The bill, HB 499-FN, proposes a series of technical corrections and amendments to existing insurance laws in New Hampshire, primarily at the request of the insurance department. Key changes include modifications to the Managed Care Law, specifically removing the 10-day deadline for parties to submit their half of the fee charged by the certified IDR entity in the fair value dispute resolution process. Additionally, it requires licensed insurance companies to provide 120 days' notice to the insurance department and their agents before discontinuing an entire line of business. The bill also clarifies licensing requirements for insurance claims adjusters, ensuring they are licensed for policies written on risks located in the state, and updates provisions related to unfair insurance trade practices to prohibit discrimination based on various factors.

Further amendments in the bill increase the minimum paid-up capital requirement for newly organized stock companies from $800,000 to $3,000,000 and stipulate that costs incurred for independent reviews can be credited against future administrative assessments. The bill also introduces new fee structures for managing general agents and reinsurance intermediaries, eliminates outdated provisions, and clarifies definitions related to consumer guaranty contracts. Notably, it mandates that insured parties pursue litigation against public adjusters outside of New Hampshire and updates the language regarding address change notifications for licensees. The act is set to take effect 60 days after passage, with an effective date of September 13, 2025.

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
As Amended by the House: 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, 420-J:7, 420-J:8-g, 420-J:8-h, 415-C:1, 400-A:31
Version adopted by both bodies: 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, 420-J:7, 420-J:8-g, 420-J:8-h, 415-C:1, 400-A:31
CHAPTERED FINAL VERSION: 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, 420-J:7, 420-J:8-g, 420-J:8-h, 415-C:1, 400-A:31