Text to be removed highlighted in red.
1 New Section; Insurance Companies and Agents; Standard of Care for Insurance Agents. Amend RSA 402 by inserting after section 84 the following new section:
402:85 Standard of Care for Insurance Agents.
I. In a cause of action brought by any person or entity against an insurance producer concerning the sale, placement, procurement, renewal, binding or cancellation of, or the failure to procure, a policy of property and casualty insurance, the insurance producer shall not be barred from asserting any defenses available at common or statutory law.
II. The provisions of this section shall not impair or invalidate any of the terms or conditions of a contractual agreement between an insurance producer and an insurer.
III. In this section, "insurance producer" shall have the same meaning as defined in RSA 402-J:2.
IV. The provisions of this section shall not limit or prohibit the commissioner of the insurance department from finding, imposing, or enforcing a duty upon an insurance producer where that duty is imposed pursuant to:
(a) Title XXXVII of the New Hampshire Revised Statues Annotated;
(b) Any rule or regulation of the insurance department;
(c) Any order of the commissioner; or
(d) Any applicable federal law.
2 Effective Date. This act shall take effect January 1, 2024.
Text to be added highlighted in green.
1 New Section; Insurance Companies and Agents; Standard of Care for Insurance Agents. Amend RSA 402 by inserting after section 84 the following new section:
402:85 Standard of Care for Insurance Agents.
I. In a cause of action brought by any person or entity against an insurance producer concerning the sale, placement, procurement, renewal, binding or cancellation of, or the failure to procure, a policy of property and casualty insurance, the insurance producer shall not be barred from asserting any defenses available at common or statutory law.
II. The provisions of this section shall not impair or invalidate any of the terms or conditions of a contractual agreement between an insurance producer and an insurer.
III. In this section, "insurance producer" shall have the same meaning as defined in RSA 402-J:2.
IV. The provisions of this section shall not limit or prohibit the commissioner of the insurance department from finding, imposing, or enforcing a duty upon an insurance producer where that duty is imposed pursuant to:
(a) Title XXXVII of the New Hampshire Revised Statues Annotated;
(b) Any rule or regulation of the insurance department;
(c) Any order of the commissioner; or
(d) Any applicable federal law.
2 Effective Date. This act shall take effect January 1, 2024.