reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:18 - Stay of Proceedings; Reopening Default Judgments.

408-F:18 Stay of Proceedings;  Reopening Default Judgments. –
All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed 60 days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict, or finding based on default, the association may apply to have such judgment set aside by the same court that made such judgment and shall be permitted to defend against such suit on the merits.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-F - Life and Health Insurance Guaranty Association of 2019 › Section 408-F:20 - Prospective Application.

408-F:20 Prospective Application. –
This chapter shall not apply to any member insurer which is insolvent or unable to fulfill its contractual obligations on December 31, 2019.
Source.
2019, 314:1, eff. Jan. 1, 2020.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-G - Structured Settlement Protection › Section 408-G:2 - Required Disclosure to Payee.

408-G:2 Required Disclosure to Payee. –
Not less than 3 days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than 14 points, setting forth the following:
I. The amounts and due dates of the structured settlement payments to be transferred.
II. The aggregate amount of such payments.
III. The discounted present value of the payments to be transferred, which shall be identified as the "calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities and the amount of the Applicable Federal Rate used in calculating such discounted present value".
IV. The gross advance amount.
V. An itemized listing of all applicable transfer expenses, other than attorneys' fees and related disbursements payable in connection with the transferee's application for approval of the transfer, and the transferee's best estimate of the amount of any such fees and disbursements.
VI. The effective annual interest rate, which must be disclosed in a statement in the following form: "On the basis of the net amount that you will receive from us and the amounts and timing of the structured settlement payments that you are transferring to us, you will, in effect be paying interest to us at a rate of ______ percent per year."
VII. The net advance amount.
VIII. The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee.
IX. That the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.
X. That the payee has the right to seek and receive independent professional advice regarding the proposed transfer and should consider doing so before agreeing to transfer any structured settlement payment rights.
XI. That the payee has the right to negotiate the purchase price offered by the transferee, and the payee is advised to obtain competing offers from other potential transferees.
Source.
2021, 206:2, Pt. IV, Sec. 1, eff. Oct. 9, 2021.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-G - Structured Settlement Protection › Section 408-G:3 - Approval of Transfers of Structured Settlement Payment Rights.

408-G:3 Approval of Transfers of Structured Settlement Payment Rights. –
No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee or assignee of structured settlement payment rights unless the transfer has been approved in advance in a final court order based on express findings by such court that:
I. The transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents; and
II. The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received such advice or knowingly waived in writing the opportunity to seek and receive such advice; and
III. The transfer does not contravene any applicable statute or the order of any court or other government authority.
Source.
2021, 206:2, Pt. IV, Sec. 1, eff. Oct. 9, 2021.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-G - Structured Settlement Protection › Section 408-G:4 - Effects of Transfer of Structured Settlement Payment Rights.

408-G:4 Effects of Transfer of Structured Settlement Payment Rights. –
Following a transfer of structured settlement payment rights under this chapter:
I. The structured settlement obligor and the annuity issuer may rely on the court order approving the transfer in redirecting periodic payments to an assignee or transferee in accordance with the order approving the transfer and shall, as to all parties except the transferee or an assignee designated by the transferee, be discharged and released from any and all liability for the redirected payments; and such discharge and release shall not be affected by the failure of any party to the transfer to comply with this chapter or with the court order approving the transfer;
II. The transferee shall be liable to the structured settlement obligor and the annuity issuer:
(a) If the transfer contravenes the terms of the structured settlement, for any taxes incurred by the structured settlement obligor or annuity issuer as a consequence of the transfer; and
(b) For any other liabilities or costs, including reasonable costs and attorneys' fees, arising from compliance by the structured settlement obligor or annuity issuer with the court order approving the transfer or from the failure of any party to the transfer to comply with this chapter;
III. Neither the annuity issuer nor the structured settlement obligor may be required to divide any periodic payment between the payee and any transferee or assignee or between 2 or more transferees or assignees; and
IV. Any further transfer of structured settlement payment rights by the payee may be made only after compliance with all of the requirements of this chapter.
Source.
2021, 206:2, Pt. IV, Sec. 1, eff. Oct. 9, 2021.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 408-G - Structured Settlement Protection › Section 408-G:6 - General Provisions; Construction.

