reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-C - Disclosure of Material Transactions › Section 403-C:2 - Acquisitions and Dispositions of Assets.

403-C:2 Acquisitions and Dispositions of Assets. –
I. No acquisitions or dispositions of assets need be reported pursuant to RSA 403-C:1 if the acquisitions or dispositions are not material. For purposes of this chapter, a material acquisition (or the aggregate of any series of related acquisitions during any 30-day period) or disposition (or the aggregate of any series of related dispositions during any 30-day period) is one that is nonrecurring and not in the ordinary course of business and involves more than 5 percent of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer's state of domicile.
II. (a) Asset acquisitions subject to this chapter include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.
(b) Asset dispositions subject to this chapter include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment (whether for the benefit of creditors or otherwise), abandonment, destruction, or other disposition.
III. (a) The following information is required to be disclosed in any report of a material acquisition or disposition of assets:
(1) Date of the transaction.
(2) Manner of acquisition or disposition.
(3) Description of the assets involved.
(4) Nature and amount of the consideration given or received.
(5) Purpose of, or reason for, the transaction.
(6) Manner by which the amount of consideration was determined.
(7) Gain or loss recognized or realized as a result of the transaction.
(8) Name of each person from whom the assets were acquired or to whom they were disposed.
(b) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or 100 percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than $1,000,000 total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than 5 percent of the insurer's capital and surplus.
Source.
1995, 146:1, eff. Jan. 1, 1996.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-E - Charitable Gift Annuities Exemption › Section 403-E:1 - Definitions.

403-E:1 Definitions. –
In this chapter:
I. "American Council on Gift Annuities" means the organization which on the effective date of this chapter has its principal place of business in Indianapolis, Indiana, and which advises charitable organizations and promulgates recommended standards regarding the provision of charitable gift annuities.
II. "Charitable gift annuity" means a transfer of cash or other property by a donor to a charitable organization in return for an annuity payable over one or 2 lives, under which the actuarial value of the annuity is less than the value of the cash or other property transferred and the difference in value constitutes a charitable deduction for federal tax purposes.
III. "Charitable organization" means an entity described by:
(a) Section 501(c) (3), Internal Revenue Code of 1986 (26 U.S.C. section 501(c) (3)); or
(b) Section 170(c), Internal Revenue Code of 1986 (26 U.S.C. section 170(c)).
IV. "Director" means the director of charitable trusts, serving pursuant to RSA 7:20.
V. "Qualified charitable gift annuity" means a charitable gift annuity described by section 501(m)(5), Internal Revenue Code of 1986 (26 U.S.C. section 501(m)(5)), and section 514(c)(5), Internal Revenue Code of 1986 (26 U.S.C. 514(c)(5)), that is issued by a charitable organization that on the date of the annuity agreement:
(a) Has a minimum of $300,000 in unrestricted cash, cash equivalents, or publicly traded securities, exclusive of the assets funding the annuity agreement;
(b) Has been in continuous operation for at least 3 years or is a successor or affiliate of a charitable organization that has been in continuous operation for at least 3 years;
(c) Issues charitable gift annuities with payout ratios no greater than recommended by the American Council on Gift Annuities at the time of issuance;
(d) Retains 100 percent of the contribution made in exchange for each charitable gift annuity, increased by earnings on the contribution and decreased by annuity payments and expenses properly allocated to the annuity, until the annuity is terminated; and
(e) Invests contributions made in exchange for charitable gift annuities solely in conformance with article 9 of RSA 564-B, general standards of prudent investment.
Source.
1999, 68:1. 2004, 130:5, eff. Oct. 1, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-E - Charitable Gift Annuities Exemption › Section 403-E:2 - Qualified Charitable Gift Annuity is Not Insurance.

403-E:2 Qualified Charitable Gift Annuity is Not Insurance. –
I. The issuance of a qualified charitable gift annuity does not constitute engaging in the business of insurance in this state.
II. A charitable gift annuity issued before the effective date of this chapter shall be deemed to be a qualified charitable gift annuity for purposes of this chapter, and the issuance of that charitable gift annuity shall not constitute engaging in the business of insurance in this state, if the charitable organization issuing such annuity has given notice to the director pursuant to RSA 403-E:3, II(a).
Source.
1999, 68:1, eff. May 28, 1999.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-E - Charitable Gift Annuities Exemption › Section 403-E:3 - Disclosures; Notification; Recertification.

