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1 Discontinuance of Lines of Business; Notice Required. Amend RSA 402:84 to read as follows:
402:84 Discontinuance of Lines of Business; Notice Required.
Any licensed insurance company authorized to transact fire or casualty business in this state shall provide 120 days' notice to its appointed agents of record in New Hampshire of the insurance company's decision to cease writing an entire line of business. Any nonrenewal notices to affected policyholders shall be issued in accordance with applicable law, provided that the effective date of any such nonrenewals shall be at least 120 days after notice to the agents of record under this section.
2 Effective Date. This act shall take effect 60 days after its passage.
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1 Discontinuance of Lines of Business; Notice Required. Amend RSA 402:84 to read as follows:
402:84 Discontinuance of Lines of Business; Notice Required.
I. Any licensed insurance company authorized to transact fire or casualty business in this state shall provide 120 days' notice to the insurance department and its appointed agents of record in New Hampshire of the insurance company's decision to cease writing an entire line of business. Any nonrenewal notices to affected policyholders shall be issued in accordance with applicable law, provided that the effective date of any such nonrenewals shall be at least 120 days after notice to the agents of record under this section.
II. Unless otherwise required, any licensed insurance company authorized to transact business in this state shall provide 90 days' written notice to the insurance department of the insurance company's decision to cease writing an entire line of business.
III. Any licensed insurance company offering Medicare Advantage Plans under Medicare Part C in this state shall provide 90 days' written notice to the insurance department of the insurance company's decision to modify or terminate its contract with the Centers for Medicare and Medicaid Services, to cease offering Medicare Advantage Plans in a particular county, or to significantly modify the offerings of its Medicare Advantage Plans. The insurance company shall notify the insurance department in writing, using the format prescribed by the commissioner.
2 Effective Date. This act shall take effect 60 days after its passage.