UNIT 21: NH LAWS, RULES AND
REGULATIONS PERTAINING TO P&C
INSURANCE QUESTIONS &
ANSWERS(RATED A+)
Insurance Commissioner - ANSWERPowers specifically granted, appointed by
governor, term of office for 5 years, files annual reports before nov 1, regulates
insurer solvency, power to suspend or revoke licenses
termination of appointment - ANSWERinsurer can terminate producer, must notify
commissioner within 15 days of effective date
process to get producer license - ANSWER18, not committed any act that is ground
for suspension, paid correct fees, passed exam
insurance producer - ANSWERperson required to be licensed under laws
producer with appointment - ANSWERperson who received agency appointment
with an insurance company
business entity - ANSWERacting as insurance producer required to obtain insurance
producer license
deputy commissioner of insurance - ANSWERhold office 5 years, perform duties
commissioner authorizes, acting commissioner when office is vacant
director of operations - ANSWERacting commissioner when both insurance and
deputy commissioner are vacant
director of financial regulation - ANSWERno set term
actuary - ANSWERno set term
rules and regulations - ANSWERbefore adopting any rule must publish notice of
intended action, could be subject to license suspension or revocation and fine up to
2,500
examination of records - ANSWERmay audit insurers when suitable, insurers pay for
audit expenses, can be as often, must examine domestic insurers every 5 years
investigations and hearings - ANSWERconduct hearings, when propose regulation
change must announce hearing in general newspaper at least once a week for 2
, weeks before hearing, has right to call disciplinary hearing within 30 days, person
charged must be given 10 days written notice, report findings within 90 days
following end of hearing
penalties - ANSWERsuspension or revocation of license or 2,500
license to transact business - ANSWERrenewed by june 14 each year
producer appointments - ANSWERproducer must be an appointed agent of the
insurer, files notice of appointment within 15 days
financial institutions - ANSWERconducting insurance sales must obtain license
authorizing sale of insurance
nonresident - ANSWERcan receive producer license if licensed in home state,
submitted proper request and paid correct fees, submitted app for license, live in
state that awards non-residence producer licenses to resident of NH on same basis,
if moves to another state - provide certification from new state within 30 days of legal
residence
temporary - ANSWERcan issue temporary license not exceeding 180 days, member
upon death of ind designated in business, designee entering active service
renewal - ANSWERremain in effect as long as fee paid and ed requirements are met
by due date, if license lapses within 24 months from due date of renewal fee - can
get without exam with ed req met, penalty in amount of double the unpaid renewal
fee required
reporting actions - ANSWERproducer must report within 30 days of final disposition
of the matter
continuing education requriements - ANSWER24 hrs of CE during 24 months before
required due date, courses must be approved by commissioner, certs must be
submitted, at least 60 days prior to license expiration date, at least 3 hours no more
than 10 consist of ethics credit, producer must complete basic flood insurance
course within 1 year
twisting - ANSWERform of misrepresentation, misrepresenting terms in order to
convince person to lapse for a new one, unfair comparison
misrepresentation - ANSWERmaking, issuing, or statement misrepresenting the
terms of any policy or dividends to be received from, making any incomplete
comparison of insurance policies, false or misleading representation about dividends
defamation - ANSWERmaking, publishing any statement that is false
unfair discrimination - ANSWERage, area of residence, race, color, creed, origin,
marital status, refuse if victims of domestic abuse
REGULATIONS PERTAINING TO P&C
INSURANCE QUESTIONS &
ANSWERS(RATED A+)
Insurance Commissioner - ANSWERPowers specifically granted, appointed by
governor, term of office for 5 years, files annual reports before nov 1, regulates
insurer solvency, power to suspend or revoke licenses
termination of appointment - ANSWERinsurer can terminate producer, must notify
commissioner within 15 days of effective date
process to get producer license - ANSWER18, not committed any act that is ground
for suspension, paid correct fees, passed exam
insurance producer - ANSWERperson required to be licensed under laws
producer with appointment - ANSWERperson who received agency appointment
with an insurance company
business entity - ANSWERacting as insurance producer required to obtain insurance
producer license
deputy commissioner of insurance - ANSWERhold office 5 years, perform duties
commissioner authorizes, acting commissioner when office is vacant
director of operations - ANSWERacting commissioner when both insurance and
deputy commissioner are vacant
director of financial regulation - ANSWERno set term
actuary - ANSWERno set term
rules and regulations - ANSWERbefore adopting any rule must publish notice of
intended action, could be subject to license suspension or revocation and fine up to
2,500
examination of records - ANSWERmay audit insurers when suitable, insurers pay for
audit expenses, can be as often, must examine domestic insurers every 5 years
investigations and hearings - ANSWERconduct hearings, when propose regulation
change must announce hearing in general newspaper at least once a week for 2
, weeks before hearing, has right to call disciplinary hearing within 30 days, person
charged must be given 10 days written notice, report findings within 90 days
following end of hearing
penalties - ANSWERsuspension or revocation of license or 2,500
license to transact business - ANSWERrenewed by june 14 each year
producer appointments - ANSWERproducer must be an appointed agent of the
insurer, files notice of appointment within 15 days
financial institutions - ANSWERconducting insurance sales must obtain license
authorizing sale of insurance
nonresident - ANSWERcan receive producer license if licensed in home state,
submitted proper request and paid correct fees, submitted app for license, live in
state that awards non-residence producer licenses to resident of NH on same basis,
if moves to another state - provide certification from new state within 30 days of legal
residence
temporary - ANSWERcan issue temporary license not exceeding 180 days, member
upon death of ind designated in business, designee entering active service
renewal - ANSWERremain in effect as long as fee paid and ed requirements are met
by due date, if license lapses within 24 months from due date of renewal fee - can
get without exam with ed req met, penalty in amount of double the unpaid renewal
fee required
reporting actions - ANSWERproducer must report within 30 days of final disposition
of the matter
continuing education requriements - ANSWER24 hrs of CE during 24 months before
required due date, courses must be approved by commissioner, certs must be
submitted, at least 60 days prior to license expiration date, at least 3 hours no more
than 10 consist of ethics credit, producer must complete basic flood insurance
course within 1 year
twisting - ANSWERform of misrepresentation, misrepresenting terms in order to
convince person to lapse for a new one, unfair comparison
misrepresentation - ANSWERmaking, issuing, or statement misrepresenting the
terms of any policy or dividends to be received from, making any incomplete
comparison of insurance policies, false or misleading representation about dividends
defamation - ANSWERmaking, publishing any statement that is false
unfair discrimination - ANSWERage, area of residence, race, color, creed, origin,
marital status, refuse if victims of domestic abuse
