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 […]
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.
Section 404-D:5 – Definitions.
404-D:5 Definitions. – As used in this chapter: I. "Account" means any of the 3 accounts created under RSA 404-D:6. II. "Association" means the New Hampshire life and health insurance guaranty association created under RSA 404-D:6. III. "Commissioner" means the commissioner of insurance. IV. "Contractual obligation" means any obligation under covered policies. V. "Covered […]
Section 404-D:6 – Creation of the Association.
404-D:6 Creation of the Association. – I. There is created a nonprofit legal entity to be known as the New Hampshire life and health insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform […]
Section 404-D:7 – Board of Directors.
404-D:7 Board of Directors. – I. The board of directors of the association shall consist of not less than 5 nor more than 9 members 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 […]
Section 404-D:8 – Powers and Duties of the Association.
404-D:8 Powers and Duties of the Association. – In addition to the powers and duties enumerated in other sections of this chapter: I. If a domestic insurer is an impaired insurer, the association may, prior to an order of liquidation or rehabilitation, and subject to any fair and equitable conditions imposed by the association […]
Section 404-D:9 – Assessments.
404-D:9 Assessments. – I. For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such times and for such amounts as the board finds necessary. The board shall collect the assessments after […]
Section 404-D:10 – Plan of Operation.
404-D:10 Plan of Operation. – I. A plan of operation shall be established as follows: (a) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments thereto shall […]