New Hampshire Code of Administrative Rules
Ins - Commissioner, Insurance Department
Chapter Ins 2300 - THIRD PARTY ADMINISTRATORS
Part Ins 2301 - REGULATION OF THIRD PARTY ADMINISTRATORS
Section Ins 2301.05 - Surety Bond
Current through Register No. 12, March 21, 2024
(a) An administrator that administers benefit plans for an insurer that is not licensed in New Hampshire, a multiple employer welfare arrangement, or a church plan shall include a surety bond in a minimum amount of $100,000 or 10 percent of the administrator's average daily client account balance during the preceding calendar year, but not more than $1,000,000.
(b) If an administrator cannot obtain a bond, then another security, including, but not limited to, cash or negotiable securities in an amount equal to the amount of the required surety bond shall be set aside in one or more trusteed bank accounts in the State of New Hampshire under trust terms that require the commissioner's signature for any account activity, except the accumulation of interest or other funds into the account, and allow the commissioner, by order, to disburse the trust funds for the satisfaction of policyholder or customer claims.
(c) To be acceptable the surety bond shall be:
#5787, eff 2-14-94; ss by #7023, eff 7-1-99; ss by #7318, eff 8-1-00; amd by #7506, eff 6-25-01; EXPIRED: 8-1-08 except for para. (c)(3)
New. #9510, eff 7-10-09