403-E:3 Disclosures;  Notification;  Recertification. –
I. (a) When entering into an agreement for a qualified charitable gift annuity, the charitable organization shall disclose to the donor in writing in the annuity agreement that a qualified charitable gift annuity is not insurance under the laws of this state and is not subject to regulation by the insurance department or protected by an insurance guaranty association. The following information shall also be similarly disclosed:
(1) The value of the property being transferred.
(2) The amount of the annuity to be paid.
(3) The manner in which, and the intervals at which, the payment is to be made.
(4) The date that payments are to begin.
(b) The disclosures required by this paragraph shall appear on the first page of the annuity agreement in a print size no smaller than that employed in the annuity agreement generally.
II. (a) A charitable organization that issues qualified charitable gift annuities shall notify the director in writing by the later of 90 days after the effective date of this chapter or the date on which it enters into the organization's first qualified charitable gift annuity agreement. The notice shall:
(1) Be signed by an officer or director of the organization;
(2) Identify the organization; and
(3) Certify that:
(A) The organization is a charitable organization; and
(B) The annuities issued by the organization shall be limited to qualified charitable gift annuities, as defined in RSA 403-E:1, V.
(b) Subsequently, each charitable organization that issues qualified charitable annuities shall, as part of its report submitted to the director pursuant to RSA 7:28, II and III, annually recertify that the annuities issued by the organization shall be limited to qualified charitable gift annuities, as defined in RSA 403-E:1, V.
(c) The organization shall not be required to submit additional information except to determine appropriate penalties that may be applicable under RSA 403-E:4.
Source.
1999, 68:1, eff. May 28, 1999.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-E - Charitable Gift Annuities Exemption › Section 403-E:4 - Failure to Comply.

403-E:4 Failure to Comply. –
The failure of a charitable organization to comply with the requirements imposed under RSA 403-E:3 of this chapter shall not prevent a charitable gift annuity that otherwise meets the requirements of this chapter from constituting a qualified charitable gift annuity. The director shall enforce performance of RSA 403-E:3 by sending a letter by certified mail, return receipt requested, demanding that the charitable organization comply with the requirements of RSA 403-E:3. The director may fine the charitable organization in an amount not to exceed $1,000 per qualified charitable gift annuity agreement issued until such time as the charitable organization complies with RSA 403-E:3.
Source.
1999, 68:1, eff. May 28, 1999.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-E - Charitable Gift Annuities Exemption › Section 403-E:5 - Not Unfair or Deceptive Trade Practice.

403-E:5 Not Unfair or Deceptive Trade Practice. –
The issuance of a qualified charitable gift annuity shall not constitute a violation of RSA 417.
Source.
1999, 68:1, eff. May 28, 1999.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:1 - Authorization.

403-F:1 Authorization. –
A mutual insurance company organized under the laws of this state may reorganize by converting to a stock insurance company and forming a mutual insurance holding company, upon compliance with the provisions of this chapter.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:2 - Definitions.

403-F:2 Definitions. –
In this chapter:
I. "Commissioner" means the insurance commissioner.
II. "Eligible policyholder" means, with respect to a mutual fire or casualty insurance company, a policyholder of the insurer on the date of adoption of the plan of reorganization by the board of directors pursuant to RSA 403-F:4, II or, with respect to a mutual life insurance company, such policyholders defined in the plan of reorganization approved by the commissioner.
III. "Mutual insurance holding company" means an incorporated entity without permanent capital stock that is organized under this chapter.
IV. "Subsidiary insurance company" means a stock insurance company, the majority of the voting shares of the capital stock of which are at all times owned, directly or through an intermediate holding company, by a mutual insurance holding company.
V. "Intermediate holding company" means a holding company which is a subsidiary of a mutual insurance holding company, and which directly or through a subsidiary intermediate holding company owns a majority of the voting shares of the capital stock of one or more subsidiary insurance companies.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:3 - Formation of a Mutual Insurance Holding Company.

