This bill mandates that insurance companies provide advance notice to the insurance department regarding the discontinuation of certain lines of business, including Medicare Advantage Plans. Specifically, it requires licensed insurance companies to give 120 days' notice to the insurance department and their appointed agents when ceasing an entire line of business. Additionally, it stipulates that any licensed insurance company must provide 90 days' written notice to the insurance department if they decide to stop writing a line of business. For companies offering Medicare Advantage Plans, a 90-day notice is also required if they intend to modify or terminate their contract with the Centers for Medicare and Medicaid Services (CMS), cease offering plans in a specific county, or significantly alter their plan offerings.

The bill introduces new legal language to amend RSA 402:84, adding sections that specify the notice requirements for discontinuing lines of business and Medicare Advantage Plans. The amendments include the insertion of provisions that outline the notice periods and the requirement for written notification to the insurance department in a prescribed format. There are no deletions from the current law mentioned in the bill. The act is set to take effect 60 days after its passage and is reported to have no fiscal impact on state, county, or local expenditures or revenue.

Statutes affected:
Introduced: 402:84
As Amended by the Senate: 402:84
As Amended by the House: 402:84
Version adopted by both bodies: 402:84