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 before ceasing an entire line of business and 90 days' notice for any decision to modify or terminate contracts related to Medicare Advantage Plans. The bill also 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 of record.

The bill introduces new legal language to RSA 402:84, which includes provisions for notifying the insurance department and its appointed agents of record. It specifies that licensed insurance companies must provide written notice of their decisions to cease writing an entire line of business or to make significant changes to Medicare Advantage Plans. The effective date of the act is set for 60 days after its passage, which is September 13, 2025.

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