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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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