Section 404-D:18 – Stay of Proceedings; Reopening Default Judgments.
404-D:18 Stay of Proceedings; Reopening Default Judgments. – All proceedings in which the impaired 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 […]
Section 404-D:11 – Duties and Powers of the Commissioner.
404-D:11 Duties and Powers of the Commissioner. – In addition to the duties and powers enumerated elsewhere in this chapter, I. The commissioner shall: (a) Notify the board of directors of the existence of an impaired insurer not later than 3 days after a determination of impairment is made or he receives notice of […]
Section 404-D:12 – Prevention of Impairments.
404-D:12 Prevention of Impairments. – To aid in the detection and prevention of insurer impairments, the commissioner shall be notified when: I. The board of directors shall, upon majority vote, notify the commissioner of any information indicating any member insurer may be unable or potentially unable to fulfill its contractual obligations. II. The board […]
Section 404-D:13 – Appointment of Association Nominee.
404-D:13 Appointment of Association Nominee. – The association may recommend a natural person to serve as a special deputy to act for the commissioner and under his supervision in the liquidation, rehabilitation, or conservation, of any member insurer. Source. 1971, 509:1, eff. Sept. 4, 1971.
Section 404-D:14 – Miscellaneous Provisions.
404-D:14 Miscellaneous Provisions. – I. Nothing in this chapter shall be construed to reduce the liability for unpaid assessments of the insureds of an impaired insurer operating under a plan with assessment liability. II. Records shall be kept of all negotiations and meetings in which the association or its representatives are involved to discuss […]
Section 404-D:15 – Examination of the Association; Annual Report.
404-D:15 Examination of the Association; Annual Report. – The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the commissioner and a […]
Section 404-D:16 – Tax Exemptions.
404-D:16 Tax Exemptions. – 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 property. Source. 1971, 509:1, eff. Sept. 4, 1971.
Section 404-D:17 – Immunity.
404-D: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 or its agents or employees, the association or its agents or employees, members of the board of directors, or the commissioner or his representatives, for any action taken […]
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 […]
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 […]