408-G:6 General Provisions;  Construction. –
I. The provisions of this chapter shall not be waived by any payee.
II. Any transfer agreement entered into on or after the effective date of this chapter by a payee who resides in this state shall provide that disputes under such transfer agreement, including any claim that the payee has breached the agreement, shall be determined in and under the laws of this state. No such transfer agreement shall authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.
III. No transfer of structured settlement payment rights shall extend to any payments that are life-contingent unless, prior to the date on which the payee signs the transfer agreement, the transferee has established and has agreed to maintain procedures reasonably satisfactory to the annuity issuer and the structured settlement obligor for periodically confirming the payee's survival, and giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee's death.
IV. If the payee cancels a transfer agreement, or if the transfer agreement otherwise terminates, after an application for approval of a transfer of structured settlement payment rights has been filed and before it has been granted or denied, the transferee shall promptly request dismissal of the application.
V. No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or any assignee based on any failure of such transfer to satisfy the conditions of this chapter.
VI. Nothing contained in this chapter shall be construed to authorize any transfer of structured settlement payment rights in contravention of any applicable law or to imply that any transfer under a transfer agreement entered into prior to the effective date of this chapter is valid or invalid.
VII. Compliance with the requirements set forth in RSA 408-G:2 and fulfillment of the conditions set forth in RSA 408-G:3 shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from, non-compliance with such requirements or failure to fulfill such conditions.
Source.
2021, 206:2, Pt. IV, Sec. 1, eff. Oct. 9, 2021.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409 - Standard Nonforfeiture Law for Life Insurance › Section 409:1 - Short Title.

409:1 Short Title. –
This chapter shall be known as the Standard Nonforfeiture Law For Life Insurance.
Source.
1943, 89:1, par. 1. RSA 409:1. 1979, 360:2, eff. Aug. 22, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409 - Standard Nonforfeiture Law for Life Insurance › Section 409:1-a - Definition.

409:1-a Definition. –
In this chapter, "operative date of the valuation manual" means the January 1 of the first calendar year that the valuation manual as defined in RSA 410:2, XII is effective.
Source.
2013, 221:2, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409 - Standard Nonforfeiture Law for Life Insurance › Section 409:3 - Minimum Cash Surrender Values.

409:3 Minimum Cash Surrender Values. –
I. Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by RSA 409:2, shall be an amount not less than the excess, if any, of the present value, on such anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of: (a) the then present value of the adjusted premiums as defined in RSA 409:5, RSA 409:5-a and RSA 409:5-b, corresponding to premiums which would have fallen due on and after such anniversary, and (b) the amount of any indebtedness to the company on the policy.
II. Provided, however, that for any policy issued on or after the operative date of RSA 409:5-b as defined in that section, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in paragraph I of this section shall be an amount not less than the sum of the cash surrender value as defined in such paragraph for an otherwise similar policy issued at the same age without such rider or supplemental policy provision and the cash surrender value as defined in such paragraph for a policy which provides only the benefits otherwise provided by such rider or supplemental policy provision.
III. Provided, further, that for any family policy issued on or after the operative date of RSA 409:5-b as defined in that section, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's age 71, the cash surrender value referred to in paragraph I of this section shall be an amount not less than the sum of the cash surrender value as defined in such paragraph for an otherwise similar policy issued at the same age without such term insurance on the life of the spouse and the cash surrender value as defined in such paragraph for a policy which provides only the benefits otherwise provided by such term insurance on the life of the spouse.
IV. Any cash surrender value available within 30 days after any policy anniversary under any policy paid-up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by RSA 409:2, shall be an amount not less than the present value, on such anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the company on the policy.
Source.
1943, 89:1, par. 3. RSA 409:3. 1959, 161:1. 1981, 182:10, eff. Aug. 1, 1981.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409 - Standard Nonforfeiture Law for Life Insurance › Section 409:4 - Minimum Nonforfeiture Benefits.

409:4 Minimum Nonforfeiture Benefits. –
Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this chapter in the absence of the condition that premiums shall have been paid for at least a specified period.
Source.
1943, 89:1, par. 4, eff. Jan. 1, 1948.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409 - Standard Nonforfeiture Law for Life Insurance › Section 409:5-c - Commissioner's Authority to Approve Certain Plans.

409:5-c Commissioner's Authority to Approve Certain Plans. –
In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in RSA 409:2, 409:4, 409:5, 409:5-a, or 409:5-b, then:
I. The commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by RSA 409:2, 409:3, 409:4, 409:5, 409:5-a, or 409:5-b;
II. The commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds;
III. The cash surrender values and paid-up nonforfeiture benefits provided by such plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this chapter, as determined by rules adopted by the commissioner pursuant to RSA 541-A.
Source.
1981, 182:13, eff. Aug. 1, 1981.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409 - Standard Nonforfeiture Law for Life Insurance › Section 409:6 - Method of Calculating Cash Surrender Values and Nonforfeiture Benefits.

