reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:44-f - Disclosure Statement.

405:44-f Disclosure Statement. –
I. In addition to those records and reports which the commissioner may require pursuant to title XXXVII, any person, corporation, partnership or association subject to the provisions of this subdivision shall provide to current and prospective clients a written disclosure statement containing information relative to his or its background and business practices. The written disclosure statement shall include information concerning all of the following:
(a) The types of clients serviced by the insurance consultant.
(b) The nature and cost of services provided.
(c) The methods of analysis, sources of information and investment strategies utilized.
(d) The educational background of the insurance consultant and his employees or associates and the business standards to which he adheres.
(e) Any other business activities or professions in which the insurance consultant is engaged.
(f) Any ownership interest the insurance consultant may have in entities offering products which may be recommended by the insurance consultant.
(g) Whether there are any sales fees and commissions which the insurance consultant may receive for recommending particular insurance products to clients.
(h) Any other information relative to the insurance consultant's background and business practices which the commissioner deems appropriate.
II. The written disclosure statement shall be delivered to clients or prospective clients not less than 48 hours prior to the establishment of a written contract, or at the time the parties enter into the contract, if the client is afforded the right to terminate the contract, without penalty, within 5 business days after entering into it.
Source.
1986, 58:1, eff. July 1, 1986.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:44-g - Penalty for Acting Without a License.

405:44-g Penalty for Acting Without a License. –
Any person, corporation, partnership, or association who acts as an insurance consultant without such license or during a suspension of his or its license shall be subject to an administrative fine not to exceed $2,500 for each such act.
Source.
1986, 58:1, eff. July 1, 1986.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:45 - Purpose.

405:45 Purpose. –
The purpose of this subdivision is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The general court hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, the general court hereby provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides security to fund its United States obligations in accordance with this subdivision, the assets representing the security shall be maintained in the United States and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets shall be distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies. The general court declares that the matters contained in this subdivision are fundamental to the business of insurance in accordance with 15 U.S.C. sections 1011-1012.
Source.
2004, 186:1. 2013, 235:1, eff. Sept. 13, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:46 - Definitions.

405:46 Definitions. –
In this subdivision:
I. "NAIC" means the National Association of Insurance Commissioners.
II. A "qualified U.S. financial institution" means an institution that:
(a) Is organized or, in the case of a U.S. office of a foreign banking organization, licensed, under the laws of the United States or any state thereof;
(b) Is regulated, supervised, and examined by U.S. federal or state authorities having regulatory authority over banks and trust companies; and
(c) Has been determined by either the commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.
III. A "qualified U.S. financial institution" means, for purposes of those provisions of this subdivision specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
(a) Is organized, or, in the case of a U.S. branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and
(b) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.
Source.
2004, 186:1. 2013, 235:2, eff. Sept. 13, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:48 - Nonlicensed or Accredited Insurer.

405:48 Nonlicensed or Accredited Insurer. –
If the assuming insurer does not meet the requirements of RSA 405:47, I-III, the credit permitted by RSA 405:47, IV and IV-a shall not be allowed unless the assuming insurer agrees in the trust agreements to the following conditions:
I. Notwithstanding any other provisions in the trust instrument, if the trust fund is inadequate because it contains an amount less than the amount required by RSA 405:47, IV(c), or if the grantor of the trust has been declared insolvent or placed into receivership, rehabilitation, liquidation or similar proceedings under the laws of its state or country of domicile, the trustee shall comply with an order of the commissioner with regulatory oversight over the trust or with an order of a court of competent jurisdiction directing the trustee to transfer to the commissioner with regulatory oversight all of the assets of the trust fund.
II. The assets shall be distributed by and claims shall be filed with and valued by the commissioner with regulatory oversight over the trust in accordance with the laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic insurance companies.
III. If the commissioner with regulatory oversight determines that the assets of the trust fund or any part thereof are not necessary to satisfy the claims of the U.S. ceding insurers of the grantor of the trust, the assets or part thereof shall be returned by the commissioner with regulatory oversight to the trustee for distribution in accordance with the trust agreement.
IV. The grantor shall waive any right otherwise available to it under U.S. law that is inconsistent with this provision.
Source.
2004, 186:1. 2013, 235:4, 5, eff. Sept. 13, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:49 - Suspension; Concentration Risk.

