Revision: March 24, 2017, 10:05 a.m.
HB 149 - VERSION ADOPTED BY BOTH BODIES
9Feb2017... 0070h
2017 SESSION
17-0293
01/09
HOUSE BILL 149
SPONSORS: Rep. Hunt, Ches. 11; Sen. Bradley, Dist 3
COMMITTEE: Commerce and Consumer Affairs
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This bill requires that former employees of the insurance department shall not disclose confidential information gained during their employment or use such information for personal gain or benefit.
This bill is a request of the insurance department.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
9Feb2017... 0070h 17-0293
01/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seventeen
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Insurance Department; Prohibited Interests. Amend RSA 400-A:12 to read as follows:
400-A:12 Prohibited Interests.
I. The commissioner, deputies, assistants, actuaries, examiners, or employees of the department shall not be connected with the management or be holder of material number of shares of any insurer, insurance holding company, insurance agency or broker, or be pecuniarily interested in any insurance transaction except as authorized under Title XXXVII in their official capacity, or as a policyholder or claimant under a policy; except, that as to matters wherein a conflict of interests does not exist on the part of any such individual, the commissioner may employ and retain from time to time insurance actuaries, examiners, accountants, and other technicians who are independently practicing their professions even though from time to time similarly employed or retained by insurers or others.
II. [Provided, that] Nothing contained in this section shall be deemed to prohibit:
[I.] (a) Receipt by any such individual of fully vested commissions or fully vested retirement benefits to which entitled by reason of services performed prior to becoming commissioner or prior to employment in the department[;].
[II.] (b) Investment in shares of regulated diversified investment companies.
III. No person who has formerly served as a commissioner, deputy, assistant, actuary, examiner, or otherwise as an employee of the department nor any person that has been retained by the commissioner under Title XXXVII, shall disclose any third party confidential information gained by reason of such public position, nor shall any person otherwise use such information for personal gain or benefit. Nothing in this paragraph shall be construed to limit any protections that an employee or a former employee has under RSA 275-E.
2 Effective Date. This act shall take effect upon its passage.