New Hampshire Revised Statutes 415-C:4 – Fiscal Requirements
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An obligor shall provide proof of financial responsibility to the insurance department by:
I. Posting a bond in the amount of at least $25,000 or 5 percent of all consumer guarantee contracts sold in New Hampshire, whichever is greater, up to a maximum of $250,000 and maintaining a reserve account in an amount no less than 40 percent of the gross consideration received for all contract fees from consumer guaranty contracts issued to New Hampshire residents less claims paid;
II. Insuring all consumer guaranty contracts under a reimbursement insurance policy issued by an insurer authorized to issue such insurance in this state; or
III. Demonstrating that the obligor, as either a stand alone company or together with the obligor’s parent, maintains a net worth or stockholders’ equity of $25,000,000 or more as evidenced by the obligor’s annual audited financial statement or form 10K or 20F filed with the United States Securities and Exchange Commission. Proof of the above shall be deemed acceptable if not rejected in writing by the insurance commissioner within 60 days of submission.
I. Posting a bond in the amount of at least $25,000 or 5 percent of all consumer guarantee contracts sold in New Hampshire, whichever is greater, up to a maximum of $250,000 and maintaining a reserve account in an amount no less than 40 percent of the gross consideration received for all contract fees from consumer guaranty contracts issued to New Hampshire residents less claims paid;
Terms Used In New Hampshire Revised Statutes 415-C:4
- Contract: A legal written agreement that becomes binding when signed.
- 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
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. Insuring all consumer guaranty contracts under a reimbursement insurance policy issued by an insurer authorized to issue such insurance in this state; or
III. Demonstrating that the obligor, as either a stand alone company or together with the obligor’s parent, maintains a net worth or stockholders’ equity of $25,000,000 or more as evidenced by the obligor’s annual audited financial statement or form 10K or 20F filed with the United States Securities and Exchange Commission. Proof of the above shall be deemed acceptable if not rejected in writing by the insurance commissioner within 60 days of submission.