409:6 Method of Calculating Cash Surrender Values and Nonforfeiture Benefits. –
Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in RSA 409:3, 409:4, 409:5, 409:5-a, and 409:5-b may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall be not less than the amounts used to provide such additions. Notwithstanding the provisions of RSA 409:3, additional benefits under the following circumstances shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this chapter; and no such additional benefits shall be required to be included in any paid-up nonforfeiture benefits:
I. In the event of death or dismemberment by accident or accidental means;
II. In the event of total and permanent disability;
III. As reversionary annuity or deferred reversionary annuity benefits;
IV. As term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this chapter would not apply;
V. As term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child's age is 26, is uniform in amount after the child's age is one, and has not become paid-up by reason of the death of a parent of the child; and
VI. As other policy benefits additional to life insurance and endowment benefits, and premiums for all such additional benefits.
Source.
1943, 89:1, par. 6. RSA 409:6. 1959, 161:4. 1961, 75:3. 1981, 182:14, eff. Aug. 1, 1981.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409 - Standard Nonforfeiture Law for Life Insurance › Section 409:7 - Chapter Not Applicable to Certain Contracts.

409:7 Chapter Not Applicable to Certain Contracts. –
I. This chapter shall not apply to any of the following:
(a) Reinsurance;
(b) Group insurance;
(c) Pure endowment;
(d) Annuity or reversionary annuity contract;
(e) Term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy;
(f) Term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in RSA 409:5, 409:5-a, and 409:5-b, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal of such policy, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy;
(g) Policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in RSA 409:3, 409:4, 409:5, 409:5-a, and 409:5-b, exceeds 21/2 percent of the amount of insurance at the beginning of the same policy year; nor
(h) Policy which shall be delivered outside this state through an agent or other representative of the company issuing the policy.
II. For purposes of determining the applicability of this chapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.
Source.
1943, 89:1, par. 7. RSA 409:7. 1959, 161:5. 1981, 182:16, eff. Aug. 1, 1981.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409 - Standard Nonforfeiture Law for Life Insurance › Section 409:8 - Operative Date Defined.

409:8 Operative Date Defined. –
Except as otherwise provided in RSA 409:5-a and 5-b, any life insurance company authorized to do business in this state may file with the insurance commissioner a written notice of its intention to comply with the provisions of this chapter on and after a specified date prior to January 1, 1948. After the filing of such notice, then upon such specified date, which shall be the operative date of this chapter for such company, this chapter shall become operative with respect to policies issued after such date by such company. As to such companies making no such election, the operative date of this chapter shall be January 1, 1948.
Source.
1943, 89:1, par. 8. RSA 409:8. 1959, 161:6. 1981, 182:17, eff. Aug. 1, 1981.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities › Section 409-A:1 - Short Title.

409-A:1 Short Title. –
This chapter shall be known as the Standard Nonforfeiture Law For Individual Deferred Annuities.
Source.
1979, 360:4, eff. Aug. 22, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities › Section 409-A:2 - Exemptions.

409-A:2 Exemptions. –
This chapter shall not apply to any reinsurance group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, nor to any contract which shall be delivered outside this state through an agent or other representative of the company issuing the contract.
Source.
1979, 360:4, eff. Aug. 22, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities › Section 409-A:5 - Computation of Annuity Benefit.

409-A:5 Computation of Annuity Benefit. –
Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
Source.
1979, 360:4, eff. Aug. 22, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities › Section 409-A:6 - Computation of Cash Surrender Benefits.

409-A:6 Computation of Cash Surrender Benefits. –
For contracts which provide cash surrender benefits, such cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.
Source.
1979, 360:4, eff. Aug. 22, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities › Section 409-A:7 - Computation of Paid-up Annuity Nonforfeiture Benefits.

409-A:7 Computation of Paid-up Annuity Nonforfeiture Benefits. –
For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract. For contracts which do not provide any death benefits prior to the commencement of any annuity payments, such present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.
Source.
1979, 360:4, eff. Aug. 22, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities › Section 409-A:8 - Determination of Maturity Date.

409-A:8 Determination of Maturity Date. –
For the purpose of determining the benefits calculated under RSA 409-A:6 and 409-A:7, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.
Source.
1979, 360:4, eff. Aug. 22, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities › Section 409-A:9 - Calculations of Values; Supplemental Rules.

