New Hampshire Revised Statutes 405-A:2 – Risk Retention Groups Chartered in This State
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I. A risk retention group shall, pursuant to the provisions of title XXXVII, be chartered and licensed to write only liability insurance pursuant to this chapter, and, except as provided elsewhere in this chapter, shall comply with all of the laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this state and with N.H. Rev. Stat. § 405-A:3 to the extent such requirements are not a limitation on laws, rules, regulations or requirements of this state.
II. Before it may offer insurance in any state, each risk retention group shall submit for approval to the insurance commissioner of this state a plan of operation or a feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study within 10 days of any such change. The group shall not offer any additional kinds of liability insurance in this state or in any other state until a revision of such plan or study is approved by the commissioner.
III. At the time of filing its application for charter, the risk retention group shall provide to the commissioner in summary form the following information: the identity of the initial members of the group; the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group; the amount and nature of initial capitalization; the coverages to be afforded; and the states in which the group intends to operate. Upon receipt of the information, the commissioner shall forward such information to the National Association of Insurance Commissioners. Providing notification to the National Association of Insurance Commissioners is in addition to and shall not be sufficient to satisfy the requirements of N.H. Rev. Stat. § 405-A:3 or any other section of this chapter.
II. Before it may offer insurance in any state, each risk retention group shall submit for approval to the insurance commissioner of this state a plan of operation or a feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study within 10 days of any such change. The group shall not offer any additional kinds of liability insurance in this state or in any other state until a revision of such plan or study is approved by the commissioner.
Terms Used In New Hampshire Revised Statutes 405-A:2
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- 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
III. At the time of filing its application for charter, the risk retention group shall provide to the commissioner in summary form the following information: the identity of the initial members of the group; the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group; the amount and nature of initial capitalization; the coverages to be afforded; and the states in which the group intends to operate. Upon receipt of the information, the commissioner shall forward such information to the National Association of Insurance Commissioners. Providing notification to the National Association of Insurance Commissioners is in addition to and shall not be sufficient to satisfy the requirements of N.H. Rev. Stat. § 405-A:3 or any other section of this chapter.