New Hampshire Administrative Code

(a) "Annuity" means an annuity that is an insurance product under state law that is individually solicited, whether the product is classified as an individual or group annuity. (b) "Cash compensation" means any discount, concession, fee, service fee, commission, sales charge, loa…

(a) Best Interest Obligations. A producer, when making a recommendation of an annuity, shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made, without placing the producer's or the insurer's financial interest ahead of …

(a) A producer shall not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer's standards for product training. A producer may rely on insurer-provided product-…

(a) An insurer is responsible for compliance with this rule. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:(1) An insurer to take reasonably appropriate corrective action for any consumer harmed by a fai…

(a) Insurers, general agents, independent agencies and producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other informatio…

(a) The commissioner, upon the commissioner's own initiative or upon request by an insurer, shall waive any requirement of this chapter if such waiver does not contradict the objective or intent of the rule and:(1) Applying the rule provision would cause confusion or would be mis…

The purpose of this part is to provide standards for the disclosure of certain minimum information about annuity contracts to protect consumers and foster consumer education. The rule specifies the minimum information which must be disclosed, the method for disclosing it, and the…

This part applies to all group and individual annuity contracts and certificates, including annuity riders to any life insurance policy, regardless of the issuer. This part does not apply to the following: (a) Immediate and deferred annuities that do not contain any non-guarantee…

For the purposes of this part: (a) "Buyer's Guide" means the National Association of Insurance Commissioner's approved Annuity Buyer's Guide, available as referenced in Appendix B. (b) "Charitable gift annuity" means a transfer of cash or other property by a donor to a charitable…

(a) (1) Where the application for an annuity contract is taken in a face-to-face meeting, the applicant shall, at or before the time of application, be given both the disclosure document described in Ins 306.04(b) and the Buyer's Guide, if any; or (2) Where the application for an…

Please see Appendix I for an example. (a) An insurer or producer may elect to provide a consumer an illustration at any time, provided that the illustration is in compliance with this section and: (1) Clearly labeled as an illustration; (2) Includes a statement referring consumer…

For annuities in the payout period that include non-guaranteed elements, and for deferred annuities in the accumulation period, the insurer shall provide each contract owner with a report on the status of the contract, at least annually, that contains at least the following infor…

In addition to any other penalties provided by RSA 400-A15, III, an insurer or producer that violates a requirement of Ins 306 shall also be subject to the provisions of RSA 417:3 and 4. Notes N.H. Admin. Code § Ins 306.07 #2143, eff 1-1-83; ss by #4287, eff 7-1-87; ss by #5657, …

(a) The commissioner, upon the commissioner's own initiative or upon request by an insurer, shall waive any requirement of Ins 306 if such waiver does not contradict the objective or intent of the rule and: (1) Applying the rule provision would cause confusion or would be mislead…

The purpose of this part is to recognize the following mortality tables, which are available as referenced in Appendix B, for use in determining the minimum standard of valuation for annuity and pure endowment contracts: (a) The 1983 Table "a"; (b) The 1983 Group Annuity Mortalit…

The provisions of this part shall be used by insurers to determine minimum standards of valuation for annuity and pure endowment contracts, subject to RSA 410:3. Notes N.H. Admin. Code § Ins 307.02 #3163, eff 12-24-85; ss by #4287, eff 7-1-87; ss by #5657, eff 7-1-93; ss by #7015…

(a) "Annuity 2000 Mortality Table" means that mortality table developed by the Society of Actuaries Committee on Life Insurance Research. (b) "Annuity 2012 IAR Mortality Table" means that Generational mortality table developed by the Society of Actuaries Committee on Life Insuran…

(a) Expect as provided in (b) and (c) below, the 1983 Table "a" is recognized and approved as an individual annuity mortality table for valuation and, at the option of the company, may be used for purposes of determining the minimum standard of valuation for any individual annuit…

(a) Except as provided in (b) and (c) below, the 1983 GAM Table, the 1983 Table "a" and the 1994 GAR Table are recognized and approved as group annuity mortality tables for valuation and, at the option of the company, any one of these tables may be used for purposes of valuation …

In using the 1994 GAR Table, the mortality rate for a person age x in years (1994 + n) is calculated as follows: qx 1994+n = qx1994 (1 - AAx) n where the qx1994 and AAxs are as specified in the 1994 GAR Table. Notes N.H. Admin. Code § Ins 307.06 #9494, eff 6-29-09 Amended by Volu…

In using the 2012 IAR Mortality Table, the mortality rate for a person age x in years (2012+n) is calculated as follows: qx2012+n = qx2012(1 - G2x)n The resulting qx2012+n shall be rounded to three decimal places per 1,000, e.g., 0.741 deaths per 1,000. Also, the rounding shall o…

(a) The New Hampshire insurance department recognizes that licensed insurers routinely enter into reinsurance agreements. These agreements can yield legitimate relief to the ceding insurer. A "ceding insurer" is an insurance company that passes a part or all of its risks from its…

