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 nonrenewal notices to policyholders must comply with applicable laws, ensuring that the effective date of nonrenewals is at least 120 days after notifying the agents. Furthermore, the bill introduces a requirement for insurance companies offering Medicare Advantage Plans to provide 90 days' written notice to the insurance department if they decide 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 amends RSA 402:84 by inserting new provisions that outline these notice requirements, while also deleting any previous language that may conflict with these new stipulations. The effective date of the bill is set for 60 days after its passage, which is anticipated to be September 13, 2025. This legislation is a response to a request from the insurance department to enhance communication and transparency regarding changes in insurance offerings.

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
CHAPTERED FINAL VERSION: 402:84