New Hampshire Revised Statutes 404-B:5 – Definitions
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As used in this chapter:
I. “Account” means any one of the 3 accounts created by N.H. Rev. Stat. § 404-B:6.
II. “Association” means the New Hampshire Insurance Guaranty Association created under N.H. Rev. Stat. § 404-B:6.
III. “Commissioner” means the commissioner of insurance of this state.
IV. “Covered claim” means a net unpaid claim, in excess of $50 (after application of all deductions or commissions as provided for by any contract of insurance) including one for unearned premiums, which arises out of and is within coverage and not in excess of the applicable limits of an insurance policy to which this chapter applies issued by an insurer, if such insurer after the effective date of this chapter is declared insolvent by the superior court, and (a) the claimant or insured is a resident of this state at the time of the insured event; or (b) the property from which the claim arises is permanently located in this state. Claims may not be cumulated by assignment to avoid the application of the $50 deductible provision. “Covered claim” shall not include any amount due any reinsurer, insurer, insurance pool, or underwriting association, as subrogation recoveries or otherwise. Any such claim asserted against an insured or an insurer which has become insolvent shall have as its exclusive remedy a direct claim against the assets of the insolvent insurer filed with the liquidator as provided for in N.H. Rev. Stat. Chapter 402-C in a maximum amount not to exceed the policy limits of the insured. For an order of liquidation with a finding of insolvency issued on or after August 23, 2003, “covered claim” shall also not include an unpaid claim of an insured or third party liability claimant whose net worth as of December 31 of the year preceding the date the insurer becomes an insolvent insurer exceeds $25,000,000; provided, that an insured’s or third party liability claimant’s net worth on such date shall be deemed to include the aggregate net worth of the insured or third party liability claimant and all of its affiliates as calculated on a consolidated basis.
V. “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.
VI. “Member insurer” means any person who (a) writes any kind of insurance to which this chapter applies under N.H. Rev. Stat. § 404-B:3, including the exchange of reciprocal or inter-insurance contracts, and (b) is licensed to transact insurance in this state, except mutual insurance companies that operate on an assessment plan and require as a condition for granting insurance the signing of a premium deposit note by the insured, which note is given for the purpose of establishing a limit of liability to assessment, while their total receipts from policyholders is less than $10,000 per year.
VII. “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. “Net direct written premiums” does not include premiums on contracts between insurers or reinsurers.
VIII. “Person” means any individual, corporation, partnership, association or voluntary organization.
I. “Account” means any one of the 3 accounts created by N.H. Rev. Stat. § 404-B:6.
Terms Used In New Hampshire Revised Statutes 404-B:5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
II. “Association” means the New Hampshire Insurance Guaranty Association created under N.H. Rev. Stat. § 404-B:6.
III. “Commissioner” means the commissioner of insurance of this state.
IV. “Covered claim” means a net unpaid claim, in excess of $50 (after application of all deductions or commissions as provided for by any contract of insurance) including one for unearned premiums, which arises out of and is within coverage and not in excess of the applicable limits of an insurance policy to which this chapter applies issued by an insurer, if such insurer after the effective date of this chapter is declared insolvent by the superior court, and (a) the claimant or insured is a resident of this state at the time of the insured event; or (b) the property from which the claim arises is permanently located in this state. Claims may not be cumulated by assignment to avoid the application of the $50 deductible provision. “Covered claim” shall not include any amount due any reinsurer, insurer, insurance pool, or underwriting association, as subrogation recoveries or otherwise. Any such claim asserted against an insured or an insurer which has become insolvent shall have as its exclusive remedy a direct claim against the assets of the insolvent insurer filed with the liquidator as provided for in N.H. Rev. Stat. Chapter 402-C in a maximum amount not to exceed the policy limits of the insured. For an order of liquidation with a finding of insolvency issued on or after August 23, 2003, “covered claim” shall also not include an unpaid claim of an insured or third party liability claimant whose net worth as of December 31 of the year preceding the date the insurer becomes an insolvent insurer exceeds $25,000,000; provided, that an insured’s or third party liability claimant’s net worth on such date shall be deemed to include the aggregate net worth of the insured or third party liability claimant and all of its affiliates as calculated on a consolidated basis.
V. “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.
VI. “Member insurer” means any person who (a) writes any kind of insurance to which this chapter applies under N.H. Rev. Stat. § 404-B:3, including the exchange of reciprocal or inter-insurance contracts, and (b) is licensed to transact insurance in this state, except mutual insurance companies that operate on an assessment plan and require as a condition for granting insurance the signing of a premium deposit note by the insured, which note is given for the purpose of establishing a limit of liability to assessment, while their total receipts from policyholders is less than $10,000 per year.
VII. “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. “Net direct written premiums” does not include premiums on contracts between insurers or reinsurers.
VIII. “Person” means any individual, corporation, partnership, association or voluntary organization.