405:49 Suspension;  Concentration Risk. –
I. If an accredited or certified reinsurer ceases to meet the requirements for accreditation or certification, the commissioner may suspend or revoke the reinsurer's accreditation or certification.
(a) The commissioner shall give the reinsurer notice and opportunity for hearing. The suspension or revocation shall not take effect until after the commissioner's order on hearing, unless:
(1) The reinsurer waives its right to a hearing;
(2) The commissioner's order is based on regulatory action by the reinsurer's domiciliary jurisdiction or the voluntary surrender or termination of the reinsurer's eligibility to transact insurance or reinsurance business in its domiciliary jurisdiction or in the primary certifying state of the reinsurer under RSA 405:47, IV-a; or
(3) The commissioner finds that an emergency requires immediate action and a court of competent jurisdiction has not stayed the commissioner's action.
(b) While a reinsurer's accreditation or certification is suspended, no reinsurance contract issued or renewed after the effective date of the suspension qualified for credit except to the extent that the reinsurer's obligations under the contract are secured in accordance with RSA 405:50. If a reinsurer's accreditation or certification is revoked, no credit for reinsurance may be granted after the effective date of the revocation except to the extent that the reinsurer's obligations under the contract are secured in accordance with RSA 405:47, IV-a(e) and RSA 405:50.
II. (a) A ceding insurer shall take steps to manage its reinsurance recoverables proportionate to its own book of business. A domestic ceding insurer shall notify the commissioner within 30 days after reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, exceeds 50 percent of the domestic ceding insurer's last reported surplus to policyholders, or after it is determined that the reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification shall demonstrate that the exposure is safely managed by the domestic ceding insurer.
(b) A ceding insurer shall take steps to diversify its reinsurance program. A domestic ceding insurer shall notify the commissioner within 30 days after ceding to any single assuming insurer, or group of affiliated assuming insurers, more than 20 percent of the ceding insurer's gross written premium in the prior calendar year, or after it has determined that the reinsurance ceded to any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification shall demonstrate that the exposure is safely managed by the domestic ceding insurer.
Source.
2004, 186:1. 2013, 235:6, eff. Sept. 13, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:50 - Asset or Reduction From Liability for Reinsurance Ceded by a Domestic Insurer to an Assuming Insurer Not Meeting the Requirements of RSA 405:47.

405:50 Asset or Reduction From Liability for Reinsurance Ceded by a Domestic Insurer to an Assuming Insurer Not Meeting the Requirements of RSA 405:47. –
An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of RSA 405:47 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer; provided that the commissioner may adopt by rule, pursuant to RSA 541-A, specific additional requirements relating to or setting forth the valuation of assets or reserve credits, the amount and forms of security supporting reinsurance arrangements described in RSA 405:50-a, and the circumstances pursuant to which credit shall be reduced or eliminated. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations under such contract, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified United States financial institution, as defined in RSA 405:46, III. This security may be in the form of:
I. Cash.
II. Securities listed by the Securities Valuation Office of the National Association of Insurance Commissioners, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets.
III. (a) Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution, as defined in RSA 405:46, II effective no later than December 31, of the year for which filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement;
(b) Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance or confirmation shall, notwithstanding the issuing or confirming institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification, or amendment, whichever first occurs.
IV. Any other form of security acceptable to the commissioner.
Source.
2004, 186:1. 2013, 235:6, eff. Sept. 13, 2013. 2018, 193:2, eff. Aug. 7, 2018. 2020, 37:38, eff. Sept. 27, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:50-a - Rulemaking for Reinsurance.

