Section 404-B:1 – Title.

    404-B:1 Title. – This chapter shall be known and may be cited as the New Hampshire Insurance Guaranty Association Act. Source. 1970, 37:3, eff. May 4, 1970.

Section 404-B:10 – Duties and Powers of the Commissioner.

    404-B:10 Duties and Powers of the Commissioner. – I. The commissioner shall: (a) Forward to the association a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time such complaint is filed with a court of competent jurisdiction. (b) Notify the association […]

Section 404-B:11 – Effect of Paid Claims.

    404-B:11 Effect of Paid Claims. – I. Any person recovering under this chapter shall be deemed to have assigned his rights under the policy to the association to the extent of his recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with the association to the same […]

Section 404-B:12 – Nonduplication of Recovery.

    404-B:12 Nonduplication of Recovery. – I. Any person having a claim against an insurer under any provision in an insurance policy other than a policy of an insolvent insurer which is also a covered claim, including but not limited to the provisions of uninsured motorist coverage of any policy, shall be required to exhaust […]

Section 404-B:13 – Prevention of Insolvencies.

    404-B:13 Prevention of Insolvencies. – To aid in the detection and prevention of insurer insolvencies: I. It shall be the duty of the board of directors, upon majority vote, to notify the commissioner of any information indicating any member insurer may be insolvent or in a financial condition hazardous to the policyholders or the […]

Section 404-B:14 – Examination of the Association.

    404-B:14 Examination of the Association. – The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the commissioner. Source. 1970, 37:3, eff. May 4, 1970.

Section 404-B:15 – Tax Exemption.

    404-B:15 Tax Exemption. – 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 or personal property. Source. 1970, 37:3, eff. May 4, 1970.

Section 404-B:16 – Recognition of Assessments in Rates.

    404-B:16 Recognition of Assessments in Rates. – The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association and such rates […]

Section 404-B:17 – Immunity.

    404-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, the association or its agents or employees, the board of directors, or the commissioner or his representatives for any action taken by them in the performance of their […]

Section 404-B:18 – Stay of Proceedings; Reopening of Default Judgments.

    404-B:18 Stay of Proceedings; Reopening of Default Judgments. – All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall be stayed for 6 months and any additional time thereafter as may be determined by the court from the date the […]

Section 404-B:2 – Purpose.

    404-B:2 Purpose. – The purpose of this chapter is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer […]

Section 404-B:3 – Scope.

    404-B:3 Scope. – This chapter shall apply to all kinds of direct insurance, except life, title, surety, credit, mortgage guaranty, ocean marine, and health insurance as defined in RSA 404-D:3, I. Source. 1970, 37:3. 1975, 348:1, eff. Aug. 6, 1975.

Section 404-B:4 – Construction.

    404-B:4 Construction. – This chapter shall be liberally construed to effect the purpose under RSA 404-B:2 which shall constitute an aid and guide to interpretation. Source. 1970, 37:3, eff. May 4, 1970.

Section 404-B:5 – Definitions.

    404-B:5 Definitions. – As used in this chapter: I. "Account" means any one of the 3 accounts created by RSA 404-B:6. II. "Association" means the New Hampshire Insurance Guaranty Association created under RSA 404-B:6. III. "Commissioner" means the commissioner of insurance of this state. IV. " Covered claim " means a net unpaid claim, […]

Section 404-B:6 – Creation of the Association.

    404-B:6 Creation of the Association. – There is created a nonprofit unincorporated legal entity to be known as the New Hampshire Insurance Guaranty Association. All insurers defined as member insurers in RSA 404-B:5, VI shall be and remain members of the association as a condition of their authority to transact insurance in this state. […]

Section 404-B:7 – Board of Directors.

    404-B:7 Board of Directors. – I. The board of directors of the association shall consist of not less than 5 nor more than 9 persons 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-B:8 – Powers and Duties of the Association.

    404-B:8 Powers and Duties of the Association. – I. The association shall: (a) Be obligated to the extent of the covered claims existing prior to the determination of insolvency and arising within 30 days after the determination of insolvency, or before the policy expiration date if less than 30 days after the determination, or […]

Section 404-B:9 – Plan of Operation.

    404-B:9 Plan of Operation. – I. 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 approval in writing by the commissioner. II. […]