Text to be removed highlighted in red.
10:1 Regulation of Forms and Rates for Property and Casualty Insurance; Approval of Form. Amend RSA 412:5, I-a(a) to read as follows:
(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.
10:2 Regulation of Forms and Rates for Property and Casualty Insurance; Approval of Form. Amend RSA 412:5, VI to read as follows:
VI. This section shall not apply to mortgage guaranty insurance, surety bonds, and commercial inland marine insurance .
10:3 New Subparagraphs; Regulation of Forms and Rates for Property and Casualty Insurance; Rate Filings. Amend RSA 412:16, I by inserting after subparagraph (g) the following new subparagraphs:
(h) Mortgage guaranty.
(i) Fiduciary liability.
10:4 Effective Date. This act shall take effect 60 days after its passage.
Approved: May 10, 2019
Effective Date: July 09, 2019
Text to be added highlighted in green.
10:1 Regulation of Forms and Rates for Property and Casualty Insurance; Approval of Form. Amend RSA 412:5, I-a(a) to read as follows:
(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 and shall be filed within 30 days of the effective date :
(1) Fidelity.
(2) Kidnap and ransom.
(3) Political risk and expropriation.
(4) Excess and umbrella liability.
(5) Directors' and officers' liability.
(6) Fiduciary liability.
(7) Employment practices liability.
(8) Errors and omissions and professional liability other than medical malpractice.
(9) Media liability.
(10) Product liability, product recall, and completed operations.
(11) Highly protected commercial property.
(12) Commercial flood insurance other than the National Flood Insurance Program.
(13) 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.
10:2 Regulation of Forms and Rates for Property and Casualty Insurance; Approval of Form. Amend RSA 412:5, VI to read as follows:
VI. This section shall not apply to the following insurance products: mortgage guaranty , surety bonds, commercial inland marine , financial guaranty, and boiler and machinery .
10:3 New Subparagraphs; Regulation of Forms and Rates for Property and Casualty Insurance; Rate Filings. Amend RSA 412:16, I by inserting after subparagraph (g) the following new subparagraphs:
(h) Mortgage guaranty.
(i) Fiduciary liability.
10:4 Effective Date. This act shall take effect 60 days after its passage.
Approved: May 10, 2019
Effective Date: July 09, 2019