408-A:1 Purpose. – The purpose of this chapter is to promote the public welfare by regulating credit life insurance and credit accident and health insurance. Nothing in this chapter is intended to prohibit or discourage reasonable competition. The provisions of this chapter shall be liberally construed. Source. 1959, 66:1, eff. June 22, 1959.
408-A:10 Claims. – I. All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract. II. All claims shall be paid either by draft […]
408-A:11 Existing Insurance, Choice of Insurer. – When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or […]
408-A:12 Enforcement. – The commissioner may, after notice and hearing, issue such rules and regulations as he deems appropriate for the supervision of this chapter. Whenever the commissioner finds that there has been a violation of this chapter or any rules or regulations issued pursuant thereto, and after written notice thereof and hearing given […]
408-A:13 Judicial Review. – Any party to the proceeding affected by an order of the commissioner shall be entitled to a rehearing and appeal in accordance with the provisions of RSA 541. Source. 1959, 66:1, eff. June 22, 1959.
408-A:14 Penalties. – In addition to any other penalty provided by law, any person who violates an order of the commissioner after it has become final, and while such order is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the state of New Hampshire a sum […]
408-A:15 Separability Provision. – If any provision of this chapter, or the application of such provision of any person or circumstances, shall be held invalid, the remainder of the chapter, and the application of such provision to any person or circumstances other than those as to which it is held invalid, shall not be […]
408-A:2 Scope and Definitions. – I. This chapter may be cited as "The Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance." II. All life insurance and all accident and health insurance sold in connection with loans or other credit transactions shall be subject to the provisions of […]
408-A:3 Forms of Credit Life Insurance and Credit Accident and Health Insurance. – Credit life insurance and credit accident and health insurance shall be issued only in the following forms: I. Individual policies of life insurance issued to debtors on the term plan; II. Individual policies of accident and health insurance issued to debtors […]
408-A:4 Amount of Credit Life Insurance and Credit Accident and Health Insurance. – I. Credit Life Insurance. The amount of credit life insurance shall not exceed the initial indebtedness. Where an indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance, the amount of insurance shall at no […]
408-A:5 Term of Credit Life Insurance and Credit Accident and Health Insurance. – The term of any credit life insurance or credit accident and health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, or the date from which interest or finance charges […]
408-A:5-a Credit Unemployment Insurance. – Credit unemployment insurance may be sold in connection with loans or other credit transactions, subject to the provisions of this chapter as applied to credit life insurance and credit accident and health insurance. Any insurer authorized to offer the coverage specified by this chapter may sell credit unemployment insurance […]
408-A:6 Provisions of Policies and Certificates of Insurance; Disclosure to Debtors. – I. All credit life insurance and credit accident and health insurance sold shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate of insurance shall be delivered […]
408-A:7 Filing, Approval and Withdrawal of Forms. – I. All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders shall be filed with the commissioner of the state in which the policy is issued. II. The commissioner shall within 30 days after the filing of any such policies, certificates […]
408-A:8 Premiums and Refunds. – I. Each insurer issuing credit life insurance or credit accident and health insurance shall file with the commissioner its schedules of premium rates for use in connection with such insurance. Any insurer may revise such schedules from time to time, and shall file such revised schedules with the commissioner. […]
408-A:9 Issuance of Policies. – All policies of credit life insurance and credit accident and health insurance shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business therein, and shall be issued only through holders of licenses or authorizations issued by the commissioner unless […]
