Revision: Nov. 7, 2017, 8:52 a.m.
HB 1308-FN - AS INTRODUCED
2018 SESSION
18-2269
01/04
HOUSE BILL 1308-FN
AN ACT relative to non-renewal of lines of business.
SPONSORS: Rep. Gagne, Hills. 13
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill requires insurance companies to provide notice to the insurance department and agents in New Hampshire of the insurance company's decision not to renew lines of business.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
18-2269
01/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eighteen
AN ACT relative to non-renewal of lines of business.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Insurance Companies and Agents. Amend RSA 402 by inserting after section 83 the following new section:
402:84 Non-Renewal of Lines of Business; Notice Required.
I. Any insurance company authorized to transact fire or casualty business in this state shall provide 60 days' notice to the insurance department, and all appointed agents in the state, of the insurance company's decision not to renew all, or substantially all, of a line of business. When the 60 days' notice period has expired, the insurance company shall permit the renewal of all contracts of insurance written for a period of one year, as determined by the individual underwriting requirements of such company; provided, however, that if any contract does not meet such underwriting requirements, the company shall give the agent 60 days' notice of its intention not to renew the contract.
II. Any insurance company renewing contracts of insurance in accordance with this section shall pay commissions for such renewals to the agent in the same amount as had been paid to the agent on similar policies during the 12 months immediately preceding the notice of intent not to renew.
2 Effective Date. This act shall take effect 60 days after its passage.
18-2269
10/11/17
HB 1308-FN- FISCAL NOTE
AS INTRODUCED
AN ACT relative to non-renewal of lines of business.
FISCAL IMPACT: [ ] State [ ] County [ ] Local [ X ] None
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METHODOLOGY:
The Legislative Budget Assistant has determined that this legislation, as introduced, has a total fiscal impact of less than $10,000 in each of the fiscal years 2019 through 2022.
AGENCIES CONTACTED:
Department of Insurance