415-B:1 Definitions. – In this chapter: I. "Commissioner" means the insurance commissioner. II. "Insurance premium finance company" means a person engaged in whole or in part in the business of entering into premium finance agreements. III. "Licensee" means an insurance premium finance company holding a license issued under this chapter. IV. "Person" means an […]
415-B:10 Return Premiums. – Whenever a financed insurance contract is cancelled, the insurer shall return whatever gross unearned premiums are due under the insurance contract to the premium finance company for the account of the insured or insureds as soon as reasonably possible, but in any event, within 30 days after the effective date […]
415-B:11 Exemption From Filing Requirements. – No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchases, pledges, encumbrancers, successors, or assigns. Source. 1981, 118:1, eff. July 3, 1981.
415-B:12 Rulemaking Authority. – The commissioner may adopt rules pursuant to RSA 541-A for the purposes of this chapter. Source. 1981, 118:1, eff. July 3, 1981.
415-B:13 Penalty. – Any premium finance company, insurer, agent, or broker who willfully and knowingly violates any provision of this chapter shall be guilty of a misdemeanor. Source. 1981, 118:1, eff. July 3, 1981.
415-B:2 License Required. – I. No person shall engage in the business of a premium finance company in this state without having first obtained a premium finance company license from the commissioner, except as provided in paragraph IV. II. The annual license fee shall be $200. Licenses may be renewed from year to year […]
415-B:3 Issuance and Renewal of License. – I. Upon the filing of an application and the payment of the license fee, the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this chapter. If the commissioner does not find the applicant qualified, […]
415-B:4 Revocation or Suspension of License; Appeal. – I. The commissioner may revoke or suspend the license of any premium finance company when, after investigation, the commissioner finds that: (a) The license issued to such company was obtained by fraud; (b) There was any misrepresentation in the application for the license; (c) The holder […]
415-B:5 Licensee’s Books and Records. – I. Every licensee shall maintain records of its premium finance transactions. Such records shall be open to examination and investigation by the commissioner at any time during regular business hours at any location at which such records are maintained. II. Every licensee shall preserve its records of such […]
415-B:6 Form of Premium Finance Agreement. – I. A premium finance agreement shall: (a) Be dated and signed by or on behalf of the insured; and the printed portion of the agreement shall be in at least 8-point type; (b) Contain the name and place of business of the insurance agent or broker negotiating […]
415-B:7 Limitation on Interest and Other Charges. – I. A premium finance company shall not charge, contract for, receive, or collect an interest or discount charge other than as permitted by this chapter. II. The interest or discount shall be agreed upon by the parties and shall be computed on the balance of the […]
415-B:8 Delinquency and Cancellation Charges. – I. A premium finance agreement may provide for the payment by the insured of a delinquency charge on any installment which is in default for a period of 5 consecutive days or more, of $1 to a maximum of 5 percent of the delinquent installment. If the default […]
415-B:9 Cancellation of Insurance Contract Upon Default. – I. When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel upon default any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless such cancellation […]
