prosecution.

402:30-d Prosecution. –
The attorney general shall act for the commissioner in making and prosecuting the petition. The incidental expenses of the prosecution shall be paid by the state.
Source.
1975, 311:1, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:30-e - Orders.

402:30-e Orders. –
If the court is satisfied that there has been gross waste, misconduct or negligence in the management of its affairs, it shall decree a forfeiture of the company's charter or authority to do business, and shall make all other orders required for closing up and settling its affairs; otherwise the petition shall be dismissed and the defendant's taxable costs shall be paid by the state.
Source.
1975, 311:1, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:31 - to 402:35 Repealed by 1969, 272:2, eff. June 23, 1969.

402:31 to 402:35 Repealed by 1969, 272:2, eff. June 23, 1969. –
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:36 - to 402:38 Repealed by 1971, 244:19, III, eff. Aug. 17, 1971.

402:36 to 402:38 Repealed by 1971, 244:19, III, eff. Aug. 17, 1971. –
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:39 - to 402:41 Repealed by 2019, 127:2, eff. Aug. 24, 2019.

402:39 to 402:41 Repealed by 2019, 127:2, eff. Aug. 24, 2019. –
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:42 - Penalty.

402:42 Penalty. –
Whoever violates any provision of this subdivision shall be fined not more than $2,500 or shall have any license suspended or revoked or shall both be fined and have any license suspended or revoked.
Source.
1907, 111:2. PL 273:36. RL 323:41. RSA 402:42. 1973, 529:99. 1983, 473:5, eff. Sept. 3, 1983.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:43 - to 402:45 Repealed by 2009, 96:1, I, eff. June 12, 2009.

402:43 to 402:45 Repealed by 2009, 96:1, I, eff. June 12, 2009. –
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:46 - Terms of Policies.

402:46 Terms of Policies. –
No insurance company, association, or society or officer, director, agent, broker, or solicitor thereof, shall issue, circulate, or use, or cause or permit to be issued, circulated, or used, any statement, estimate, illustration, or circular misrepresenting the terms of any policy issued or to be issued by such company, or the benefits or privileges promised, or the future dividends payable, under any such policy.
Source.
1913, 127:2. PL 273:40. RL 323:45.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:47 - Inducing Lapses.

402:47 Inducing Lapses. –
No insurance company, association or society, officer, director, agent, solicitor or broker, nor any person, firm, association, or corporation, shall make any misrepresentation, oral, written, or otherwise, or any misleading estimate of the dividends or share of surplus to be received thereon or any incomplete comparison of policies, to any person insured in any company for the purpose of inducing or tending to induce such person to take out a policy of insurance, or for the purpose of inducing, or tending to induce, a policyholder in any company to lapse, forfeit, or surrender his insurance therein and to take out a policy of insurance in another like company.
Source.
1913, 127:2. PL 273:41. 1929, 47:1. RL 323:46.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 402 - Insurance Companies and Agents › Section 402:48 - Penalty.

402:48 Penalty. –
Whoever violates any provision of this subdivision shall be fined not more than $2,500 or shall have any license suspended or revoked or shall both be fined and have any license suspended or revoked.
Source.
1913, 127:4. PL 273:42. RL 323:47. RSA 402:48. 1973, 528:275. 1983, 473:6, eff. Sept. 3, 1983.