The bill HB 499-FN proposes a series of technical corrections and updates to New Hampshire's insurance laws, primarily at the request of the insurance department. Key amendments include changes to the Managed Care Law, which now requires parties involved in a fair value dispute resolution process to submit their share of the fee charged by the certified IDR entity with their payment offer, rather than within 10 days afterward. Additionally, licensed insurance companies must provide 120 days' notice before discontinuing an entire line of business. The bill also clarifies that only licensed individuals can act as insurance claims adjusters for risks located in the state and expands certain regulations to include unadmitted surplus lines companies. Other significant changes include raising the minimum capital requirements for new insurance companies and revising various fees associated with insurance licensing and applications.

Further amendments focus on enhancing regulatory compliance and transparency within the insurance industry. The bill modifies the administrative assessment process by changing the term "fiscal year" to "preceding calendar year" for nontransferable credits against administrative assessments. It also allows the insurance commissioner to hire independent professionals for timely reviews of rates and forms, with costs covered by the regulated entities. The bill eliminates certain fees for licensed producers related to manual processing, which are now handled electronically, and mandates that licensees inform the commissioner of address changes within 30 days without a fee. Overall, these changes aim to streamline processes, improve financial stability, and ensure compliance with updated standards in the insurance market.

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