403-F:3 Formation of a Mutual Insurance Holding Company. –
I. A mutual insurance company may reorganize as a mutual insurance holding company system consisting of a mutual insurance holding company and a subsidiary insurance company. The reorganization may be effected by the organization of one or more companies, amendment or restatement of the articles of incorporation and bylaws of one or more companies, transfer of assets and liabilities among 2 or more companies, issuance, acquisition or transfer of capital stock of one or more companies, or merger or consolidation of 2 or more companies. The mutual insurance holding company shall at all times own a majority of the voting shares and a majority in economic value of the capital stock of each controlled subsidiary and any intermediate stock holding company.
II. All of the initial shares of the capital stock of the insurance company which reorganized as a subsidiary insurance company shall be issued either to the mutual insurance holding company or to an intermediate holding company which is wholly owned by the mutual insurance holding company. This restriction shall not preclude the subsequent issuance of additional shares of stock by the subsidiary insurance company so long as the requirements of paragraph I are not violated. The membership interests of the policyholders of the subsidiary insurance company shall become membership interests in the mutual insurance holding company. Policyholders of the subsidiary insurance company which was formerly the mutual insurer shall be members of the mutual insurance holding company in accordance with the articles of incorporation and bylaws of the mutual insurance holding company.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:6 - Issuance of Shares to Officers, Directors, and Employees.

403-F:6 Issuance of Shares to Officers, Directors, and Employees. –
A number of shares or options to purchase shares equal in the aggregate to 5 percent of the outstanding voting shares of the capital stock of one corporate member of the mutual insurance holding company system selected by the mutual insurance holding company may be issued or sold to directors and officers as part of a plan of compensation, and such shares shall not be considered part of the majority shares to be owned by the mutual insurance company under RSA 403-F:3. A number of shares or options to purchase shares equal in the aggregate to an additional 5 percent of the outstanding voting shares of the capital stock of one corporate member of the mutual insurance holding company system selected by the mutual insurance holding company may be issued or sold to employees, which may not include any officer or director, as part of an employee stock dividend or benefit plan, and such shares shall not be considered part of the majority shares to be owned by the mutual insurance company under RSA 403-F:3. Prior to issuance of shares or options to purchase shares in excess of the authorized 5 percent to either officers and directors or employees, the commissioner may require a fairness opinion by an independent authority acceptable to the commissioner to assure that the long term interests of the shareholders and policyholders are adequately protected. The commissioner shall approve or disapprove the issuance of such shares within 30 days after receipt of the fairness opinion. Directors and officers shall be prohibited from purchasing shares of stock, whether or not part of a plan of compensation, for a period of 6 months following any initial public offering of such shares.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:7 - Applicability of General Corporation Statutes.

403-F:7 Applicability of General Corporation Statutes. –
A mutual insurance holding company organized under this chapter shall be subject to only those provisions of the laws relating to corporations in general that are not inconsistent with the provisions of title XXXVII, the insurance code.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:8 - Merger.

403-F:8 Merger. –
Subject to applicable requirements of this chapter, a mutual insurance holding company may merge or consolidate with a mutual insurance holding company licensed pursuant to this chapter or any similar entity organized pursuant to the laws of any other state.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:9 - Membership.

403-F:9 Membership. –
I. Membership in a mutual insurance holding company shall be determined in accordance with the mutual insurance holding company's articles of incorporation and bylaws and shall be based upon each member holding a policy of insurance with a subsidiary insurance company. Group certificate holders may also be members of the mutual insurance holding company if specified in the bylaws.
II. No member of a mutual insurance holding company may transfer membership or any right arising therefrom.
III. A member of a mutual insurance holding company is not, as such, personally liable for the acts, debts, liabilities, or obligations of the company and may not be assessed by the directors of such company.
IV. A membership interest in a mutual insurance holding company shall not constitute a security, as defined in RSA 421-B:1-102(53).
Source.
2000, 247:1. 2015, 273:15, eff. Jan. 1, 2016.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:10 - Members' Share of Assets on Voluntary Dissolution.

403-F:10 Members' Share of Assets on Voluntary Dissolution. –
I. Upon any voluntary dissolution of a domestic mutual insurance holding company, its assets remaining after discharge of its indebtedness, if any, and expenses of administration, shall be distributed to existing persons who were its members at any time within the 3-year period preceding the date such liquidation was authorized or ordered, or date of last termination of the insurer's certificate of authority, whichever date is earlier; except, if the commissioner has reason to believe that those in charge of the management of the mutual insurance holding company have caused or encouraged the reduction of the number of members of the insurer in anticipation of liquidation and for the purpose of reducing thereby the number of persons who may be entitled to share in distribution of the insurer's assets, the commissioner may enlarge the 3-year qualification period by such additional time as the commissioner may deem to be reasonable.
II. The distributive share of each such member shall be determined by a formula based upon such reasonable classifications of members as the commissioner may approve.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:11 - Application of Holding Company Statutes and Regulations.

