The bill HB 499-FN proposes a series of technical corrections and amendments to existing insurance laws in New Hampshire, primarily aimed at enhancing the financial stability of insurance companies and streamlining regulatory processes. Key changes include the requirement for parties in a fair value dispute resolution process to submit their share of fees simultaneously with their payment offers, rather than within a 10-day period. Additionally, licensed insurance companies must now provide 120 days' notice to the insurance department and their agents before discontinuing an entire line of business. The bill also raises the minimum paid-up capital for stock and life insurance companies to $3,000,000 and modifies the administrative fee structure to ensure all collected fees are non-refundable.

Further amendments include updates to licensing requirements for insurance claims adjusters, clarifications on the treatment of foreign unlicensed companies, and prohibitions against discrimination in insurance practices. The bill also introduces a new requirement for public adjuster contracts to mandate that litigation occurs outside of New Hampshire and replaces the term "fee" with "assessment" in relevant sections. Additionally, it repeals unnecessary reporting requirements due to electronic processing, which is expected to reduce state revenue by $20,000 to $30,000 annually. Overall, the bill aims to modernize insurance regulations while ensuring that costs associated with independent reviews are accounted for in future administrative assessments.

Statutes affected:
Introduced: 420-J:8-e, 402:84, 402-B:1, 405:24, 417:4, 400-A:10, 400-A:36, 402-D:13, 401:4, 405:2, 411:1, 400-A:29, 402-B:7, 402-D:9, 402-J:7, 400-A:29-a