New Hampshire Code of Administrative Rules
Ins - Commissioner, Insurance Department
Chapter Ins 1500 - INSURANCE HOLDING COMPANIES
Part Ins 1501 - FILINGS
Section Ins 1501.17 - Transactions Subject to Prior Notice - Notice Filing
Universal Citation: NH Admin Rules Ins 1501.17
Current through Register No. 12, March 21, 2024
(a) An insurer required to give notice of a proposed transaction pursuant to RSA 401-B:5 shall furnish the required information on Form D, hereby made a part of these rules.
(b) Agreements for cost sharing services and management services shall at a minimum and as applicable:
(1) Identify the person providing services
and the nature of such services;
(2) Set forth the methods to allocate
costs;
(3) Require timely
settlement, not less frequently than on a quarterly basis, and compliance with
the requirements in the NAIC Accounting Practices and Procedures
Manual ;
(4) Prohibit
advancement of funds by the insurer to the affiliate except to pay for services
defined in the agreement;
(5) State
that the insurer will maintain oversight for functions provided to the insurer
by the affiliate and that the insurer will monitor services annually for
quality assurance;
(6) Define books
and records of the insurer to include all books and records developed or
maintained under or related to the agreement;
(7) Specify that all books and records of the
insurer are and remain the property of the insurer and are subject to control
of the insurer;
(8) State that all
funds and invested assets of the insurer are the exclusive property of the
insurer, held for the benefit of the insurer and are subject to the control of
the insurer;
(9) Include standards
for termination of the agreement with and without cause;
(10) Include provisions for indemnification
of the insurer in the event of gross negligence or willful misconduct on the
part of the affiliate providing the services;
(11) Specify that, if the insurer is placed
in receivership or seized by the commissioner under RSA 402-C:
a. All of the rights of the insurer under the
agreement extend to the receiver or commissioner; and,
b. All books and records will immediately be
made available to the receiver or the commissioner, and shall be turned over to
the receiver or commissioner immediately upon the receiver or the
commissioner's request;
(12) Specify that the affiliate has no
automatic right to terminate the agreement if the insurer is placed in
receivership pursuant to RSA 402-C; and
(13) Specify that the affiliate will continue
to maintain any systems, programs, or other infrastructure notwithstanding a
seizure by the commissioner under RSA 402-C, and will make them available to
the receiver, for so long as the affiliate continues to receive timely payment
for services rendered.
#1900, eff 1-1-82; ss by #4287, eff 7-1-87; ss by #5652, eff 7-1-93; ss by #6985, eff 5-1-99, EXPIRED: 5-1-07
New. #8910, eff 7-1-07; ss by#10450, eff 1-1-14
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