1 New Section; Insurance Companies and Agents; Reporting of Unpaid Premiums Required. Amend RSA 402 by inserting after section 15-c the following new section:

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.

3 Effective Date. This act shall take effect as provided in section 2 of this act.

1 New Section; Insurance Companies and Agents; Reporting of Unpaid Premiums Required. Amend RSA 402 by inserting after section 15-c the following new section:

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.

3 Effective Date. This act shall take effect as provided in section 2 of this act.