403-F:11 Application of Holding Company Statutes and Regulations. –
Each reorganized subsidiary insurance company shall be subject to the applicable laws of this state relating to insurance holding company systems. A mutual insurance holding company shall not be subject to provisions of this title or rules adopted thereunder with respect to the writing of insurance or required capital or surplus. A mutual insurance holding company system shall be considered an insurance holding company.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:12 - Converting Mutual Insurance Holding Company.

403-F:12 Converting Mutual Insurance Holding Company. –
A mutual insurance holding company may convert to a stock holding company by complying with the procedures set forth in RSA 403-B, with the mutual insurance holding company to be treated as the "insurer" and with its members to be treated as "eligible policyholders" for purposes of such chapter.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 403-F - Mutual Insurance Holding Companies › Section 403-F:13 - Rulemaking.

403-F:13 Rulemaking. –
The commissioner shall adopt rules, pursuant to RSA 541-A, as may be necessary for the administration of this chapter.
Source.
2000, 247:1, eff. June 8, 2000.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:2 - Purpose.

404-B:2 Purpose. –
The purpose of this chapter is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to provide an association to assess the cost of such protection among insurers.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:3 - Scope.

404-B:3 Scope. –
This chapter shall apply to all kinds of direct insurance, except life, title, surety, credit, mortgage guaranty, ocean marine, and health insurance as defined in RSA 404-D:3, I.
Source.
1970, 37:3. 1975, 348:1, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:4 - Construction.

404-B:4 Construction. –
This chapter shall be liberally construed to effect the purpose under RSA 404-B:2 which shall constitute an aid and guide to interpretation.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:6 - Creation of the Association.

404-B:6 Creation of the Association. –
There is created a nonprofit unincorporated legal entity to be known as the New Hampshire Insurance Guaranty Association. All insurers defined as member insurers in RSA 404-B:5, VI shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under RSA 404-B:9 and shall exercise its powers through a board of directors established under RSA 404-B:7. For purposes of administration and assessment, the association shall be divided into 3 separate accounts: (a) the workmen's compensation insurance account; (b) the automobile insurance account; and (c) the account for all other insurance to which this chapter applies.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:7 - Board of Directors.

404-B:7 Board of Directors. –
I. The board of directors of the association shall consist of not less than 5 nor more than 9 persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term in the same manner as initial appointments. If no members are selected within 60 days after the effective date of this chapter, the commissioner may appoint the initial members of the board of directors.
II. In approving selections to the board, the commissioner shall consider among other things whether all member insurers are fairly represented.
III. Members of the board may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:10 - Duties and Powers of the Commissioner.

404-B:10 Duties and Powers of the Commissioner. –
I. The commissioner shall:
(a) Forward to the association a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time such complaint is filed with a court of competent jurisdiction.
(b) Notify the association of the existence of an insolvent insurer not later than 3 days after he receives notice of the determination of the insolvency.
(c) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
(d) Make available to the association as soon as practicable after receipt, but only after court approval, that fraction of any reinsurance treaty proceeds which are directly related to covered claims so that said funds may be used by the association for the prompt payment of said covered claims.
II. The commissioner may:
(a) Require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this chapter. Such notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient.
(b) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. Such fine shall be paid to the association and shall not exceed 5 percent of the unpaid assessment per month, except that no fine shall be less than $100 per month.
(c) Revoke the designation of any servicing facility if he finds claims are being handled unsatisfactorily.
(d) Upon request of the association, hold hearings, subpoena witnesses and compel their attendance, administer oaths, examine any person under oath and compel any person to subscribe to his testimony after it has been correctly reduced to writing, and in connection with such hearings require the production of any books, papers, records, or other documents which he deems relevant to the inquiry conducted by said association with respect to covered claims.
III. Any final action or order of the commissioner under this chapter shall be subject to judicial review in a court of competent jurisdiction.
Source.
1970, 37:3. 1975, 348:6, 7, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:11 - Effect of Paid Claims.

