HB 681 - AS INTRODUCED
HOUSE BILL 681
SPONSORS: Rep. Flanagan, Hills. 26
COMMITTEE: Commerce and Consumer Affairs
This bill requires insurance companies licensed to do business in this state to report unpaid premiums to a third party.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
Be it Enacted by the Senate and House of Representatives in General Court convened:
402:15-d Reporting of Unpaid Premiums Required.
I. Any insurance company licensed to do business in New Hampshire that underwrites commercial insurance shall report unpaid commercial premiums in all forms to an independent third party agency to track non-paying insureds. Insurance companies required to report under this section shall incur no liability, but shall maintain an accurate data base and establish a method for the insured in default to make payments or rectify the accounting issue with the independent reporting agency. The data shall be stored securely and shall be updated by the accounting departments of the submitting insurance companies. The submitting insurance companies' underwriters shall only have access to the financial data.
II. Insurance companies subject to this chapter shall search the third party financial reporting agency prior to binding coverage to ensure that there are no prior unpaid premiums to other insurance companies and price any premiums based on the information if the policy is bound. An insurance company may recover the cost, including labor to participate in the reporting process required under this section in applicable underwritten premiums; provided that such cost of recovery shall not exceed $25 per bound policy.
III. The third party financial reporting agency shall only be involved in the business of storage of financial data for the commercial insurance market. The agency shall not share data with other industries and shall establish a system for easy transfer of data to submitting companies.
2 Applicability. This act shall take effect upon the date the insurance commissioner certifies to the director of legislative services and the secretary of state that a third party reporting agency has been established.
|Jan. 3, 2019||Introduced 01/03/2019 and referred to Commerce and Consumer Affairs HJ 3 P. 25|
|March 5, 2019||Public Hearing: 03/05/2019 10:00 am LOB 302|
|March 6, 2019||Subcommittee Work Session: 03/06/2019 08:30 am LOB 302|
|March 8, 2019||Executive Session: 03/08/2019 01:30 pm LOB 302-304|
|March 19, 2019||Committee Report: Inexpedient to Legislate for 03/19/2019 (Vote 18-1; CC) HC 16 P. 6|
|Committee Report: Inexpedient to Legislate (Vote 18-1; CC)|
|March 19, 2019||Inexpedient to Legislate: MA VV 03/19/2019|
|March 5, 2019||House||Hearing|
|March 8, 2019||House||Exec Session|
|March 19, 2019||House||Floor Vote|