405:50-a Rulemaking for Reinsurance. –
The commissioner may adopt rules under RSA 541-A relative to reinsurance arrangements as follows:
I. Such rules shall apply only to reinsurance relating to:
(a) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits.
(b) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period.
(c) Variable annuities with guaranteed death or living benefits.
(d) Long-term care insurance policies.
(e) Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.
II. A rule adopted pursuant to subparagraph I(a) or I(b) may apply to any treaty containing policies issued on or after January 1, 2015, and policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.
III. A rule adopted under this section may require the ceding insurer, in calculating the amounts or forms of security required to be held, to use the Valuation Manual adopted by the NAIC under Section 11B(1) of the NAIC Standard Valuation Law, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.
IV. A rule adopted pursuant to this section shall not apply to cessions to an assuming insurer that:
(a) Meets the conditions set forth in RSA 405:47, IV-b; or
(b) Is certified in this state; or
(c) Maintains at least $250,000,000 in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is:
(1) Licensed in at least 26 states; or
(2) Licensed in at least 10 states and licensed or accredited in a total of at least 35 states.
Source.
2018, 193:3, eff. Aug. 7, 2018. 2020, 37:39, eff. Sept. 27, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:51 - Rulemaking.

405:51 Rulemaking. –
The commissioner may adopt rules, pursuant to RSA 541-A, implementing the provisions of this subdivision.
Source.
2004, 186:1. 2013, 235:6, eff. Sept. 13, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:52 - Reinsurance Agreements Affected.

405:52 Reinsurance Agreements Affected. –
Credit for reinsurance ceded to a certified reinsurer is allowed only for reinsurance contracts entered into or renewed on or after the effective date of the certification of the assuming insurer by the insurance commissioner.
Source.
2004, 186:1. 2013, 235:6, eff. Sept. 13, 2013.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:53 - Reciprocal Denial.

405:53 Reciprocal Denial. –
If any state shall, by its laws, deny any insurance company or citizen of this state any rights or privileges which are granted to insurance companies and citizens of that state, this state shall in like manner deny to insurance companies and citizens of that state all such rights and privileges, and they shall be subject to all the restrictions and penalties prescribed by that state against insurance companies and citizens of this state.
Source.
1891, 54:1. PL 275:47. RL 325:52.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:54 - Writing Insurance.

405:54 Writing Insurance. –
If, by the laws of any state, the insurance commissioner or other official shall have the power to revoke the license of any company of this state or foreign state for writing insurance upon any person or property of that state, other than through or by a citizen of that state, the insurance commissioner of this state is empowered to revoke the license of any insurance company of that state, or any foreign insurance company licensed to do business in this state, that shall write for or through any agent of that state, directly or indirectly, upon any person or property of this state, except the same be written through a duly authorized agent, who shall be a citizen of this state.
Source.
1891, 54:1. PL 275:48. RL 325:53.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:55 - Commissions, etc.

405:55 Commissions, etc. –
If, by the laws of any other state, agents, brokers or companies of this state are prohibited from receiving commissions on policies of fire or casualty insurance written for them by agents or companies doing business in that state on persons or property residing or located therein the agents, brokers or companies resident in that state shall not be paid any commission, brokerage or other compensation upon any policy written for them by agents or companies doing business in this state.
Source.
1909, 85:1. PL 275:49. RL 325:54.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:56 - Penalties.

405:56 Penalties. –
Any such agent or company of this state, who shall pay such commission, brokerage or other compensation upon any such policy so written for him or them upon persons or property in this state, shall be subject to the same penalties as are prescribed by the laws of that state for agents, brokers or companies of that state, who shall pay such commission, brokerage or other compensation to such agents, brokers or companies of this state.
Source.
1909, 85:1. PL 275:50. RL 325:55.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:57 - Notice to Agents.

405:57 Notice to Agents. –
It shall be the duty of the insurance commissioner, upon receiving information that, by the laws of any other state, agents, brokers or companies, residents of this state, are prohibited from receiving commissions on policies written for them by agents or companies of that state, to notify agents and companies doing business in this state of the existence of such a law and to enforce the same restrictions and penalties as prescribed by the laws of that state.
Source.
1909, 85:2. PL 275:51. RL 325:56.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:58 - Exclusion of Companies.

405:58 Exclusion of Companies. –
Whenever it shall appear to the commissioner of this state that any insurance company chartered by this state, and authorized by such commissioner in this state to engage in life, accident and health insurance business or any combination thereof, is refused permission to transact any such business or combination thereof within any state of the United States or within any foreign country, by the provisions of any law of such state or country which shall in terms prohibit, or shall be construed in such manner as to prohibit, such company from engaging in such business or combination thereof after such company has complied with all other laws of such state or foreign country the commissioner may cancel the authority of, or refuse a license to, every company organized by charter or under the laws of such other state or foreign country to do any of the kinds of business above mentioned in this state, and may refuse a certificate of authority to every such company thereafter applying to him for authority to do any such business in this state, so long as such New Hampshire company shall be refused permission to transact any such business or combination thereof in such other state or foreign country.
Source.
1915, 151:1. PL 275:52. RL 325:57.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:60 - Revocation of Licenses.

