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31:1 New Section; Insurance Companies and Agents. Amend RSA 402 by inserting after section 83 the following new section:
402:84 Discontinuance of Lines of Business; Notice Required. Any licensed insurance company authorized to transact fire or casualty business in this state shall provide 120 days' notice to its appointed agents of record in New Hampshire of the insurance company's decision to cease writing an entire line of business. Any nonrenewal notices to affected policyholders shall be issued in accordance with applicable law, provided that the effective date of any such nonrenewals shall be at least 120 days after notice to the agents of record under this section.
31:2 Effective Date. This act shall take effect January 1, 2019.
Approved: May 15, 2018
Effective Date: January 01, 2019
Text to be added highlighted in green.
31:1 New Section; Insurance Companies and Agents. Amend RSA 402 by inserting after section 83 the following new section:
402:84 Discontinuance of Lines of Business; Notice Required. Any licensed insurance company authorized to transact fire or casualty business in this state shall provide 120 days' notice to its appointed agents of record in New Hampshire of the insurance company's decision to cease writing an entire line of business. Any nonrenewal notices to affected policyholders shall be issued in accordance with applicable law, provided that the effective date of any such nonrenewals shall be at least 120 days after notice to the agents of record under this section.
31:2 Effective Date. This act shall take effect January 1, 2019.
Approved: May 15, 2018
Effective Date: January 01, 2019