402-C:1 Title, Construction and Purpose. – I. Short Title. This chapter may be cited as the "Insurers Rehabilitation and Liquidation Act." II. Construction: No Limitation of Powers. This chapter shall not be interpreted to limit the powers granted the commissioner by other provisions of the law. III. Liberal Construction. This chapter shall be liberally […]
402-C:10 Delinquency Proceedings. – I. Every proceeding commenced before June 23, 1969, is deemed to have commenced under this chapter for the purpose of conducting the proceeding thereafter, except that in the discretion of the commissioner the proceeding may be continued, in whole or in part, as it would have been continued had this […]
402-C:11 Commissioner’s Summary Orders. – I. Summary Order After Hearing. Whenever the commissioner has reasonable cause to believe, and determines after a hearing held as prescribed in paragraph III, that any insurer has committed or engaged in, or is committing or engaging in or is about to commit or engage in any act, practice […]
402-C:12 Court’s Seizure Order. – I. Issuance. Upon the filing by the commissioner in any superior court in this state of a verified petition alleging any ground that would justify a court order for a formal delinquency proceeding against an insurer under this chapter and that the interests of policyholders, creditors or the public […]
402-C:13 Commissioner’s Seizure Order. – I. Issuance. If it appears to the commissioner that the interests of creditors, policyholders or the public will be endangered by the delay incident to asking for a court seizure order, then on any ground that would justify a court seizure order under RSA 402-C:12 without notice and without […]
402-C:14 Conduct of Hearings in Summary Proceedings. – I. Confidentiality of Commissioner’s Hearings. The commissioner shall hold all hearings in summary proceedings privately unless the insurer requests a public hearing, in which case the hearing shall be public. II. Confidentiality of Court Hearings. The court may hold all hearings in summary proceedings and judicial […]
402-C:15 Grounds for Rehabilitation. – The commissioner may apply by verified petition to the superior court for Merrimack county or for the county in which the principal office of the insurer is located for an order directing him to rehabilitate a domestic insurer or an alien insurer domiciled in this state on any one […]
402-C:16 Rehabilitation Orders. – I. Appointment of Rehabilitator. An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the commissioner and his successors in office rehabilitator and shall direct the rehabilitator forthwith to take possession of the assets of the insurer and to administer […]
402-C:17 Powers and Duties of the Rehabilitator. – I. Special Deputy Commissioner. The commissioner as rehabilitator shall make every reasonable effort to employ an active or retired senior executive from a successful insurer to serve as special deputy commissioner to rehabilitate the insurer. The special deputy shall have all of the powers of the […]
402-C:18 Actions by and Against Rehabilitator. – I. Stays in Pending Litigation. On request of the rehabilitator, any court in this state before which any action or proceeding by or against an insurer is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for such time as […]
402-C:19 Termination of Rehabilitation. – I. Transformation to Liquidation. Whenever he believes that further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the rehabilitator may petition the court for an order of liquidation. A petition under this subsection shall have […]
402-C:2 Persons Covered. – The proceedings authorized by this chapter may be applied to: I. All insurers who are doing, or have done, an insurance business in this state, and against whom claims arising from that business may exist now or in the future; II. All insurers who purport to do an insurance business […]
402-C:20 Grounds for Liquidation. – The commissioner may apply by verified petition to the superior court for Merrimack county or for the county in which the principal office of the insurer is located for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on any one […]
402-C:21 Liquidation Orders. – I. Order to Liquidate. An order to liquidate the business of a domestic insurer shall appoint the commissioner and his successors in office liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the orders of the court. The […]
402-C:22 Continuance of Coverage. – I. All insurance policies issued by the insurer shall continue in force: (a) For a period of 30 days from the date of entry of the liquidation order; (b) Until the normal expiration of the policy coverage; (c) Until the insured has replaced the insurance coverage with equivalent insurance […]
402-C:23 Dissolution of Insurer. – The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he applies for a liquidation order. If the court issues a liquidation order, it also shall order dissolution […]
402-C:24 Federal Receivership. – I. Petition for Federal Receiver. Whenever in the commissioner’s opinion, liquidation of a domestic insurer or an alien insurer domiciled in this state would be facilitated by a federal receivership, and when any ground exists upon which the commissioner might petition the court for an order of rehabilitation or liquidation […]
402-C:25 Powers of Liquidator. – The liquidator shall report to the court monthly, or at other intervals specified by the court, on the progress of the liquidation in whatever detail the court orders. Subject to the court’s control, he may: I. Appoint a special deputy to act for him under this chapter, and determine […]
402-C:26 Notice to Creditors and Others. – I. Notice Required. (a) General Requirements. The liquidator shall give notice of the liquidation order as soon as possible by first class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is licensed to do business, by first […]
402-C:27 Duties of Agents. – I. Written Notice. Every person who receives notice in the form prescribed in RSA 402-C:26 that an insurer which he represents as an independent agent is the subject of a liquidation order shall as soon as practicable give notice of the liquidation order. The notice shall be sent by […]