404-B:11 Effect of Paid Claims. –
I. Any person recovering under this chapter shall be deemed to have assigned his rights under the policy to the association to the extent of his recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with the association to the same extent as such person would have been required to cooperate with the insolvent insurer. The association shall have no cause of action against the insured of the insolvent insurer for any sums it has paid out except such causes of action as the insolvent insurer would have had if such sums had been paid by the insolvent insurer. In the case of an insolvent insurer operating on a plan with assessment liability, payments of claims of the association shall not operate to reduce the liability of insureds to the receiver, liquidator, or statutory successor for unpaid assessments.
II. The receiver, liquidator, or statutory successor of an insolvent insurer shall be bound by settlements of covered claims by the association or a similar organization in another state. The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.
III. The association shall periodically file with the receiver or liquidator of the insolvent insurer statements of the covered claims paid by the association and estimates of anticipated claims on the association which shall preserve the rights of the association against the assets of the insolvent insurer.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:12 - Nonduplication of Recovery.

404-B:12 Nonduplication of Recovery. –
I. Any person having a claim against an insurer under any provision in an insurance policy other than a policy of an insolvent insurer which is also a covered claim, including but not limited to the provisions of uninsured motorist coverage of any policy, shall be required to exhaust first his right under such policy. Any amount payable on a covered claim under this chapter shall be reduced by the amount of any recovery under such insurance policy.
II. Any person having a claim which may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured except that if it is a first party claim for damage to property with a permanent location, he shall seek recovery first from the association of the location of the property, and if it is a workmen's compensation claim, he shall seek recovery first from the association of the residence of the claimant. Any recovery under this chapter shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent.
Source.
1970, 37:3. 1975, 348:8, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:13 - Prevention of Insolvencies.

404-B:13 Prevention of Insolvencies. –
To aid in the detection and prevention of insurer insolvencies:
I. It shall be the duty of the board of directors, upon majority vote, to notify the commissioner of any information indicating any member insurer may be insolvent or in a financial condition hazardous to the policyholders or the public.
II. The board of directors may, upon majority vote, request that the commissioner order an examination of any member insurer which the board in good faith believes may be in a financial condition hazardous to the policyholders or the public. Within 30 days of the receipt of such request, the commissioner shall begin such examination. The examination may be conducted as a National Association of Insurance Commissioners examination or may be conducted by such persons as the commissioner designates. The cost of such examination shall be paid by the association and the examination report shall be treated as are other examination reports. In no event shall such examination report be released to the board of directors prior to its release to the public, but this shall not preclude the commissioner from complying with paragraph III. The commissioner shall notify the board of directors when the examination is completed. The request for an examination shall be kept on file by the commissioner but it shall not be open to public inspection prior to the release of the examination report to the public.
III. It shall be the duty of the commissioner to report to the board of directors when he has reasonable cause to believe that any member insurer examined or being examined at the request of the board of directors may be insolvent or in a financial condition hazardous to the policyholders or the public.
IV. The board of directors may, upon majority vote, make reports and recommendations to the commissioner upon any matter germane to the solvency, liquidation, rehabilitation or conservation of any member insurer. Such reports and recommendations shall not be considered public documents.
V. The board of directors may, upon majority vote, make recommendations to the commissioner for the detection and prevention of insurer insolvencies.
VI. The board of directors shall, at the conclusion of any insurer insolvency in which the association was obligated to pay covered claims, prepare a report on the history and causes of such insolvency, based on the information available to the association, and submit such report to the commissioner.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:14 - Examination of the Association.

404-B:14 Examination of the Association. –
The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the commissioner.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:15 - Tax Exemption.

404-B:15 Tax Exemption. –
The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions except taxes levied on real or personal property.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:16 - Recognition of Assessments in Rates.

404-B:16 Recognition of Assessments in Rates. –
The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association and such rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:17 - Immunity.

404-B:17 Immunity. –
There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, or the commissioner or his representatives for any action taken by them in the performance of their powers and duties under this chapter.
Source.
1970, 37:3, eff. May 4, 1970.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-B - New Hampshire Insurance Guaranty Association › Section 404-B:18 - Stay of Proceedings; Reopening of Default Judgments.