405:60 Revocation of Licenses. –
If any such company shall refuse or neglect to pay any tax, fine, penalty, license, or fee imposed by the laws of this state, or fail to comply with any other requirement thereof, the commissioner may revoke its license.
Source.
1895, 100:1. 1921, 27:1. PL 275:54. RL 325:59.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:61 - Request for Information.

405:61 Request for Information. –
I. Any law enforcement investigator may request an insurance company licensed under this chapter to release any information in its possession relative to the disappearance, theft or loss of any motor vehicle, or other personal property. The insurance company shall release the information and cooperate with any official authorized to request such information pursuant to this section. The information may include but not be limited to:
(a) Any relevant insurance policy;
(b) Policy premium payment records;
(c) History of previous claims made by the insured for the theft, loss or disappearance of any motor vehicle or other personal property;
(d) Any other material relating to the investigation of the theft, loss or disappearance.
II. If an insurance company has reason to suspect that a theft, loss or disappearance of a motor vehicle or other personal property in the amount of $500 or more was caused by other than accidental means, the company shall notify the local or state law enforcement authorities and furnish them, either through a recognized bureau or organization of companies or through the secretary or other officer of the insurance company, with all relevant material acquired during its investigation of the theft, loss or disappearance of a motor vehicle or other personal property. The insurance company shall cooperate with and take such reasonable action as may be requested of it by any law enforcement agency, and permit any person so ordered by a court to inspect any of its records pertaining to the policy and the loss.
III. In the absence of fraud or malice, no public official or insurance company or person who furnishes information on behalf of the insurance company shall be liable for damages in a civil action or subject to criminal prosecution for any oral or written statement made or any other action taken that is necessary to supply information required pursuant to this section.
IV. The recipient of any information furnished pursuant to this section shall hold the information in confidence, and shall only release it to a law enforcement authority or agency or to the insurance department, until such time as its release is required pursuant to a criminal or civil proceeding.
V. An insurer or other person licensed by the insurance department who fails to comply with this section may be subject to administrative action to be taken by the insurance commissioner. The penalty imposed by the commissioner may include a fine not exceeding $2500 in the discretion of the insurance commissioner, or suspension or revocation of such insurer's license, or both.
Source.
1981, 502:5, eff. Aug. 28, 1981.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:62 - Approval as a Domestic Insurer.

405:62 Approval as a Domestic Insurer. –
Any insurer which is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing insurance may become a domestic insurer upon the approval of the commissioner by amending its articles of incorporation or equivalent corporate charter to designate its change of domicile to this state, and by complying with all applicable requirements of Title XXXVII relative to the organization and licensing of a domestic insurer of the same type. Such domestic insurer shall be entitled to like certificates and licenses to transact business in this state, and shall be subject to the authority and jurisdiction of this state.
Source.
1991, 114:4. 2008, 255:4, eff. Aug. 25, 2008.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:63 - Conversion of Foreign Insurer.

405:63 Conversion of Foreign Insurer. –
Any domestic insurer may, upon the approval of the commissioner, transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon such a transfer shall cease to be a domestic insurer, and shall be admitted to this state if qualified as a foreign insurer.
Source.
1991, 114:4, eff. May 14, 1991.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:64 - Effects of Redomestication.

405:64 Effects of Redomestication. –
The certificate of authority, agents' appointments and licenses, rates, and other items which the commissioner allows, in his discretion, which are in existence at the time any insurer licensed to transact the business of insurance in this state transfers its corporate domicile to this or any other state by merger, consolidation or any other lawful method shall continue in full force and effect upon such transfer if such insurer remains duly qualified to transact the business of insurance in this state. All outstanding policies of any transferring insurer shall remain in full force and effect and need not be endorsed as to the new name of the company or its new location unless so ordered by the commissioner. Every transferring insurer shall file new policy forms with the commissioner on or before the effective date of the transfer, but may use existing policy forms with appropriate endorsements if allowed by, and under such conditions as approved by the commissioner. However, every such transferring insurer shall notify the commissioner of the details of the proposed transfer, and shall file promptly, any resulting amendments to corporate documents filed or required to be filed with the commissioner.
Source.
1991, 114:4, eff. May 14, 1991.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405 - Foreign Insurance Companies and Their Agents › Section 405:65 - Filing with Secretary of State.

