Bill Text: NH HB343 | 2017 | Regular Session | Introduced
Bill Title: Relative to disapproval of forms and authorizing the insurance commissioner to retain certain independent specialists.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Passed) 2017-07-12 - Signed by Governor Sununu 07/10/2017; Chapter 218; Eff. 7/10/2017 [HB343 Detail]
Download: New_Hampshire-2017-HB343-Introduced.html
HB 343 - AS INTRODUCED
2017 SESSION
17-0727
01/05
HOUSE BILL 343
AN ACT relative to disapproval of forms.
SPONSORS: Rep. Hunt, Ches. 11; Rep. Luneau, Merr. 10; Rep. Butler, Carr. 7; Sen. Feltes, Dist 15
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill declares that before a life insurance policy or annuity is sold to the public, the form must be approved by the insurance commissioner.
This bill is a request of the insurance department.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
17-0727
01/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seventeen
AN ACT relative to disapproval of forms.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Life Insurance; Disapproval of Forms; Individual Policies. Amend RSA 408:2-c to read as follows:
408:2-c Disapproval of Forms; Individual Policies.
I. No policy shall be issued or delivered to any person in this state until a copy of the form thereof has been submitted to the commissioner for review under state law and such reasonable rules and regulations as the commissioner shall make concerning the provisions in such contracts and their submission for approval.
II. The commissioner may, within 30 days after the filing of any such form, disapprove such form:
(a) If it contains a provision which is unjust, unfair, inequitable, misleading, deceptive, or encourages misrepresentation of such policy; or
(b) If it does not comply with the requirements of Title XXXVII.
[II.] III. If the commissioner notifies the insurer which has filed any such form that it does not comply with the provisions of this chapter, it shall be unlawful thereafter for the insurer to issue the form or use it in connection with any policy. In the notice, the commissioner shall specify the reasons for [his or her] disapproval and state that a hearing shall be granted within 20 days after request in writing by the insurer.
2 Life Insurance; Disapproval of Forms; Group Policies. Amend RSA 408:16-d to read as follows:
408:16-d Disapproval of Forms.
I. No policy shall be issued or delivered to any person in this state until a copy of the form thereof has been submitted to the commissioner for review under state law and such reasonable rules and regulations as the commissioner shall make concerning the provisions in such contracts and their submission for approval.
II. The commissioner may, within 30 days after the filing of any such form, disapprove such form:
(a) If it contains a provision or provisions which are unjust, unfair, inequitable, misleading, deceptive, or encourage misrepresentation of such policy; or
(b) If it does not comply with the requirements of title XXXVII.
[II.] III. If the commissioner notifies the insurer which has filed any such form that it does not comply with the provisions of this chapter, it shall be unlawful thereafter for the insurer to issue the form or use it in connection with any policy. In the notice the commissioner shall specify the reasons for [his or her] disapproval and state that a hearing shall be granted within 20 days after request in writing by the insurer.
3 Effective Date. This act shall take effect upon its passage.
