Title 24, Insurance

[Part iii.] CONTINUING EDUCATION COURSE PROVIDERS §431:9A-151 Continuing education course provider certificate. (a) An approved continuing education course shall be offered only by a person who has a valid continuing education course provider certificate. Any person seeking a con…

§431:9A-152 Continuing education course provider additional duties. In addition to other duties and obligations imposed by law, a continuing education course provider shall be responsible for: (1) Ensuring that each course is taught by a qualified instructor; (2) Providing course…

§431:9A-153 Courses. (a) No continuing education course hours shall be credited for a course unless the provider conducting the course has a valid continuing education course provider certificate at the time the course is conducted. (b) In determining whether to approve a course,…

§431:9A-154 Self-study courses. (a) In addition to the requirements of courses generally, an approved continuing education course provider shall also require for self-study courses, including computer-based courses, a written or computer-based examination at the conclusion of the…

[§431:9A-155] Carryover credits. No credit hours earned during a single renewal cycle may be carried over and counted towards satisfaction of the credit hour requirements for a following renewal cycle for the same license. [L 2003, c 55, pt of §1]

[§431:9A-156] Course instructors. (a) The commissioner may deem a continuing education course instructor unqualified if the instructor has been subject to suspension, revocation, or other disciplinary proceeding in relation to an insurance license or other financial services lice…

[§431:9A-157] Tuition. (a) The following are requirements that providers shall follow: (1) Tuition fees for courses shall be reasonable and clearly identified; (2) If the course is canceled for any reason, all fees shall be refunded in full unless the enrollment application conta…

§431:9A-158 Reporting credit hours and recordkeeping. Continuing education course providers shall: (1) Submit course completion information as prescribed by the commissioner to the insurance division within fifteen days after the course is completed or the competency examination …

[§431:9A-159] Advertising. (a) A course shall not be advertised as an approved course for continuing education credit unless the commissioner has approved the course in writing. (b) Advertisements for an approved course shall include: (1) The provider's name, course title, and co…

[§431:9A-160] Advisory committee. (a) The commissioner may establish an advisory committee, which shall be composed of nine members appointed by the commissioner of which: (1) Eight members shall be practicing licensees with active licenses; and (2) One member shall be from the i…

Part IV. Limited Lines Self-Service Storage Stored Property Insurance [§431:9A-171] Definitions. For purposes of this part: "Commissioner" means the insurance commissioner as defined in section 431:2-102. "Occupant" has the same meaning as in section 507-61. "Owner" means any bus…

[§431:9A-172] Licensure of owners. (a) An owner of a self-service storage facility shall hold a limited lines license to sell, solicit, or offer coverage under a policy of stored property insurance. An owner is not required to hold a license solely to display and make available t…

[§431:9A-173] Requirements for sale of stored property insurance. At every location at which stored property insurance is offered, brochures or other written or electronic materials shall be made available to occupants. The brochures or other written or electronic materials shall…

[§431:9A-174] Authority of owners. (a) The employees and authorized representatives of owners may sell, solicit, and offer stored property insurance and shall not be subject to licensure as an insurance producer under this chapter; provided that: (1) The owner obtains a limited l…

[§431:9A-175] Sanctions for violations. An owner or its employee or authorized representative shall be subject to sanctions pursuant to this chapter for the violation of any provision of this chapter. [L 2019, c 284, pt of §2]

§431:9A-176 Application for license and fees. (a) A sworn application for a license under this part shall be filed with the commissioner on forms prescribed and furnished by the commissioner. (b) The application for a license shall provide the following: (1) Name, residence addre…

[§431:9A-177] Standard of conduct. An owner issued a limited lines self-service storage producer license shall act in good faith, abstain from deception, and practice honesty and equity in all insurance matters. [L 2021, c 110, §3]

[ARTICLE 9B] REINSURANCE INTERMEDIARY §431:9B-101 Definitions. For purposes of this article: "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. "Controlling person" means any individual, firm, association, or corporation that directly …

§431:9B-102 Licensure. (a) No person, firm, association, or corporation shall act as a reinsurance intermediary-broker in this State if the reinsurance intermediary-broker maintains an office either directly or as a member or employee of a firm or association, or as an officer, d…

§431:9B-103 Required contract provisions; reinsurance intermediary-brokers. Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of eac…

§431:9B-104 Books and records; reinsurance intermediary-brokers. (a) For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction sh…

[§431:9B-105] Duties of insurers utilizing the services of a reinsurance intermediary-broker. (a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person, firm, associati…

§431:9B-106 Required contract provisions; reinsurance intermediary-managers. Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each…

