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2022 New Hampshire Revised Statutes
Title XXXVII - Insurance
Title 405 - Foreign Insurance Companies and Their Agents
Section 405:24-a - Definitions.
Universal Citation: NH Rev Stat § 405:24-a (2022)
405:24-a Definitions. –
In this subdivision:
I. " Admitted insurer " means an insurer licensed to do an insurance business in this state.
II. " Alien insurer " means an insurance company formed according to the laws of a foreign country.
III. " Capital ," as used in the financial requirements of RSA 405:24, means funds paid in for stock or other evidence of ownership.
IV. " Eligible surplus lines insurer " means an unadmitted insurer with which a surplus lines licensee may place surplus lines insurance pursuant to RSA 405:24.
V. " Foreign insurer " means an insurance company selling policies in a state other than the state in which they are incorporated or domiciled.
VI. " Insurer " means any person, corporation, association, partnership, and reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, and any other legal entity engaged in the of business of insurance.
VII. " Nonadmitted " or " unadmitted " means an insurer not licensed to do business in this state.
VIII. " Person " means any natural person or other entity, including, but not limited to, individuals, partnerships, associations, trusts, or corporations.
IX. " Policy " or " contract " means any contract of insurance, including but not limited to indemnity, fidelity, or suretyship.
X. " Surplus ," as used in the financial requirements of RSA 405:24, means funds over and above liabilities and capital of the company for the protection of policyholders.
XI. " Surplus lines insurance " means property and casualty insurance in this state on properties, risks or exposures, located or performed in this state, permitted to be placed through a surplus lines licensee with an unadmitted insurer eligible to accept such insurance, pursuant to RSA 405:24.
XII. " Surplus lines licensee " means an individual, firm, or corporation licensed under RSA 405:24 to place insurance on properties, risks, or exposures located or to be performed in this state with unadmitted insurers eligible to accept such insurance.
XIII. " Type of insurance " means coverage afforded under the particular policy that is being placed.
In this subdivision:
I. " Admitted insurer " means an insurer licensed to do an insurance business in this state.
II. " Alien insurer " means an insurance company formed according to the laws of a foreign country.
III. " Capital ," as used in the financial requirements of RSA 405:24, means funds paid in for stock or other evidence of ownership.
IV. " Eligible surplus lines insurer " means an unadmitted insurer with which a surplus lines licensee may place surplus lines insurance pursuant to RSA 405:24.
V. " Foreign insurer " means an insurance company selling policies in a state other than the state in which they are incorporated or domiciled.
VI. " Insurer " means any person, corporation, association, partnership, and reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, and any other legal entity engaged in the of business of insurance.
VII. " Nonadmitted " or " unadmitted " means an insurer not licensed to do business in this state.
VIII. " Person " means any natural person or other entity, including, but not limited to, individuals, partnerships, associations, trusts, or corporations.
IX. " Policy " or " contract " means any contract of insurance, including but not limited to indemnity, fidelity, or suretyship.
X. " Surplus ," as used in the financial requirements of RSA 405:24, means funds over and above liabilities and capital of the company for the protection of policyholders.
XI. " Surplus lines insurance " means property and casualty insurance in this state on properties, risks or exposures, located or performed in this state, permitted to be placed through a surplus lines licensee with an unadmitted insurer eligible to accept such insurance, pursuant to RSA 405:24.
XII. " Surplus lines licensee " means an individual, firm, or corporation licensed under RSA 405:24 to place insurance on properties, risks, or exposures located or to be performed in this state with unadmitted insurers eligible to accept such insurance.
XIII. " Type of insurance " means coverage afforded under the particular policy that is being placed.
Source. 2019, 14:1, eff. July 9, 2019.
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