New Hampshire Code of Administrative Rules
Ins - Commissioner, Insurance Department
Chapter Ins 1500 - INSURANCE HOLDING COMPANIES
Part Ins 1501 - FILINGS
Section Ins 1501.19 - Extraordinary Dividends and Other Distributions
Universal Citation: NH Admin Rules Ins 1501.19
Current through Register No. 12, March 21, 2024
(a) Requests for approval of extraordinary dividends or any other extraordinary distribution to shareholders shall include the following:
(1) The amount of the proposed
dividend;
(2) The date established
for payment of the dividend;
(3) A
statement as to whether the dividend or distribution is to be in cash or other
property and, if in property:
a. A description
thereof;
b. Its cost; and
c. Its fair market value together with an
explanation of the basis for valuation;
(4) A copy of the calculations determining
that the proposed dividend is extraordinary. The work paper shall include the
following information:
a. The amounts, dates
and form of payment of all dividends or distributions, including regular
dividends but excluding distributions of the insurer's own securities, paid
within the period of 12 consecutive months ending on the date fixed for payment
of the proposed dividend for which approval is sought and commencing on the day
after the same day of the same month in the last preceding year;
b. Surplus as regards policyholders (total
capital and surplus) as of the 31st day of December next preceding;
c. If the insurer is a life insurer, the net
gain from operations for the 12 month period ending the
31st day of December next preceding;
d. If the insurer is not a life insurer, the
net income less realized capital gains for the 12 month period ending the
31st day of December next preceding and the 2
preceding 12 month periods; and
e.
If the insurer is not a life insurer, the dividends paid to stockholders
excluding distributions of the insurer's own securities in the preceding 2
calendar years.
(5) A
balance sheet and statement of income for the period intervening from the last
annual statement filed with the commissioner and the end of the month preceding
the month in which the request for dividend approval is submitted;
and
(6) A brief statement as to the
effect of the proposed dividend upon the insurer's surplus and the
reasonableness of surplus in relation to the insurer's outstanding liabilities
and the adequacy of surplus relative to the insurer's financial
needs.
(b) Subject to RSA 401-B:5 II each registered insurer shall report to the commissioner all dividend and other distributions to shareholders within 15 business days following the declaration thereof, including the same information required by Ins 1501.19(a)(4)
#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 (from Ins 1501.18 )
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