Title XXXVII, Insurance

The purposes of this compact are, through means of joint and cooperative action among the compacting states: I. To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products. II. To develo…

The purpose of this chapter is to promote the public welfare by regulating credit life insurance and credit accident and health insurance. Nothing in this chapter is intended to prohibit or discourage reasonable competition. The provisions of this chapter shall be liberally const…

This chapter may be cited as the life settlements act.

In this chapter: I. "Annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement. II. "Assignee" means a party acquiring or proposing to acquire structured settlement payment rights from a transferee of such rights. III. "De…

Notwithstanding any other provision of law, the commissioner shall have sole authority to regulate the issuance and sale of life insurance, annuities, and variable products thereof. The commissioner may adopt rules as necessary to implement the provisions of this chapter. The com…

I. All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract. II. All claims shall be…

I. (a) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto shall become effective upo…

Any change in beneficiary in a life insurance policy or annuity contract shall comply with RSA 471-C:7, VII.

Prior to the initiation of a plan, transaction, or series of transactions, a life settlement producer or life settlement provider shall fully disclose to an insurer a plan, transaction, or series of transactions, to which the life settlement producer or life settlement provider i…

I. (a) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto shall become effective upo…

I. Insurers and third-party filers seeking to have a product approved by the commission shall file the product with, and pay applicable filing fees to, the commission. Nothing in this chapter shall be construed to restrict or otherwise prevent an insurer from filing its product w…

In addition to the duties and powers enumerated elsewhere in this chapter: I. The commissioner shall: (a) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer. (b) When an…

I. (a) A life settlement provider entering into a life settlement contract shall first obtain: (1) If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter into a lif…

I. Not later than 30 days after the commission has given notice of a disapproved product or advertisement filed with the commission, the insurer or third party filer whose filing was disapproved may appeal the determination to a review panel appointed by the commission. The commi…

In addition to the duties and powers enumerated elsewhere in this chapter: I. The commissioner shall: (a) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer. (b) When an…

I. Any policy or contract containing a death benefit shall contain a provision for the payment of interest on the death benefit, as follows: (a) Interest shall accrue and be payable from the date of death. (b) Interest shall accrue at the rate or rates applicable to the policy fo…

When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned …

To aid in the detection and prevention of member insurer insolvencies or impairments: I. It shall be the duty of the commissioner: (a) To notify the commissioners of all the other states, territories of the United States, and the District of Columbia when the commissioner takes a…

The commissioner may, after notice and hearing, issue such rules and regulations as he deems appropriate for the supervision of this chapter. Whenever the commissioner finds that there has been a violation of this chapter or any rules or regulations issued pursuant thereto, and a…

I. The commission shall pay or provide for the payment of the reasonable expenses of its establishment and organization. To fund the cost of its initial operation, the commission may accept contributions and other forms of funding from the National Association of Insurance Commis…

To aid in the detection and prevention of insurer insolvencies or impairments: I. It shall be the duty of the commissioner: (a) To notify the commissioners of all the other states, territories of the United States, and the District of Columbia when the commissioner takes any of t…

I. It is a violation of this chapter for any person to solicit or promote STOLI or to knowingly participate in any transaction, practice, or course of business involving the sale or settlement of STOLI. II. It is a violation of this chapter for any person to enter into a life set…

Any notice or document required by this chapter to be mailed may be transmitted to the recipient electronically in lieu of mail in accordance with RSA 420-Q:2.

Any party to the proceeding affected by an order of the commissioner shall be entitled to a rehearing and appeal in accordance with the provisions of RSA 541.

I. A member insurer may offset against its tax liability under RSA 400-A any assessment described in RSA 408-B:9, II(b) for the life insurance and annuity account, and for the health account for guaranteeing the performance of contractual obligations of an impaired or insolvent i…

The purpose of this section is to provide prospective viators with clear and unambiguous statements in the advertisement of life settlements and to assure the clear, truthful, and adequate disclosure of the benefits, risks, limitations, and exclusions of any life settlement contr…

Every life insurance policy subject to this chapter shall comply with the following: I. Payment of premiums. There shall be a provision relating to the time and place of payment of premiums. II. Grace period. There shall be a provision that the policyholder is entitled to a grace…

I. Any state is eligible to become a compacting state. II. The compact shall become effective and binding upon legislative enactment of the compact into law by 2 compacting states; provided, the commission shall become effective for purposes of adopting uniform standards for, rev…

I. A member insurer may offset against its tax liability under RSA 400-A any assessment described in RSA 408-F:9, II(b) for the life insurance and annuity account, and for the health account for guaranteeing the performance of contractual obligations of an impaired or insolvent i…

In addition to any other penalty provided by law, any person who violates an order of the commissioner after it has become final, and while such order is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the state of New Hampshire a sum not…

I. Fraudulent life settlement acts, interference, and participation of convicted felons prohibited. (a) A person shall not commit a fraudulent life settlement act. (b) A person shall not knowingly or intentionally interfere with the enforcement of the provisions of this chapter o…

I. Nothing in this chapter shall be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. II. Records shall be kept of all negotiations and meetings in which the association o…

No policy or certificate of group life insurance shall be issued or delivered in this state unless the policy is issued to a group that conforms to one of the following descriptions: I. A policy issued to an employer, or to the trustees of a fund established by an employer, which…

I. Nothing in this chapter shall be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. II. Records shall be kept of all negotiations and meetings in which the association o…

I. (a) Once effective, the compact shall continue in force and remain binding upon each and every compacting state; provided, that a compacting state may withdraw from the compact ("withdrawing state") by enacting a statute specifically repealing the statute which enacted the com…

If any provision of this chapter, or the application of such provision of any person or circumstances, shall be held invalid, the remainder of the chapter, and the application of such provision to any person or circumstances other than those as to which it is held invalid, shall …

The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner each year, not later than 120 days after the association's fiscal year, a financial report in a form approved by the commissioner and a repo…

I. In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any rule implementing this chapter, the commissioner may seek an injunction in a court of competent jurisdiction and may apply for temporary and permanent orde…

The provisions of this compact shall be severable; and if any phrase, clause, sentence or provision of this compact is declared to be unconstitutional or the applicability thereof, to any state, agency, person, or circumstances held invalid, the constitutionality of the remainder…

No policy or certificate of group life insurance, or any form attached to a policy or certificate of group life insurance, shall be delivered or issued for delivery in this state to a resident of this state unless it contains in substance the following provisions, or provisions w…

The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner each year, not later than 120 days after the association's fiscal year, a financial report in a form approved by the commissioner and a repo…

A violation of this chapter, including the commission of a fraudulent life settlement act, shall be considered an unfair trade practice under RSA 417.

The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property.

I. (a) Nothing in this chapter shall prevent the enforcement of any other law of a compacting state, except as provided in subparagraph (b). (b) For any product approved or certified to the commission, the rules, uniform standards and any other requirements of the commission shal…

Subject to the terms of the policies relating to assignment of incidents of ownership thereunder, a person whose life is insured under a group life insurance policy may assign any and all incidents of ownership granted him or her under such policy or by law, including but not lim…