405:65 Filing with Secretary of State. –
An insurer transferring its domicile to this state shall file the following documents with the secretary of state, together with applicable filing fees:
I. Restated articles of incorporation or equivalent, as amended pursuant to RSA 405:62; and
II. Executed order of the commissioner approving the redomestication.
Source.
2008, 255:5. 2015, 273:16, eff. Jan. 1, 2016.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:2 - Risk Retention Groups Chartered in This State.

405-A:2 Risk Retention Groups Chartered in This State. –
I. A risk retention group shall, pursuant to the provisions of title XXXVII, be chartered and licensed to write only liability insurance pursuant to this chapter, and, except as provided elsewhere in this chapter, shall comply with all of the laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this state and with RSA 405-A:3 to the extent such requirements are not a limitation on laws, rules, regulations or requirements of this state.
II. Before it may offer insurance in any state, each risk retention group shall submit for approval to the insurance commissioner of this state a plan of operation or a feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study within 10 days of any such change. The group shall not offer any additional kinds of liability insurance in this state or in any other state until a revision of such plan or study is approved by the commissioner.
III. At the time of filing its application for charter, the risk retention group shall provide to the commissioner in summary form the following information: the identity of the initial members of the group; the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group; the amount and nature of initial capitalization; the coverages to be afforded; and the states in which the group intends to operate. Upon receipt of the information, the commissioner shall forward such information to the National Association of Insurance Commissioners. Providing notification to the National Association of Insurance Commissioners is in addition to and shall not be sufficient to satisfy the requirements of RSA 405-A:3 or any other section of this chapter.
Source.
1988, 133:2, eff. April 20, 1988.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:4 - Compulsory Associations.

405-A:4 Compulsory Associations. –
I. No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by such risk retention group.
II. When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident or located, shall be covered by any insurance guaranty fund or similar mechanism in this state.
III. When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by the fund administered by the New Hampshire Insurance Guaranty Association established in RSA 404-B.
IV. A risk retention group shall participate in this state's joint underwriting associations and mandatory liability pools as authorized by RSA 404-C.
Source.
1988, 133:2, eff. April 20, 1988.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:6 - Purchasing Groups; Exemption From Certain Laws.

405-A:6 Purchasing Groups;  Exemption From Certain Laws. –
A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purchasing group, from any law that would:
I. Prohibit the establishment of a purchasing group;
II. Make it unlawful for an insurer to provide or offer to provide insurance on a basis providing, to a purchasing group or its members, advantages based on their loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages or other matters;
III. Prohibit a purchasing group or its members from purchasing insurance on a group basis described in paragraph II of this section;
IV. Prohibit a purchasing group from obtaining insurance on a group basis because the group has not been in existence for a minimum period of time or because any member has not belonged to the group for a minimum period of time;
V. Require that a purchasing group must have a minimum number of members, common ownership or affiliation, or certain legal form;
VI. Require that a certain percentage of a purchasing group must obtain insurance on a group basis; or
VII. Otherwise discriminate against a purchasing group or any of its members.
Source.
1988, 133:2. 2010, 212:10, eff. Jan. 1, 2011.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:7 - Notice and Registration Requirements of Purchasing Groups.

