Revision: Jan. 8, 2019, 8:54 a.m.
HB 433 - AS INTRODUCED
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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ANALYSIS
This bill inserts a definition section for clarity and requires certain foreign insurance companies to file a report with the insurance commissioner relative to all surplus lines insurance transacted by the insurer for insurance risks in this state.
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
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:
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.
2 New Paragraph; Foreign Insurance Companies; Annual Statement Tax. Amend RSA 405:29 by inserting after paragraph III the following new paragraphs:
IV. Each foreign insurer accepting premiums shall, on or before the end of the month following each calendar quarter, file with the commissioner a verified report of all surplus lines insurance transacted by such insurer for insurance risks located in this state during such calendar quarter.
V. Each alien insurer accepting premiums shall, on or before June 30 of each year, file with the commissioner a verified report of all surplus lines insurance transacted by such insurer for insurance risks located in this state during the preceding calendar year.
VI. The commissioner may waive the filing requirements described in paragraphs IV and V.
VII. Each insurer’s report and supporting information shall be in a computer-readable format as determined by the commissioner or shall be submitted on forms prescribed by the commissioner and shall show for each applicable agent:
(a) A listing of all policies, certificates, cover notes, or other forms of confirmation of insurance coverage or any substitutions thereof or endorsements thereto and the identifying number; and
(b) Any additional information required by the commissioner.
3 Effective Date. This act shall take effect 60 days after its passage.