HB1389 (2018) Detail

Relative to commercial lines modernization.


CHAPTER 68

HB 1389 - FINAL VERSION

 

12Apr2018... 1423-EBA

2018 SESSION

18-2430

01/06

 

HOUSE BILL 1389

 

AN ACT relative to commercial lines modernization.

 

SPONSORS: Rep. Hunt, Ches. 11; Rep. Hinch, Hills. 21

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill clarifies certain provisons of the law relating to regulation of forms for property and casualty insurance and the filing of aircraft insurance policies.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

12Apr2018... 1423-EBA 18-2430

01/06

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Eighteen

 

AN ACT relative to commercial lines modernization.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

68:1  Regulation of Forms and Rates; Property and Casualty Insurance; Definitions.  Amend RSA 412:3, XI(a)(4) to read as follows:

(4)  Aggregate property and casualty insurance premiums, excluding workers' compensation, medical malpractice, life, health, and disability insurance premiums of [$50,000] $25,000 or more.

68:2  New Paragraph; Regulation of Forms and Rates; Property and Casualty Insurance; Approval of Form.  Amend RSA 412:5 by inserting after paragraph I the following new paragraph:

I-a.  Except as otherwise provided in this section:  

(a)  Forms for the following types of commercial insurance shall be exempt from the 30-day waiting period requirement of paragraph I and shall instead be filed for informational and auditing purposes only:  

(1)  Fidelity.

(2)  Boiler and machinery.

(3)  Kidnap and ransom.

(4)  Political risk and expropriation.

(5)  Excess and umbrella liability.

(6)  Directors’ and officers’ liability.

(7)  Fiduciary liability.

(8)  Employment practices liability.

(9)  Errors and omissions and professional liability other than medical malpractice.

(10)  Media liability.

(11)  Product liability, product recall, and completed operations.

(12)  Highly protected commercial property.

(13)  Commercial flood insurance other than the National Flood Insurance Program.

(14)  Any other commercial lines of insurance coverage or risk that the commissioner shall, pursuant to regulation, exempt from policy form filing requirements in order to promote enhanced competition or to more effectively use the resources of the department.

(b)  All other standards in paragraph I shall apply to forms that are filed for information and audit purposes under this paragraph.

(c)  Subparagraph (a) shall not apply to the insurance listed under subparagraphs (a)(1)- (11) when:

(1)  The commissioner has determined that a reasonable degree of competition does not exist for that type of insurance, and a ruling has been issued to that effect in accordance with RSA 412:13; or

(2)  The policy form for that type of insurance is issued by a risk sharing plan established under RSA 404-C.

68:3  Filing of Aircraft Insurance Policies.  Amend RSA 412-A:1 to read as follows:

412-A:1  Policies to be Filed With Commissioner.  Every insurance company which issues insurance on hulls of aircraft, including their accessories and equipment, and liability resulting from the ownership, use or maintenance of aircraft shall file with the insurance commissioner for informational and auditing purposes a copy of the form of the policy containing the insurance contract covering such losses and all printed endorsements that may be attached thereto.  [An insurance company authorized to insure against such losses shall not issue a policy covering such losses until 30 days after it has filed the form of the policy, unless the commissioner sooner gives written approval of the policy.]  As part of the audit process, the commissioner may disapprove any form if it contains a provision that does not comply with the requirements of law, is not in the public interest, is contrary to public policy, is inequitable, misleading, deceptive, or encourages misrepresentation of such policy.

68:4  Effective Date.  This act shall take effect 60 days after its passage.

 

Approved: May 25, 2018

Effective Date: July 24, 2018

Links

HB1389 at GenCourtMobile

Action Dates

Date Body Type
Jan. 18, 2018 House Hearing
Feb. 20, 2018 House Exec Session
House Floor Vote
March 6, 2018 House Floor Vote
March 27, 2018 Senate Hearing
April 5, 2018 Senate Floor Vote

Bill Text Revisions

HB1389 Revision: 3989 Date: May 29, 2018, 2:01 p.m.
HB1389 Revision: 3362 Date: April 18, 2018, 9:58 a.m.
HB1389 Revision: 2135 Date: Nov. 6, 2017, 4:15 p.m.

Docket

Date Status
Jan. 3, 2018 Introduced 01/03/2018 and referred to Commerce and Consumer Affairs HJ 1 P. 9
Jan. 18, 2018 Public Hearing: 01/18/2018 01:45 PM LOB 302
Feb. 20, 2018 Subcommittee Work Session: 02/20/2018 09:30 AM LOB 302
Feb. 21, 2018 Subcommittee Work Session: 02/21/2018 09:30 AM LOB 302
Feb. 20, 2018 Executive Session: 02/20/2018 LOB 302
Committee Report: Ought to Pass (Vote 20-0; CC)
March 6, 2018 Committee Report: Ought to Pass for 03/06/2018 (Vote 20-0; CC) HC 9 P. 6
March 6, 2018 Ought to Pass: MA VV 03/06/2018 HJ 6 P. 9
March 8, 2018 Introduced 03/08/2018 and Referred to Commerce; SJ 7
March 27, 2018 Hearing: 03/27/2018, Room 100, SH, 01:00 pm; SC 14
April 5, 2018 Committee Report: Ought to Pass, 04/05/2018; SC 15
April 5, 2018 Ought to Pass: MA, VV; OT3rdg; 04/05/2018; SJ 11
April 12, 2018 Enrolled Bill Amendment # 2018-1423e Adopted, VV, (In recess of 04/12/2018); SJ 13
April 12, 2018 Enrolled Bill Amendment # 2018-1423e: AA VV 04/12/2018 HJ 12 P. 29
April 26, 2018 Enrolled (In recess 04/26/2018); SJ 15
April 26, 2018 Enrolled 04/26/2018
May 25, 2018 Signed by Governor Sununu 05/25/2018; Chapter 68; Eff. 7/24/2018