405-A:7 Notice and Registration Requirements of Purchasing Groups. –
I. A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which shall:
(a) identify the state in which the group is domiciled;
(b) identify all other states in which the group intends to do business;
(c) specify the lines and classifications of liability insurance which the purchasing group intends to purchase;
(d) identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of such company;
(e) specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state;
(f) identify the principal place of business of the group; and
(g) provide such other information as may be required by the commissioner to verify that the purchasing group is qualified under RSA 405-A:3.
II. A purchasing group shall, within 10 days, notify the commissioner of any changes in any of the items set forth in paragraph I.
III. The purchasing group shall register with and designate the commissioner as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee shall be determined by the commissioner, except that such requirement shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the federal Product Liability Risk Retention Act of 1981; and:
(a) which in any state of the United States:
(1) was domiciled before April 1, 1986; and
(2) is domiciled on or after October 27, 1986;
(b) which:
(1) before October 27, 1986 purchased insurance from an insurance carrier licensed in any state; and
(2) since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; or
(c) which was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986.
IV. Each purchasing group that is required to give notice pursuant to paragraph I of this section shall also furnish such information as may be required by the commissioner to:
(a) verify that the entity qualifies as a purchasing group;
(b) determine where the purchasing group is located; and
(c) determine appropriate tax treatment.
V. Any purchasing group which was doing business in this state prior to the enactment of this chapter shall, within 30 days after the effective date of the chapter, furnish notice to the commissioner pursuant to the provisions of paragraph I of this section and furnish such information as may be required pursuant to paragraphs III and IV of this section.
Source.
1988, 133:2. 1992, 288:19, eff. Jan. 1, 1993.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:8 - Restrictions on Insurance Purchased by Purchasing Groups.

405-A:8 Restrictions on Insurance Purchased by Purchasing Groups. –
I. A purchasing group may not purchase insurance on behalf of its New Hampshire members from a risk retention group that is not chartered in a state or from an insurer not admitted in this state, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of this state.
II. A purchasing group which obtains liability insurance from an insurer not admitted in this state or a risk retention group shall inform each of the members of such group which have a risk resident or located in this state that such risk is not protected by an insurance insolvency guaranty fund in this state, and that such risk retention group or such insurer may not be subject to all insurance laws and rules of this state.
III. No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; however, coverage may provide for a deductible or self-insured retention applicable to individual members.
IV. Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits which are applicable to all purchases of group insurance.
Source.
1988, 133:2, eff. April 20, 1988.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:9 - Purchasing Group Taxation.

405-A:9 Purchasing Group Taxation. –
Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing groups shall be:
I. Imposed at the same rate and subject to the same interest, fines and penalties as are applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insureds; and
II. Paid first by such insurance source, and if not by such source by the agent or broker for the purchasing group, and if not by such agent or broker, then by the purchasing group, and if not by such purchasing group, then by each of its members.
Source.
1988, 133:2, eff. April 20, 1988.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:10 - Administrative and Procedural Authority Regarding Risk Retention Groups and Purchasing Groups.

405-A:10 Administrative and Procedural Authority Regarding Risk Retention Groups and Purchasing Groups. –
The commissioner is authorized to make use of any of the powers established under the insurance laws of this state to enforce the laws of this state with regard to risk retention groups and purchasing groups so long as those powers are not specifically preempted by the Product Liability Risk Retention Act of 1986, including the commissioner's administrative authority to investigate, issue subpoenas, conduct depositions and hearings, issue orders, impose penalties and seek injunctive relief. With regard to any investigation, administrative proceedings, or litigation, the commissioner may rely on the procedural laws of this state. The injunctive authority of the commissioner in regard to risk retention groups is restricted by the requirement that any injunction be issued by a court of competent jurisdiction.
Source.
1988, 133:2, eff. April 20, 1988.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:11 - Duty of Agents or Brokers to Obtain License.

405-A:11 Duty of Agents or Brokers to Obtain License. –
I.
Risk Retention Groups. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.
II.
Purchasing Groups.
(a) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.
(b) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance coverage in this state for any member of a purchasing group under a purchasing group's policy unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.
(c) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless such person, firm, association or corporation is licensed as a surplus lines agent or excess line broker in accordance with this title.
III. For purposes of acting as an agent or broker for a risk retention group or purchasing group pursuant to paragraphs I and II of this section, the requirement of residence in this state shall not apply.
IV. Every person, firm, association, or corporation licensed pursuant to the provisions of this title, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by RSA 405-A:3, VII, in the case of a risk retention group, and RSA 405-A:8, II, in the case of a purchasing group.
Source.
1988, 133:2. 1992, 288:20, eff. Jan. 1, 1993.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:12 - Binding Effect of Orders Issued in United States District Court.

