Revision: April 5, 2018, 10:50 a.m.
HB 1308-FN - VERSION ADOPTED BY BOTH BODIES
6Mar2018... 0446h
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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AMENDED ANALYSIS
This bill requires licensed insurance companies to provide notice to its agents of record 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
6Mar2018... 0446h 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 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 non-renewal notices to affected policyholders shall be issued in accordance with applicable law, provided that the effective date of any such non-renewals shall be at least 120 days after notice to the agents of record under this section.
2 Effective Date. This act shall take effect January 1, 2019.
18-2269
Amended 3/19/18
HB 1308-FN- FISCAL NOTE
AS AMENDED BY THE HOUSE (AMENDMENT #2018-0446h)
AN ACT relative to non-renewal of lines of business.
FISCAL IMPACT:
The Legislative Budget Assistant has determined that this legislation, as amended by the House, has a total fiscal impact of less than $10,000 in each of the fiscal years 2019 through 2022.
AGENCIES CONTACTED:
Insurance Department