409-A:9 Calculations of Values;  Supplemental Rules. –
I. Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.
II. For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of RSA 409-A:5, 409-A:6, 409-A:7, 409-A:8 and 409-A:9, I, additional benefits payable (a) in the event of total and permanent disability, (b) as reversionary annuity or deferred reversionary annuity benefits, or (c) as other policy benefits additional to life insurance, endowment and annuity benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits that may be required by this chapter. The inclusion of such additional benefits shall not be required in any paid-up benefits, unless such additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits.
Source.
1979, 360:4, eff. Aug. 22, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities › Section 409-A:10 - Operative Date.

409-A:10 Operative Date. –
After August 1, 1979, any company may file with the commissioner a written notice of its election to comply with the provisions of this chapter after a specified date before August 1, 1981. After filing of such notice, then upon such specified date, which shall be the operative date of this chapter for such company, this chapter shall become operative with respect to annuity contracts thereafter issued by such company. If a company makes no such election, the operative date of this chapter for such company shall be August 1, 1981.
Source.
1979, 360:4, eff. Aug. 22, 1979.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:2 - Definitions.

410:2 Definitions. –
In this chapter:
I. "Accident and health insurance" means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual.
II. "Appointed actuary" means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in RSA 410:4, II.
III. "Company" means an entity which:
(a) Has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this state and has at least one such policy in force or on claim; or
(b) Has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state.
IV. "Commissioner" means the insurance commissioner.
V. "Deposit-type contract" means contracts that do not incorporate mortality or morbidity risks and as may be specified in the valuation manual.
VI. "Life insurance" means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.
VII. "NAIC" means the National Association of Insurance Commissioners.
VIII. "Policyholder behavior" means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this chapter including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract.
IX. "Principle-based valuation" means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with RSA 410:16 as specified in the valuation manual.
X. "Qualified actuary" means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual.
XI. "Tail risk" means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude.
XII. "Valuation manual" means the manual of valuation instructions adopted by the NAIC as specified in this chapter or as subsequently amended.
Source.
2013, 221:1. 2014, 84:1, eff. Aug. 10, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:3 - Reserve Valuation.

410:3 Reserve Valuation. –
I. Policies and Contracts Issued Prior to the Operative Date of the Valuation Manual.
(a) The insurance commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state, except that in the case of an alien company, such valuation shall be limited to its United States business, issued on or after April 7, 1943 and prior to the operative date of the valuation manual. In calculating reserves, the commissioner may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this chapter.
(b) The provisions set forth in RSA 410:5 through RSA 410:14 of this chapter shall apply to all policies and contracts, as appropriate, subject to this chapter issued on or after April 7, 1943 and prior to the operative date of the valuation manual and the provisions set forth in RSA 410:15 and RSA 410:16 of this chapter shall not apply to any such policies and contracts.
(c) The minimum standard for the valuation of policies and contracts issued prior to April 7, 1943 shall be that provided by the laws in effect immediately prior to that date.
II. Policies and Contracts Issued On or After the Operative Date of the Valuation Manual.
(a) The commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this chapter.
(b) The provisions set forth in RSA 410:15 and RSA 410:16 of this chapter shall apply to all policies and contracts issued on or after the operative date of the valuation manual.
Source.
2013, 221:1, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:9 - Reserve Valuation Method; Annuity and Pure Endowment Benefits.

410:9 Reserve Valuation Method;  Annuity and Pure Endowment Benefits. –
I. This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code, as now or hereafter amended.
II. Reserves according to the commissioner's annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in the contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of the contracts to determine nonforfeiture values.
Source.
2013, 221:1, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:10 - Minimum Reserves.

410:10 Minimum Reserves. –
I. In no event shall a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after the effective date of this chapter, be less than the aggregate reserves calculated in accordance with the methods set forth in RSA 410:8, RSA 410:9, RSA 410:12 and RSA 410:13 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies.
II. In no event shall the aggregate reserves for all policies, contracts, and benefits be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by RSA 410:4.
Source.
2013, 221:1, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:11 - Optional Reserve Calculation.

410:11 Optional Reserve Calculation. –
I. Reserves for policies and contracts issued prior to the effective date of this chapter may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to that date.
II. Reserves for any category of policies, contracts, or benefits as established by the commissioner, issued on or after the effective date of this chapter, may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided herein, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided for in the policies or contract.
III. A company, which adopts at any time a standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided under this chapter may adopt a lower standard of valuation with the approval of the commissioner, but not lower than the minimum provided herein. Provided that, for the purposes of this section, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by RSA 410:4 shall not be deemed to be the adoption of a higher standard of valuation.
Source.
2013, 221:1, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:12 - Reserve Calculation; Valuation Net Premium Exceeding the Gross Premium Charged.

