Section 408-B:1 – Title.

    408-B:1 Title. – This chapter shall be known and may be cited as the New Hampshire Life and Health Insurance Guaranty Association Act of 1996. Source. 1995, 305:1, eff. Jan. 1, 1996.

Section 408-B:10 – Plan of Operation.

    408-B:10 Plan of Operation. – I. (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 become effective upon the commissioner’s written approval or unless […]

Section 408-B:11 – Duties and Powers of the Commissioner.

    408-B:11 Duties and Powers of the Commissioner. – In addition to the duties and powers enumerated elsewhere in this chapter: I. The commissioner shall: (a) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer. (b) When […]

Section 408-B:12 – Prevention of Insolvencies.

    408-B:12 Prevention of Insolvencies. – To aid in the detection and prevention of insurer insolvencies or impairments: I. It shall be the duty of the commissioner: (a) To notify the commissioners of all the other states, territories of the United States, and the District of Columbia when the commissioner takes any of the following […]

Section 408-B:13 – Credits for Assessments Paid.

    408-B:13 Credits for Assessments Paid. – I. A member insurer may offset against its tax liability under RSA 400-A any assessment described in RSA 408-B:9, II(b) for the life insurance and annuity account, and for the health account for guaranteeing the performance of contractual obligations of an impaired or insolvent insurer in regard to […]

Section 408-B:14 – Miscellaneous Provisions.

    408-B:14 Miscellaneous Provisions. – I. Nothing in this chapter shall be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent 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 […]

Section 408-B:15 – Examination of the Association; Annual Report.

    408-B: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 each year, not later than 120 days after the association’s fiscal year, a financial report in a form approved by the commissioner and a report […]

Section 408-B:16 – Tax Exemptions.

    408-B: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. 1995, 305:1, eff. Jan. 1, 1996.

Section 408-B:17 – Immunity.

    408-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 or its agents or employees, the association or its agents or employees, members of the board of directors, or the commissioner or the commissioner’s representatives, for any action […]

Section 408-B:18 – Stay of Proceedings; Reopening Default Judgments.

    408-B: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 […]

Section 408-B:19 – Prohibited Advertisement of Insurance Guaranty Association Act in Insurance Sales; Notice to Policyholders.

    408-B:19 Prohibited Advertisement of Insurance Guaranty Association Act in Insurance Sales; Notice to Policyholders. – I. No person, including an insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in […]

Section 408-B:2 – Purpose.

    408-B:2 Purpose. – I. The purpose of this chapter is to protect, subject to certain limitations, the persons specified in RSA 408-B:5, I against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in RSA 408-B:5, II, because of the impairment or insolvency of the member […]

Section 408-B:20 – Prospective Application.

    408-B:20 Prospective Application. – This chapter shall not apply to any insurer which is insolvent or unable to fulfill its contractual obligations on January 1, 1996. Source. 1995, 305:1, eff. Jan. 1, 1996.

Section 408-B:3 – Construction.

    408-B:3 Construction. – This chapter shall be liberally construed to effect the purpose under RSA 408-B:2 which shall constitute an aid and guide to interpretation. Source. 1995, 305:1, eff. Jan. 1, 1996.

Section 408-B:4 – Definitions.

    408-B:4 Definitions. – In this chapter: I. "Account" means either of the 2 accounts created under RSA 408-B:6. II. "Association" means the New Hampshire life and health insurance guaranty association created under RSA 408-B:6. III. "Commissioner" means the commissioner of insurance. IV. "Contractual obligation" means any obligation under a policy or contract or certificate […]

Section 408-B:5 – Coverage and Limitations.

    408-B:5 Coverage and Limitations. – I. This chapter shall provide coverage for the policies and contracts specified in paragraph II: (a) To persons who, regardless of where they reside (except for nonresident certificate holders under group policies or contracts), are the beneficiaries, assignees, or payees of the persons covered under subparagraph (b); and (b) […]

Section 408-B:6 – Creation of the Association.

    408-B: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, which shall be the same association created under RSA 404-D:6. All member insurers shall be and remain members of the association as a condition of their authority […]

Section 408-B:7 – Board of Directors.

    408-B:7 Board of Directors. – I. The board of directors of the association shall consist of not less than 5 nor more than 9 member insurers 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 […]

Section 408-B:8 – Powers and Duties of the Association.

    408-B:8 Powers and Duties of the Association. – I. If a member insurer is an impaired domestic insurer, the association may, in its discretion, and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, that are approved by the commissioner, and that are, except […]

Section 408-B:9 – Assessments.

    408-B: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 time and for such amounts as the board finds necessary. Assessments shall be due not less than […]