New Hampshire Code of Administrative Rules
Ins - Commissioner, Insurance Department
Chapter Ins 400 - FILINGS FOR LIFE, ACCIDENT, AND HEALTH INSURANCE
Part Ins 401 - FORM AND RATE FILINGS
Section Ins 401.09 - Group Annuity Contracts
Universal Citation: NH Admin Rules Ins 401.09
Current through Register No. 12, March 21, 2024
(a) The following provisions shall be required in group annuity contracts:
(1) A provision that there shall be a grace
period of 31 days within which any stipulated payment to be remitted by the
policyholder to the insurer, falling due after one year from date of issue, may
be made, subject to the option of the insurer, to an interest charge thereon,
at a rate to be specified in the contract, for the number of days elapsing
before such payment is received by the insurer;
(2) A provision specifying the document or
documents constituting the entire contract between the parties that shall
include the policy, the application, and any individual enrollment forms, if
any; and
(3) A provision for the
equitable adjustment of benefits payable under the policy if gender, age,
service, salary or any other factor determining the amount of any stipulated
payment or the amount or dates of payment of any benefit with respect to any
annuitant covered thereby, has been misstated.
(b) A group shall be qualified for such annuity if it meets one of the following requirements:
(1) Under a contract issued to an employer
if:
a. The stipulated payments are to be
remitted by the employer; and
b.
The contract permits all of the employees of such employer, or any specified
class or classes thereof, to become annuitants; and
c. Any group of employees, under b. above,
may include:
1. Retired employees;
2. Officers and managers as
employees;
3. The employees of
subsidiary or affiliated corporations of a corporation employer; and
4. The individual proprietors, partners and
employees of affiliated individuals and firms controlled by the holder through
stock ownership, contract, or otherwise;
(2) Under a contract issued to an employers'
association that:
a. May, but shall not be
required to, provide for the representation of annuitants on its board of
directors;
b. Permits all of the
employees of such employers, or of any specified class or classes thereof, to
become annuitants; and
c. Requires
that the stipulated payments under such contract shall be remitted by such
employers' association;
(3) Under a contract issued to a labor union
that:
a. Permits all of the members of such
union, or of any specified class or classes thereof, to become annuitants;
and
b. Requires that the stipulated
payments under such contract shall be remitted by such union;
(4) Under a contract issued to an
association or to trustees of a fund established by such an association, if the
persons in the association have a common interest, calling, or profession and
constitute a homogeneous group and the association:
a. Has a constitution and bylaws;
b. Is organized and maintained in good faith
for purposes other than obtaining annuities; and
c. Permits all members of the association and
their employees, or any specified class or classes thereof, to become
annuitants; or
(5)
Under a contract issued to the trustees of a fund established by an employer,
or by an employers' association, or by one or more labor unions or by one or
more employers and one or more labor unions if:
a. The trustees are deemed the
contractholders;
b. The contract
permits all of the employees of the employers or all of the members of the
unions, or all of any class or classes thereof, to become annuitants;
c. The stipulated payments under such
contract remitted by the trustees are not derived wholly from funds contributed
by the person covered thereunder; and
d. The term "employees" may include retired
employees, officers, and managers of an employer.
#8726, eff 9-18-06; amd by #10195, eff 10-1-12
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