The purpose of this rule is to establish requirements for life, accident and health insurers that cede insurance to reinsurers to assure that their financial statements properly reflect their financial condition thereby protecting policyholders and the public from possible future…

This rule shall apply to all domestic life and accident and health insurers and to all other licensed life and accident and health insurers that are not subject to a substantially similar regulation in their domiciliary state. This rule shall also similarly apply to licensed prop…

(a) No ceding insurer subject to this rule shall reduce any liability or establish any asset in any financial statement whether or not filed with the insurance department if, by the terms of the reinsurance agreement, in substance or effect, any of the following conditions exist:…

(a) No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the department, unless the agreement, amendment or a binding letter of intent has been duly executed by both parties no l…

Insurers subject to this rule shall reduce to zero by December 31, 1998 any reserve credits or assets established with respect to reinsurance agreements entered into prior to the effective date of this rule that, under the provisions of this rule would not be entitled to recognit…

(a) The commissioner, upon the commissioner's own initiative or upon request by an insurer, shall waive any requirement of this chapter if such waiver does not contradict the objective or intent of the rule and: (1) Applying the rule provision would cause confusion or would be mi…

The purpose of this part is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. The part provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures t…

(a) This part applies to all group and individual life insurance policies and certificates except: (1) Variable life insurance; (2) Individual and group annuity contracts; (3) Credit life insurance; or (4) Life insurance policies with no illustrated death benefits on any individu…

For the purposes of this part: (a) "Actuarial Standards Board" means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice. (b) "Contract premium" means the gross premium that is required to be paid under a fixed prem…

(a) Each insurer marketing policies to which this part is applicable shall notify the commissioner whether a policy form is to be marketed with or without an illustration. For all policy forms being actively marketed on the effective date of this part, the insurer shall identify …

(a) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this part, be clearly labeled "life insurance illustration", and contain the following basic information: (1) Name of insurer; (2) Name and business address of producer or…

(a) Format. A basic illustration shall conform to the following requirements: (1) The illustration shall be labeled with the date on which it was prepared; (2) Each page, including any explanatory notes or pages, shall be numbered and show its relationship to the total number of …

(a) A supplemental illustration may be provided so long as: (1) It is appended to, accompanied by, or preceded by a basic illustration that complies with this part; (2) The non-guaranteed elements shown are not more favorable to the policy owner than the corresponding elements ba…

(a) (1) If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustration, signed in accordance with this part, shall be submi…

(a) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an annual report on the status of the policy that shall contain at least the following information: (1) For universal life policies, the report sha…

(a) The board of directors of each insurer shall appoint one or more illustration actuaries. (b) The illustration actuary shall certify that the disciplined current scale used in illustrations is in conformity with the Actuarial Standards of Practice for Compliance with the NAIC …

In addition to any other penalties provided by the laws of this state, an insurer or producer that violates a requirement of this rule shall be guilty of a violation of RSA 417. Notes N.H. Admin. Code § Ins 309.11 #7195, eff 4-1-00, EXPIRED: 4-1-08 New. #9401, eff 3-9-09 (formerl…

All policies sold on or after the effective date of this part shall be subject to the provisions herein. Notes N.H. Admin. Code § Ins 309.12 #7195, eff 4-1-00; amd by #7565, eff 1-1-02; EXPIRED: 4-1-08 except for paras. (a), (b), (d), (g), & (i); ss by #9401, eff 3-9-09 (formerly…

(a) The purpose of this part is to set forth standards to protect active duty service members of the United States armed forces from dishonest and predatory insurance sales practices by declaring certain identified practices to be false, misleading, deceptive or unfair. (b) Nothi…

This part shall apply only to the solicitation or sale of any life insurance or annuity product by an insurer or insurance producer to an active duty service member of the United States armed forces. Notes N.H. Admin. Code § Ins 310.02 #9042, eff 12-1-07 Amended by Volume XXXVI N…

(a) This part shall not apply to solicitations or sales involving: (1) Credit insurance; (2) Group life insurance or group annuities where there is no in-person, face-to-face solicitation of individuals by an insurance producer or where the contract or certificate does not includ…

(a) "Active Duty" means full-time duty in the active military service of the United States and includes members of the reserve component (National Guard and Reserve) while serving under published orders for active duty or full-time training. The term does not include members of t…

(a) The following acts or practices when committed on a military installation by an insurer or insurance producer with respect to the in-person, face-to-face solicitation of life insurance are declared to be false, misleading, deceptive or unfair: (1) Knowingly soliciting the pur…

(a) The following acts or practices by an insurer or insurance producer constitute corrupt practices, improper influences or inducements and are declared to be false, misleading, deceptive or unfair: (1) Submitting, processing or assisting in the submission or processing of any a…

The purpose of this part is to set forth standards to protect customers from misleading and fraudulent marketing practices with respect to the use of senior-specific certifications and professional designations in the solicitation, sale or purchase of, or advice made in connectio…