New Hampshire Revised Statutes 404-D:6 – Creation of the Association
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I. There is created a nonprofit legal entity to be known as the New Hampshire life and health insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under N.H. Rev. Stat. § 404-D:10 and shall exercise its powers through a board of directors established under N.H. Rev. Stat. § 404-D:7. For purposes of administration and assessment, the association shall maintain 3 accounts:
(a) The health insurance account;
(b) The life insurance account; and
(c) The annuity account.
II. The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state.
(a) The health insurance account;
Terms Used In New Hampshire Revised Statutes 404-D:6
- Account: means any of the 3 accounts created under N. See New Hampshire Revised Statutes 404-D:5
- 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.
- Association: means the New Hampshire life and health insurance guaranty association created under N. See New Hampshire Revised Statutes 404-D:5
- Commissioner: means the commissioner of insurance. See New Hampshire Revised Statutes 404-D: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
(b) The life insurance account; and
(c) The annuity account.
II. The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state.