New Hampshire Revised Statutes 404-B:10 – Duties and Powers of the Commissioner
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I. The commissioner shall:
(a) Forward to the association a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time such complaint is filed with a court of competent jurisdiction.
(b) Notify the association of the existence of an insolvent insurer not later than 3 days after he receives notice of the determination of the insolvency.
(c) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
(d) Make available to the association as soon as practicable after receipt, but only after court approval, that fraction of any reinsurance treaty proceeds which are directly related to covered claims so that said funds may be used by the association for the prompt payment of said covered claims.
II. The commissioner may:
(a) Require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this chapter. Such notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient.
(b) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. Such fine shall be paid to the association and shall not exceed 5 percent of the unpaid assessment per month, except that no fine shall be less than $100 per month.
(c) Revoke the designation of any servicing facility if he finds claims are being handled unsatisfactorily.
(d) Upon request of the association, hold hearings, subpoena witnesses and compel their attendance, administer oaths, examine any person under oath and compel any person to subscribe to his testimony after it has been correctly reduced to writing, and in connection with such hearings require the production of any books, papers, records, or other documents which he deems relevant to the inquiry conducted by said association with respect to covered claims.
III. Any final action or order of the commissioner under this chapter shall be subject to judicial review in a court of competent jurisdiction.
(a) Forward to the association a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time such complaint is filed with a court of competent jurisdiction.
Terms Used In New Hampshire Revised Statutes 404-B:10
- Association: means the New Hampshire Insurance Guaranty Association created under N. See New Hampshire Revised Statutes 404-B:5
- Commissioner: means the commissioner of insurance of this state. See New Hampshire Revised Statutes 404-B:5
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Insolvent insurer: means (a) an authorized insurer licensed to transact insurance in this state either at the time the policy was issued or when the insured event occurred and (b) declared insolvent by a court of competent jurisdiction after the effective date of this chapter. See New Hampshire Revised Statutes 404-B:5
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Member insurer: means any person who (a) writes any kind of insurance to which this chapter applies under N. See New Hampshire Revised Statutes 404-B:5
- month: shall mean a calendar month, and the word "year" a calendar year, unless otherwise expressed; and the word "year" shall be equivalent to the expression "year of our Lord. See New Hampshire Revised Statutes 21:8
- Net direct written premiums: means direct gross premiums written in this state on insurance policies to which this chapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. See New Hampshire Revised Statutes 404-B:5
- Person: means any individual, corporation, partnership, association or voluntary organization. See New Hampshire Revised Statutes 404-B:5
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Subpoena: A command to a witness to appear and give testimony.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
(b) Notify the association of the existence of an insolvent insurer not later than 3 days after he receives notice of the determination of the insolvency.
(c) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
(d) Make available to the association as soon as practicable after receipt, but only after court approval, that fraction of any reinsurance treaty proceeds which are directly related to covered claims so that said funds may be used by the association for the prompt payment of said covered claims.
II. The commissioner may:
(a) Require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this chapter. Such notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient.
(b) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. Such fine shall be paid to the association and shall not exceed 5 percent of the unpaid assessment per month, except that no fine shall be less than $100 per month.
(c) Revoke the designation of any servicing facility if he finds claims are being handled unsatisfactorily.
(d) Upon request of the association, hold hearings, subpoena witnesses and compel their attendance, administer oaths, examine any person under oath and compel any person to subscribe to his testimony after it has been correctly reduced to writing, and in connection with such hearings require the production of any books, papers, records, or other documents which he deems relevant to the inquiry conducted by said association with respect to covered claims.
III. Any final action or order of the commissioner under this chapter shall be subject to judicial review in a court of competent jurisdiction.