Bill Details - HB433 (2019)

CHAPTER 14

HB 433 - FINAL VERSION

 

31Jan2019... 0068h

2019 SESSION

19-0681

01/04

 

HOUSE BILL 433

 

AN ACT relative to foreign insurance companies.

 

SPONSORS: Rep. Hunt, Ches. 11

 

COMMITTEE: Commerce and Consumer Affairs

 

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AMENDED ANALYSIS

 

This bill inserts a definition section into RSA 405 for clarity.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

31Jan2019... 0068h 19-0681

01/04

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT relative to foreign insurance companies.

 

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

 

14:1  New Section; Licenses for Agents of Unlicensed Companies; Definitions.  Amend RSA 405 by inserting after section 24 the following new section:

405:24-a  Definitions.  In this subdivision:

I.  “Admitted insurer” means an insurer licensed to do an insurance business in this state.

II.  “Alien insurer" means an insurance company formed according to the laws of a foreign country.

III.  "Capital,” as used in the financial requirements of RSA 405:24, means funds paid in for stock or other evidence of ownership.

IV.  “Eligible surplus lines insurer” means an unadmitted insurer with which a surplus lines licensee may place surplus lines insurance pursuant to RSA 405:24.

V.  “Foreign insurer” means an insurance company selling policies in a state other than the state in which they are incorporated or domiciled.

VI.  “Insurer” means any person, corporation, association, partnership, and reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, and any other legal entity engaged in the of business of insurance.

VII.  “Nonadmitted” or “unadmitted” means an insurer not licensed to do business in this state.

VIII.  “Person” means any natural person or other entity, including, but not limited to, individuals, partnerships, associations, trusts, or corporations.

IX.  “Policy” or “contract” means any contract of insurance, including but not limited to indemnity, fidelity, or suretyship.

X.  “Surplus,” as used in the financial requirements of RSA 405:24, means funds over and above liabilities and capital of the company for the protection of policyholders.

XI.  “Surplus lines insurance“ means property and casualty insurance in this state on properties, risks or exposures, located or performed in this state, permitted to be placed through a surplus lines licensee with an unadmitted insurer eligible to accept such insurance, pursuant to RSA 405:24.

XII.  “Surplus lines licensee” means an individual, firm, or corporation licensed under RSA 405:24 to place insurance on properties, risks, or exposures located or to be performed in this state with unadmitted insurers eligible to accept such insurance.

XIII.  “Type of insurance” means coverage afforded under the particular policy that is being placed.

14:2  Effective Date.  This act shall take effect 60 days after its passage.

 

Approved: May 10, 2019

Effective Date: July 09, 2019

Docket

Date Status
Jan. 3, 2019 Introduced 01/03/2019 and referred to Commerce and Consumer Affairs HJ 3 P. 14
Jan. 15, 2019 Public Hearing: 01/15/2019 01:15 pm LOB 302
Jan. 22, 2019 Subcommittee Work Session: 01/22/2019 11:00 am LOB 302
Jan. 22, 2019 Executive Session: 01/22/2019 01:30 pm LOB 302
Committee Report: Ought to Pass with Amendment # 2019-0068h (Vote 15-3; RC)
Jan. 31, 2019 Committee Report: Ought to Pass with Amendment # 2019-0068h for 01/31/2019 (Vote 15-3; RC) HC 9 P. 6
Minority Committee Report: Inexpedient to Legislate
Jan. 31, 2019 Amendment # 2019-0068h: AA VV 01/31/2019 HJ 4 P. 7
Jan. 31, 2019 Ought to Pass with Amendment 2019-0068h: MA VV 01/31/2019 HJ 4 P. 7
March 7, 2019 Introduced 03/07/2019 and Referred to Commerce; SJ 8
March 26, 2019 Hearing: 03/26/2019, Room 100, SH, 01:15 pm; SC 15
April 11, 2019 Committee Report: Ought to Pass, 04/11/2019; Vote 5-0; CC SC 17
April 11, 2019 Ought to Pass: MA, VV; OT3rdg; 04/11/2019; SJ 12
April 25, 2019 Enrolled (In recess 04/25/2019); SJ 15
April 11, 2019 Enrolled 04/11/2019 HJ 13 P. 127
May 10, 2019 Signed by Governor Sununu 05/10/2019; Chapter 14; Eff: 07/09/2019

Action Dates

Date Body Type
Jan. 15, 2019 House Hearing
Jan. 22, 2019 House Exec Session
House Floor Vote
Jan. 31, 2019 House Floor Vote
March 26, 2019 Senate Hearing
April 11, 2019 Senate Floor Vote

Bill Text Revisions

HB433 Revision: 4587 Date: Jan. 8, 2019, 8:54 a.m.
HB433 Revision: 5317 Date: Jan. 31, 2019, 10:54 a.m.
HB433 Revision: 5731 Date: April 11, 2019, 10:20 a.m.
HB433 Revision: 5952 Date: May 13, 2019, 11:34 a.m.