405-A:12 Binding Effect of Orders Issued in United States District Court. –
An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state (or in all states or in any territory or possession of the United States) upon a finding that such a group is in hazardous financial or financially impaired condition shall be enforceable in the courts of this state.
Source.
1988, 133:2, eff. April 20, 1988.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-A - Risk Retention Act › Section 405-A:13 - Rules.

405-A:13 Rules. –
The commissioner may adopt, pursuant to RSA 541-A, such rules relating to risk retention groups or purchasing groups, as may be necessary or desirable to carry out the provisions of this chapter.
Source.
1988, 133:2, eff. April 20, 1988.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-B - Nonadmitted Insurance, Multi-State Risks Premium Collection and Disbursement › Section 405-B:1 - Purpose.

405-B:1 Purpose. –
The purpose of this chapter is to enable the collection and disbursement of premium taxes for nonadmitted insurance, including surplus lines insurance, necessitated by the passage of the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA), which was incorporated intact into the Dodd-Frank Wall Street Reform and Consumer Protection Act, H.R. 4173.
Source.
2011, 191:5, eff. Aug. 13, 2011.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-B - Nonadmitted Insurance, Multi-State Risks Premium Collection and Disbursement › Section 405-B:2 - Definitions.

405-B:2 Definitions. –
In this chapter:
I. "Commissioner" means the insurance commissioner.
II. "Home state" means, except as provided in subparagraph (b), with respect to an insured:
(a) The state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or
(b) If 100 percent of the insured risk is located out of the state referred to in subparagraph (a), the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated.
III. "Multi-state risk" means a risk covered by a nonadmitted insurer with insured exposures in more than one state.
Source.
2011, 191:5, eff. Aug. 13, 2011.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-B - Nonadmitted Insurance, Multi-State Risks Premium Collection and Disbursement › Section 405-B:3 - Cooperative or Reciprocal Agreements.

405-B:3 Cooperative or Reciprocal Agreements. –
For the purposes of carrying out the provisions of the Nonadmitted and Reinsurance Reform Act of 2010, the commissioner is authorized to enter into a cooperative or reciprocal agreement, or compact with another state in order to facilitate the collection, allocation, and disbursement of premium taxes attributable to the placement of nonadmitted insurance, provide for uniform methods of allocation and reporting among nonadmitted insurance risk classifications, and share information among states relating to nonadmitted insurance premium taxes.
Source.
2011, 191:5, eff. Aug. 13, 2011.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-B - Nonadmitted Insurance, Multi-State Risks Premium Collection and Disbursement › Section 405-B:4 - Single Home State Rate; Surplus Lines.

405-B:4 Single Home State Rate;  Surplus Lines. –
I. Every person who procures or causes to be procured or continues or renews insurance with a surplus lines company shall collect and pay to the commissioner a sum based on the total gross premiums charged, less any return premiums, for surplus insurance provided by the licensee pursuant to the license.
II. Where the insurance covers properties, risks, or exposures located or to be performed both in and out of this state, the sum payable shall be computed based on:
(a) An amount equal to 3 percent on that portion of the gross premiums allocated to this state, plus
(b) An amount equal to 3 percent on the portion of the premiums allocated to other states or territories, less
(c) The amount of gross premiums allocated to this state and returned to the insured.
Source.
2011, 191:5, eff. Aug. 13, 2011. 2019, 141:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 405-B - Nonadmitted Insurance, Multi-State Risks Premium Collection and Disbursement › Section 405-B:5 - Single Home State Rate; Independently Procured Under RSA 406-B:16.

405-B:5 Single Home State Rate;  Independently Procured Under RSA 406-B:16. –
I. Every insured who procures or causes to be procured or continues or renews insurance with any unlicensed insurer pursuant to RSA 406-B:16 shall collect and pay to the commissioner a sum based on the total gross premiums charged, less any return premiums, for independently procured insurance.
II. Where the insurance covers properties, risks, or exposures located or to be performed both in and out of this state, the sum payable shall be computed based on:
(a) An amount equal to 3 percent on the portion of the gross premiums allocated to this state, plus
(b) An amount equal to 3 percent on the portion of the premiums allocated to other states or territories, less
(c) The amount of gross premiums allocated to this state and returned to the insured.
Source.
2011, 191:5, eff. Aug. 13, 2011. 2019, 141:2, eff. Jan. 1, 2020.