406-C:1 Purpose. – The purpose of this chapter is to authorize and regulate the solicitation for purchase and the sale in this state of insurance by financial institutions and to maintain parity with respect to the insurance powers of state and federally chartered financial institutions. Source. 1997, 223:3. 2000, 313:3, eff. Aug. 20, 2000.
406-C:10 Prohibition on Tying of Banking and Insurance Products. – I. The financial institution shall not require or imply that the purchase of an insurance product by a customer or prospective customer is required as a condition of, or is in any way related to, the lending of money or extension of credit or […]
406-C:11 Prohibition on Discrimination Against Non-Affiliated Agents. – I. The financial institution shall not condition the provision of any product or service to any customer upon the purchase of a policy or contract of insurance through a particular insurer, agent, or broker or reject any insurance policy required in connection with a loan or […]
406-C:12 Prohibited Practices. – I. An employee of a financial institution who is not licensed to sell insurance may refer a party to a person who is licensed to sell insurance, if the employee making such referral is compensated for such referral in an amount that does not exceed a nominal amount and such […]
406-C:13 Application of State and Federal Consumer Protection Provisions. – Any financial institution which solicits or sells insurance products pursuant to RSA 383-B:3-301(d) and this chapter shall be subject to all applicable federal and state consumer protection laws, including the federal anti-tying provisions of 12 U.S.C. section 1972. Source. 1997, 223:3. 2015, 272:33, eff. […]
406-C:14 Insurance Records. – Books and records relating to the insurance transactions of a financial institution licensed to sell insurance, including all files relating to and reflecting customer complaints, shall be kept separate and apart from all records relating to other business transactions of such financial institution, and shall be made available to the […]
406-C:15 Examination Authority. – The insurance activities of financial institutions pursuant to RSA 383-B:3-301(d) and this chapter shall be subject to examination by the commissioner and the commissioner is authorized to impose reasonable and customary assessments on the financial institution for such examination. Source. 1997, 223:3. 2015, 272:34, eff. Oct. 1, 2015.
406-C:16 Rulemaking Authority for Implementing Regulations. – I. The commissioner may adopt rules to effectuate the purposes of this chapter, which are to protect the insurance buying public from potential coercion by financial institutions, to minimize the possibilities of unfair competitive practices by financial institutions that harm the public, and to maintain parity with […]
406-C:17 Enforcement. – Any person violating the provisions of this chapter shall be subject to any and all enforcement procedures within the authority of the insurance department including, but not limited to, the issuance of a cease and desist order requiring such person to cease all insurance sales and solicitation activities. Source. 1997, 223:3, […]
406-C:18 Penalties. – Any financial institution violating any of the provisions of this chapter or any rule adopted under this chapter may be subject to an administrative fine not to exceed $2,500 per violation. The commissioner may also suspend or revoke the license of any financial institution or other person or organization for any […]
406-C:19 Provisions Severable. – If any provision of this chapter or the application thereof to any person or circumstance is held to be invalid for any reason, such invalidity shall not affect any other provisions or applications of this chapter which can be given effect without the invalid provisions or applications, and to this […]
406-C:2 Definitions. – In this chapter: I. "Commissioner" means the insurance commissioner. II. "Customer" means a person with an investment, security, deposit, trust, or credit relationship with a financial institution. III. "Insurance" means all products defined or regulated as insurance by the state of New Hampshire, except: (a) Credit life, credit accident and health, […]
406-C:3 License for Insurance Sales. – A financial institution and the employees of a financial institution conducting insurance sales shall be required to obtain a producer’s license authorizing the sale of insurance by complying with the licensing requirements of RSA 402-J. Source. 1997, 223:3. 2000, 315:17, eff. Jan. 1, 2001.
406-C:4 Prohibition on Underwriting. – Neither this chapter, nor RSA 383-B:3-301(d) shall be construed to authorize any financial institution to engage in the underwriting of any insurance product or in any insurance underwriting activity requiring licensure under RSA 402 or RSA 405. Source. 1997, 223:3. 2015, 272:32, eff. Oct. 1, 2015.
406-C:5 Licensure Requirement. – Solicitation for the purchase or sale of any insurance product by the financial institution shall be conducted only by persons who are licensed and have complied with all applicable state insurance licensing laws and rules, and are officers, directors, or employees of the financial institution. Source. 1997, 223:3, eff. Aug. […]
406-C:6 Authorized Carriers. – A financial institution shall offer only insurance products of approved surplus lines carriers or approved products of insurance companies authorized to do insurance business in New Hampshire. Source. 1997, 223:3, eff. Aug. 17, 1997.
406-C:7 Separation of Activities. – I. A financial institution shall, to the extent practicable, keep the area where the bank conducts transactions involving insurance products or annuities physically segregated from areas where retail deposits are routinely accepted from the general public, identify the areas where insurance product or annuity sales activities occur, and clearly […]
406-C:8 Disclosures. – I. To avoid customer confusion and in addition to any other requisite disclosures, all advertising, promotional material, and solicitation, including telemarketing contacts in the case of life insurance and annuities, shall include a prominent disclosure that substantively states that a purchase of insurance: (a) Is not a deposit; (b) Is not […]
406-C:9 Confidential Customer Information. – The financial institution shall not disclose any nonpublic customer information, unless such disclosure is consistent with the provisions of the federal Gramm-Leach-Bliley Act and any applicable laws, or rules adopted pursuant to RSA 400-A:15, I. Source. 1997, 223:3. 2002, 207:26, eff. July 15, 2002.
