New Hampshire Revised Statutes 408-E:3 – Authorization and Regulation of Funding Agreements
Current as of: 2023 | Check for updates
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I. Any licensed life insurance company may deliver or issue for delivery one or more funding agreements.
II. For the purposes of N.H. Rev. Stat. § 402-C:44, funding agreements shall be treated as insurance contracts, and holders of funding agreements shall be entitled to the same priority of distribution as policyholders.
III. Except as provided in this chapter, funding agreements shall not be subject to consumer protections that apply to annuity contracts including free-look requirements that permit consumers to void an issued contract and receive a return of premium by returning the contract within a specified time frame.
IV. Funding agreements shall be filed for approval by the commissioner consistent with this chapter.
II. For the purposes of N.H. Rev. Stat. § 402-C:44, funding agreements shall be treated as insurance contracts, and holders of funding agreements shall be entitled to the same priority of distribution as policyholders.
Terms Used In New Hampshire Revised Statutes 408-E:3
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
III. Except as provided in this chapter, funding agreements shall not be subject to consumer protections that apply to annuity contracts including free-look requirements that permit consumers to void an issued contract and receive a return of premium by returning the contract within a specified time frame.
IV. Funding agreements shall be filed for approval by the commissioner consistent with this chapter.