Section 404-D:1 – Title.
404-D:1 Title. – This chapter shall be known and may be cited as the New Hampshire life and health insurance guaranty association act. Source. 1971, 509:1, eff. Sept. 4, 1971.
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 […]
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: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: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 […]
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 […]