SB204 (2022) Detail

Relative to the definition of "covered claim" for purposes of the New Hampshire insurance guaranty association act.


SB 204  - AS INTRODUCED

 

 

2022 SESSION

22-2919

11/04

 

SENATE BILL 204

 

AN ACT relative to the definition of "covered claim" for purposes of the New Hampshire insurance guaranty association act.

 

SPONSORS: Sen. Gannon, Dist 23; Sen. Reagan, Dist 17; Sen. Soucy, Dist 18; Rep. Edwards, Rock. 4; Rep. Piemonte, Rock. 4

 

COMMITTEE: Commerce

 

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ANALYSIS

 

This bill modifies the definition of "covered claim" for purposes of the New Hampshire insurance guaranty association act.

 

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

22-2919

11/04

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty Two

 

AN ACT relative to the definition of "covered claim" for purposes of the New Hampshire insurance guaranty association act.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  New Hampshire Insurance Guaranty Association Act; Definitions; Covered Claim.  Amend RSA 404-H:5, IX to read as follows:

IX.(a) "Covered claim" means an unpaid claim, including one for unearned premiums submitted by a claimant, which arises out of and is within the coverage and is subject to the applicable limits of an insurance policy to which this chapter applies issued by an insurer, if such insurer after the effective date of this chapter becomes an insolvent insurer, and:

(1) The claimant or insured is a resident of this state at the time of the insured event; provided that for entities other than an individual, the residence of a claimant or insured is the state in which its principal place of business is located at the time of the insured event; or

(2) The claim is a first party claim for damage to property with a permanent location in this state.

(b)  "Covered claim" includes obligations that arose through the issuance of an insurance policy by a member insurer, which are later allocated, transferred, assumed by, or otherwise made the sole responsibility of a non-member insurer if:

(1)  There are no remaining obligations of the member insurer after the transfer; and

(2)  The non-member insurer that assumed the member's coverage obligations becomes insolvent.

(c)   "Covered claim" shall not include:

(1)  Any amount awarded as punitive or exemplary damages;

(2)  Any amount sought as a return of premium under any retrospective rating plan; [or]

(3)  Any claim by or for the benefit of any reinsurer, insurer, insurance pool, or underwriting association, as subrogation recoveries, reinsurance recoveries, contribution, indemnification or otherwise.  No claim for any amount by or for the benefit of any reinsurer, insurer, insurance pool, or underwriting association may be asserted against a person insured under a policy issued by an insolvent insurer other than to the extent such claim exceeds the limitations on the association's obligations set forth in RSA 404-H:8, I(a)(1)(B) of this chapter[.]; or

(4)  Any claim arising out of an insurance policy issued by a non-member insurer and later allocated, transferred, assumed by, or otherwise made the sole responsibility of a member insurer.

2  Effective Date.  This act shall take effect 60 days after its passage.

Links

SB204 at GenCourtMobile

Action Dates

Date Body Type
Jan. 11, 2022 Senate Hearing
Jan. 27, 2022 Senate Floor Vote
Senate Floor Vote

Bill Text Revisions

SB204 Revision: 34266 Date: Dec. 14, 2021, 12:52 p.m.

Docket


Jan. 13, 2022: Committee Report: Ought to Pass; Vote 5-0; CC


Jan. 13, 2022: Committee Report: Ought to Pass, 01/27/2022; Vote 5-0; CC; SC 4


Dec. 20, 2021: Hearing: 01/11/2022, Room 100, SH, 09:00 am; SC 50


Dec. 14, 2021: To Be Introduced 01/05/2022 and Referred to Commerce; SJ 1