Revision: Dec. 20, 2019, 11:02 a.m.
SB 452 - AS INTRODUCED
SENATE BILL 452
SPONSORS: Sen. French, Dist 7; Sen. Morgan, Dist 23; Rep. Bartlett, Merr. 19; Rep. Potucek, Rock. 6
This bill makes technical changes to the insurance laws.
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Insurance Companies and Agents; Quantitative Limitations. Amend RSA 402:29-d, IX to read as follows:
IX. Investments exceeding the limitation established by this section shall not be permitted under any other provision of this chapter including, but not limited to, RSA 402:28, I[(o)] (q) and shall not be considered admitted assets of the insurer.
2 Producer Licensing; License Denial, Nonrenewal, or Revocation. Amend the introductory paragraph of RSA 402-J:12, I to read as follows:
I. The commissioner may place on probation, suspend, revoke, or refuse to issue or renew an insurance producer's license, or may levy [a penalty] an administrative fine not to exceed $2,500 per violation, in accordance with RSA 400-A:15, III or any combination of actions for any one or more of the following causes:
3 Unauthorized Insurance; Penalty for Unauthorized Insurance. Amend RSA 406-B:12 to read as follows:
406-B:12 Penalty for Unauthorized Insurance.
[I.] Any unlicensed insurer who does any unauthorized act of an insurance business as set forth in RSA 406-B:2 shall be fined [not more than $10,000.
II. In addition to any other penalty provided for herein or otherwise provided by law, any person or insurer violating this chapter shall be fined $500 for the first offense and an additional sum of $500 for each month or fraction thereof during which any such person or insurer continues such violation] in accordance with RSA 400-A:15, III.
4 Fire Insurance Contract; Use Required. Amend RSA 407:2 to read as follows:
407:2 Use Required. No policy or contract of fire insurance, except for motor vehicle insurance, marine insurance, inland marine insurance, and policies used to effect reinsurance between insurers, shall be made, issued or delivered by any insurer or by any agent or representative thereof, on any property in this state unless it shall conform to all the provisions of the policy form prescribed herein. The insurance commissioner may, after hearing, revoke or suspend the license of any insurer using any other form of such policy.
5 Unfair Insurance Practices; Unfair Methods, Acts, and Practice Defined. Amend RSA 417:4, IX(b)(10) to read as follows:
(10) An insurance company issuing non-participating life insurance [from] paying bonuses to policyholders or otherwise abating their premiums in whole or in part out of surplus accumulated from non-participating insurance;
6 Repeal. RSA 420-N:10, relative to the health exchange advisory board, is repealed.