[§431:9B-107] Prohibited acts. The reinsurance intermediary-manager shall not: (1) Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with…

§431:9B-108 Duties of reinsurers utilizing the services of a reinsurance intermediary-manager. (a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-manager on its behalf unless the person, firm, associ…

[§431:9B-109] Examination authority. (a) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable by the commissioner. (b) A reinsur…

[§431:9B-110] Penalties and liabilities. (a) After a hearing conducted in accordance with section 431:2-308, a reinsurance intermediary, insurer, or reinsurer found by the commissioner to be in violation of any provisions of this article shall: (1) For each separate violation, pa…

[§431:9B-111] Rules. The commissioner may adopt reasonable rules under chapter 91 for the implementation and administration of this article. [L 1992, c 176, pt of §6]

[ARTICLE 9C] MANAGING GENERAL AGENTS §431:9C-101 Definitions. For purposes of this article: "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. "Insurer" means any person, firm, association, or corporation duly licensed in this State as…

§431:9C-102 Licensure. (a) No person, firm, association, or corporation shall act as a managing general agent, with respect to risks located in this State for an insurer licensed in this State, unless licensed as a producer in this State. (b) No person, firm, association, or corp…

§431:9C-103 Required contract provisions. No person, firm, association, or corporation acting as a managing general agent shall place business with an insurer unless there is in force a written contract between the managing general agent and the insurer which sets forth the respo…

§431:9C-104 Duties of insurers. (a) An insurer shall have on file an independent financial examination in a form acceptable to the commissioner of each managing general agent with whom it has done business. (b) If a managing general agent establishes loss reserves, the insurer sh…

[§431:9C-105] Examination authority. The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined pursuant to article 2 as if the managing general agent was the insurer. [L 2002, c 155, …

[§431:9C-106] Penalties and liabilities. (a) If after a hearing conducted in accordance with section 431:2-308 and chapter 91, the commissioner finds that any person has violated any provision of this article, the commissioner may order any or all of the following: (1) For each s…

[§431:9C-107] Rules. The commissioner may adopt rules in accordance with chapter 91 to effectuate the purposes of this article. [L 2002, c 155, pt of §2]

[ARTICLE 9J] THIRD PARTY ADMINISTRATORS §431:9J-101 Definitions. For purposes of this article: "Administrator" or "third party administrator" means a person who collects charges or premiums from, or who adjusts or settles claims on, residents of this State in connection with self…

§431:9J-102 License required; application. (a) No person shall act as or hold out to be an administrator in this State without a license as an administrator issued by the commissioner. (b) An administrator shall apply to the commissioner on a form prescribed by the commissioner a…

§431:9J-103 Surety bond required. (a) Before the issuance of the administrator license, the administrator shall file with the commissioner, and maintain in force while so licensed, a surety bond of at least $100,000 during the administrator's first licensing biennial, and at leas…

[§431:9J-104] Written agreement required. (a) An administrator shall have a written agreement between the administrator and insurer that contains all requirements of this article, except those that do not apply to administrator functions. (b) The written agreement shall include a…

[§431:9J-105] Effect of payments to administrator. (a) Payment to the administrator of any insurance premiums or charges by or on behalf of the insured shall be deemed received by the insurer. (b) Payment of return premiums or claims by the insurer to the administrator shall not …

[§431:9J-106] Recordkeeping required; commissioner's access to records. (a) An administrator shall maintain and make available to the insurer complete books and records of all transactions between the administrator, insurers, and insureds. The books and records shall be maintaine…

[§431:9J-107] Advertising by administrator. An administrator shall use only the advertising pertaining to the business an insurer has underwritten and approved in advance of its use. [L 2019, c 72, pt of §1]

[§431:9J-108] Fiduciary duties of administrator; payment of claims by administrator. (a) The administrator shall hold in a fiduciary capacity all charges, claim payments, or premiums that the administrator collects for or on behalf of an insurer and all return premiums that the a…

[§431:9J-109] Compensation of administrator. Compensation to an administrator for adjusting or settling claims shall not be increased contingent on claim experience. This section shall not prevent the compensation of an administrator from being based on premiums or charges collec…

[§431:9J-110] Written notice to insureds required. (a) When the services of an administrator are used, the administrator shall provide written notice approved by the insurer to insureds, advising the insureds of the identity of and relationship between the administrator, insurer,…

[§431:9J-111] Delivery of written information to insured. Any policies, certificates, booklets, termination notices, or other written communications delivered by the insurer to the administrator for delivery to the insured, shall be delivered by the administrator promptly after r…