410:12 Reserve Calculation;  Valuation Net Premium Exceeding the Gross Premium Charged. –
I. If in any contract year the gross premium charged by a company on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or contract, or the reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are those standards stated in RSA 410:5 and RSA 410:7.
II. For a life insurance policy issued on or after January 1, 1985, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for the excess and which provides an endowment benefit or a cash surrender value or a combination in an amount greater than the excess premium, the provisions of this section shall be applied as if the method actually used in calculating the reserve for such policy were the method described in RSA 410:8, I. The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with RSA 410:8, I and II, and the minimum reserve calculated in accordance with this section.
Source.
2013, 221:1, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:13 - Reserve Calculation; Indeterminate Premium Plans.

410:13 Reserve Calculation;  Indeterminate Premium Plans. –
In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on its estimates of future experience, or in the case of a plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in RSA 410:8, 410:9 and 410:12, the reserves that are held under the plan shall:
I. Be appropriate in relation to the benefits and the pattern of premiums for that plan; and
II. Be computed by a method that is consistent with the principles of this chapter as determined by rules adopted by the commissioner pursuant to RSA 541-A.
Source.
2013, 221:1, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:14 - Minimum Standard for Accident and Health Insurance Contracts.

410:14 Minimum Standard for Accident and Health Insurance Contracts. –
For accident and health insurance contracts used on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under RSA 410:3, II. For insurance contracts issued on or after April 7, 1943 and prior to the operative date of the valuation manual the minimum standard of valuation is the standard adopted by the commissioner by rule.
Source.
2013, 221:1, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:16 - Requirements of a Principle-Based Valuation.

410:16 Requirements of a Principle-Based Valuation. –
I. A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual:
(a) Quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts. For policies or contracts with significant tail risk, reflects conditions appropriately adverse to quantify the tail risk.
(b) Incorporate assumptions, risk analysis methods and financial models and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods.
(c) Incorporate assumptions that are derived in one of the following manners:
(1) The assumption is prescribed in the valuation manual.
(2) For assumptions that are not prescribed, the assumption shall:
(A) Be established utilizing the company's available experience, to the extent it is relevant and statistically credible; or
(B) To the extent that company data is not available, relevant, or statistically credible, be established utilizing other relevant, statistically credible experience.
II. A company using a principle-based valuation for one or more policies or contracts subject to this section as specified in the valuation manual shall:
(a) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual.
(b) Provide to the commissioner and the board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based evaluation. Such controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to such valuation are included in the valuation, and that valuations are made in accordance with the valuation manual. The certification shall be based on the controls in place as of the end of the preceding calendar year.
(c) Develop, and file with the commissioner upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual.
III. A principle-based valuation may include a prescribed formulaic reserve component.
Source.
2013, 221:1, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 410 - Standard Valuation Law › Section 410:17 - Experience Reporting for Policies in Force On or After the Operative Date of the Valuation Manual.

410:17 Experience Reporting for Policies in Force On or After the Operative Date of the Valuation Manual. –
A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.
Source.
2013, 221:1, eff. Jan. 1, 2014.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 411 - Domestic Life Insurance Companies › Section 411:1 - Capital Stock.

411:1 Capital Stock. –
Any corporation organized under the laws of this state and engaged wholly or in part in the life insurance business as a stock company shall have a capital stock of not less than $600,000 paid in, which shall be invested as provided in RSA 411-A. One-half of such capital shall be deposited with the insurance commissioner.
Source.
1913, 42:1. PL 278:1. RL 328:1. RSA 411:1. 1969, 283:9. 1978, 11:4, eff. July 1, 1978.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 411 - Domestic Life Insurance Companies › Section 411:2 - Certificate of Authority.

411:2 Certificate of Authority. –
Upon said deposit and satisfactory evidence to the commissioner that the capital stock of at least $200,000 has been paid in and invested as herein prescribed, he shall issue to said stock company a certificate authorizing it to do business as such.
Source.
1913, 42:1. PL 278:2. RL 328:2.
2023 New Hampshire Revised Statutes › Title XXXVII - Insurance › Chapter 411 - Domestic Life Insurance Companies › Section 411:3 - Mutual Companies.

411:3 Mutual Companies. –
No such certificate shall be issued to such a corporation organized on the mutual plan until at least 500 persons have subscribed in the aggregate for at least $500,000 of insurance upon their lives and shall each have paid in one full annual premium in cash upon the insurance applied for, nor until it shall have deposited with the commissioner at least $200,000 in the securities required by law.
Source.
1913, 42:2. 1917, 20:1. PL 278:3. RL 328:3. RSA 411:3. 1969, 283:10, eff. June 25, 1969.