404-B:18 Stay of Proceedings;  Reopening of Default Judgments. –
All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall be stayed for 6 months and any additional time thereafter as may be determined by the court from the date the insolvency is determined or an ancillary proceeding is instituted in this state, whichever is later, to permit proper defense by the association of all pending causes of action. As to any covered claims arising from a judgment under any decision, verdict or finding based on the default of the insolvent insurer or its failure to defend an insured, the association either on its own behalf or on behalf of such insured may apply to have such judgment, order, decision, verdict, or finding set aside by the same court or administrator that made such judgment, order, decision, verdict or finding and shall be permitted to defend against such claim on the merits.
Source.
1970, 37:3. 1975, 348:9, eff. Aug. 6, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:1 - Establishment of Plans.

404-C:1 Establishment of Plans. –
If the commissioner of insurance finds after a hearing that, in any part of this state, automobile insurance, aviation insurance, property insurance, workers' compensation, accident and health insurance or any form of liability insurance is not readily available in the voluntary market, and that the public interest requires such availability, he may, by rule, either adopt plans to provide such insurance coverage for any risks in this state which are equitably entitled to but otherwise unable to obtain such coverage or he may call upon industry to prepare plans for his approval.
Source.
1971, 488:1. 1975, 218:1. 1990, 254:38, eff. July 1, 1990.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:2 - Purposes and Contents of Risk Sharing Plans.

404-C:2 Purposes and Contents of Risk Sharing Plans. –
Any plan promulgated or prepared as provided in RSA 404-C:1 shall:
I. Give consideration to:
(a) The need for adequate and readily accessible coverage;
(b) Alternative methods of improving the market affected;
(c) The inherent limitations of the insurance mechanism;
(d) The need for reasonable underwriting standards; and
(e) The requirement of reasonable loss prevention measures;
II. Establish procedures that will create minimum interference with the voluntary market;
III. Spread the burden imposed by the plan equitably and efficiently within the industry; and
IV. Establish procedures for applicants and participants to have grievances reviewed by an impartial body.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:3 - Persons Required to Participate.

404-C:3 Persons Required to Participate. –
Each plan shall require participation by all insurers licensed in this state to write the kinds of insurance covered by the specific plan and all agents licensed to represent such insurers for the kinds of business covered by the specific plan, except that the commissioner may exclude classes of persons for administrative convenience or because it is not equitable or practicable to require them to participate in the plan.
Source.
1971, 488:1. 1975, 218:2, eff. Aug. 2, 1975.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:4 - Voluntary Participation.

404-C:4 Voluntary Participation. –
The plan may provide for optional participation by insurers not required to participate as provided in RSA 404-C:3.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:5 - Classifications and Rates.

404-C:5 Classifications and Rates. –
Each plan shall provide for the method of classifying risks and making and filing rates applicable thereto.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:5-a - Workers' Compensation Assigned Risk Plan.

404-C:5-a Workers' Compensation Assigned Risk Plan. –
I. The workers' compensation assigned risk plan shall provide that an employer with an experience modification factor of 1.50 or greater shall lose the entitlement to a premium discount.
II. Employers who secure any portion of their obligations for compensation under RSA 281-A through self-insurance or group funded self-insurance shall not be eligible to secure any other portion of such obligations through insurance under the New Hampshire workers' compensation insurance plan.
Source.
1990, 254:39. 1994, 3:21, eff. Feb. 8, 1994.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:6 - Basis of Participation.

404-C:6 Basis of Participation. –
The plan shall specify the basis of participation of insurers and agents and the conditions under which risks must be accepted.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:7 - Duty to Provide Service.

404-C:7 Duty to Provide Service. –
Every participating insurer and agent shall provide to any person seeking coverages of kinds available in the plans, the services prescribed in the plans, including full information on the requirements and procedures for obtaining coverage under the plans whenever the business is not placed in the voluntary market.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:8 - Commissions.

404-C:8 Commissions. –
The commissioner shall determine reasonable and adequate commission rates to be paid to agents or brokers for coverage written under this chapter. In determining the reasonableness and adequacy of such commission rates the commissioner shall consider the commission rates paid on similar coverage in the normal market.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:9 - Provision of Marketing Facilities.

404-C:9 Provision of Marketing Facilities. –
If the commissioner finds that the lack of cooperating insurers or agents in an area makes the functioning of the plan difficult, he may order that the plan appoint agents in such a manner and on such terms as he designates or take other appropriate steps to insure that service is available.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:10 - Transition.

