Section 416:1 – Determination of Solvency.

    416:1 Determination of Solvency. – Fifty percent of the amount received on all outstanding contracts shall be treated as a liability by the insurance commissioner in determining the question of the solvency of any surety company. Source. 1885, 53:2. PS 172:2. PL 282:2. RL 332:2.

Section 416:2 – Bonds, Approval.

    416:2 Bonds, Approval. – The judge, head of department, or other officer authorized to approve the bond of any person required by law to give a bond, may accept as a surety upon the bond any such company which has been licensed to do business in this state, and, if satisfied with the financial […]

Section 416:3 – Expense of Bond.

    416:3 Expense of Bond. – A court or officer, whose duty it is to pass upon the account of any person required by law to give a bond, may, whenever the person has procured any such company as surety upon his bond, allow a reasonable sum for the expense of procuring such surety in […]

Section 416:4 – Estoppel of Surety.

    416:4 Estoppel of Surety. – Any company which shall execute a bond as surety under the provisions of this chapter shall be estopped to deny its corporate power to execute the instrument or to assume the liability. Source. 1885, 48:3. PS 172:5. PL 282:5. RL 332:5.

Section 416:5 – Reinsurance.

    416:5 Reinsurance. – No surety company, whether organized under the laws of this or any other state or territory, shall assume any liability as surety on any bond which shall in amount exceed 10 percent of its net assets, without reinsuring in some surety company authorized to do business in this state the amount […]

Section 416:6 – Investments.

    416:6 Investments. – Surety companies organized under the laws of this state shall invest their funds in securities that are legal investments for savings banks, and in such other investments as may be approved by the insurance commissioner. Source. 1913, 53:2. PL 282:7. RL 332:7.

Section 416:7 – Conditions of Entry.

    416:7 Conditions of Entry. – Any surety company incorporated and organized under the laws of another state, for the purpose of transacting business as surety on obligations, may transact business in this state upon complying with the provisions of all laws relating to foreign insurance companies and their agents, and not otherwise. Source. 1885, […]