New Hampshire Revised Statutes 405-A:11 – Duty of Agents or Brokers to Obtain License
Current as of: 2023 | Check for updates
|
Other versions
I.
Risk Retention Groups. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.
II.
Purchasing Groups.
(a) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.
(b) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance coverage in this state for any member of a purchasing group under a purchasing group’s policy unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.
(c) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless such person, firm, association or corporation is licensed as a surplus lines agent or excess line broker in accordance with this title.
III. For purposes of acting as an agent or broker for a risk retention group or purchasing group pursuant to paragraphs I and II of this section, the requirement of residence in this state shall not apply.
IV. Every person, firm, association, or corporation licensed pursuant to the provisions of this title, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by N.H. Rev. Stat. § 405-A:3, VII, in the case of a risk retention group, and N.H. Rev. Stat. § 405-A:8, II, in the case of a purchasing group.
Risk Retention Groups. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.
Terms Used In New Hampshire Revised Statutes 405-A:11
- 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.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- 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.
Purchasing Groups.
(a) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.
(b) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance coverage in this state for any member of a purchasing group under a purchasing group’s policy unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.
(c) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless such person, firm, association or corporation is licensed as a surplus lines agent or excess line broker in accordance with this title.
III. For purposes of acting as an agent or broker for a risk retention group or purchasing group pursuant to paragraphs I and II of this section, the requirement of residence in this state shall not apply.
IV. Every person, firm, association, or corporation licensed pursuant to the provisions of this title, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by N.H. Rev. Stat. § 405-A:3, VII, in the case of a risk retention group, and N.H. Rev. Stat. § 405-A:8, II, in the case of a purchasing group.