404-C:10 Transition. –
Procedures established under the existing assigned risk plan as provided in RSA 412:43, II shall continue in effect until and unless changed as provided in this chapter.
Source.
1971, 488:1. 2003, 150:5, eff. Jan. 1, 2004.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:11 - State Contribution for Federally Reinsured Losses and Assessment of Insurers.

404-C:11 State Contribution for Federally Reinsured Losses and Assessment of Insurers. –
The commissioner is authorized to assess each insurance company authorized to do business in this state an aggregate amount sufficient to provide a fund to reimburse the United States Secretary of Housing and Urban Development as provided in section 1223(a)(1) of the National Housing Act as amended by section 1103 of the Urban Property Protection and Reinsurance Act of 1968, P.L. 90-448, 82 Stat. 476. The assessment shall be made on those lines of insurance coverage reinsured during the current year in this state by the United States Secretary of Housing and Urban Development pursuant to such chapter. The assessment shall be in the proportion that the premiums earned during the preceding calendar year by each such company in this state bear to the aggregate premiums earned on those lines of insurance in this state by all insurers. The fund may be provided in whole or in part from appropriations by the legislature.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:12 - Recoupment.

404-C:12 Recoupment. –
Rates used by an insurer shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments made under RSA 404-C:11.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:13 - Voluntary Risk Sharing Plans.

404-C:13 Voluntary Risk Sharing Plans. –
Insurers doing business within this state are authorized to prepare voluntary plans providing any specified kind, line or class of insurance coverage or subdivision or combination thereof for all or any part of this state in which such insurance is not readily available in the voluntary market and in which the public interest requires the availability of such coverage. Such plans shall be submitted to the commissioner and if approved by him may be put into operation.
Source.
1971, 488:1, eff. Aug. 31, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-C - Mandatory Risk Sharing Plans › Section 404-C:14 - Repealed by 2015, 263:4, I, eff. July 20, 2015.

404-C:14 Repealed by 2015, 263:4, I, eff. July 20, 2015. –
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-D - New Hampshire Life and Health Insurance Guaranty Association › Section 404-D:1 - Title.

404-D:1 Title. –
This chapter shall be known and may be cited as the New Hampshire life and health insurance guaranty association act.
Source.
1971, 509:1, eff. Sept. 4, 1971.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-D - New Hampshire Life and Health Insurance Guaranty Association › Section 404-D:2 - Purpose.

404-D:2 Purpose. –
The purpose of this chapter is to maintain public confidence in the promises of insurers by providing a mechanism for protecting policyowners, insureds, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts, against failure in the performance of fair and equitable contractual obligations due to the impairment of the insurer issuing such policies or contracts. To provide this protection:
I. An association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages;
II. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and
III. The association is authorized to assist the commissioner, in the prescribed manner, in the detection and prevention of insurer impairments.
Source.
1971, 509:1. 1979, 440:1, eff. June 25, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-D - New Hampshire Life and Health Insurance Guaranty Association › Section 404-D:3 - Scope.

404-D:3 Scope. –
I. This chapter shall apply to direct life insurance policies, health insurance policies, annuity contracts, and contracts supplemental to life and health insurance policies and annuity contracts issued by persons authorized to transact insurance in this state at any time. The term health insurance is intended to include "accident and health" insurance, "sickness and accident" insurance, and "disability" insurance.
II. This chapter shall not apply to:
(a) Any such policies or contracts, or any part of such policies or contracts, under which the risk is borne by the policyholder.
(b) Any such policy or contract or part thereof assumed by the impaired insurer under a contract of reinsurance, other than reinsurance for which assumption certificates have been issued.
(c) Any such policy or contract issued by assessment mutuals, fraternals, health maintenance organizations and nonprofit hospital and medical service plans.
Source.
1971, 509:1. 1983, 399:2. 1990, 114:1. 2003, 293:6, eff. July 18, 2003.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 404-D - New Hampshire Life and Health Insurance Guaranty Association › Section 404-D:4 - Construction.

404-D:4 Construction. –
This chapter shall be liberally construed to effect the purpose under RSA 404-D:2 which shall constitute an aid and guide to interpretation.
Source.
1971, 509:1, eff. Sept. 4, 1971.