This bill mandates that insurance companies provide advance notice to the insurance department regarding the discontinuation of certain lines of business, specifically including Medicare Advantage Plans. The new legal language requires that any licensed insurance company authorized to conduct business in the state must give 120 days' written notice to the insurance department before ceasing to write an entire line of business. Additionally, companies offering Medicare Advantage Plans must also provide 120 days' notice if they decide to terminate their contract with the Centers for Medicare and Medicaid Services (CMS), stop offering these plans in a specific county, or make significant modifications to the plans.

The bill amends RSA 402:84 to include specific provisions for notifying the insurance department and its appointed agents of record in New Hampshire. It emphasizes the importance of timely communication to ensure that policyholders are adequately informed about any changes that may affect their insurance coverage. The act is set to take effect 60 days after its passage and is noted 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