The bill HB 1197-FN proposes a series of technical corrections and amendments to New Hampshire's insurance laws, primarily aimed at enhancing regulatory oversight and compliance within the insurance sector. Key provisions include the introduction of new requirements for individuals and entities involved in insurance transactions to provide requested documents within 10 working days, with noncompliance resulting in penalties such as license suspension or administrative fines up to $5,000. The bill also modifies the commissioner’s authority regarding the reporting of potential criminal violations, changing "shall" to "may," thereby granting the commissioner discretion in these matters. Additionally, it repeals and reenacts RSA 400-A:36, II, allowing for a 60-day extension for filing annual financial statements under certain conditions.

Further amendments focus on the licensing and regulation of insurance claims adjusters and public adjusters, including the replacement of "denial" with "nonrenewal" in license applications and expanding grounds for nonrenewal, suspension, or revocation of licenses. The bill also revises the procedures for claim denials and appeals, enhancing grievance procedures for managed care laws, and clarifying the definition of student major medical expense coverage. It aims to improve transparency, efficiency, and consumer rights in the insurance claims process while providing specific protections for students and residents of continuing care communities. The bill is set to take effect on January 1, 2027, with an anticipated indeterminable impact on state revenue from fines and administrative assessments.

Statutes affected:
Introduced: 400-A:16, 400-A:36, 400-A:37, 400-B:12, 402-B:12, 402-D:5, 402-D:9, 402-D:10, 402-J:6, 402-J:12, 412:28, 417:4, 417-A:5, 420-J:6, 417-A:5-a
As Amended by the House: 400-A:16, 400-A:37, 402-B:7, 402-B:12, 402-D:5, 402-D:9, 402-D:10, 402-J:6, 402-J:12, 412:28, 417:4, 420-J:6, 420-D:16-b
Version adopted by both bodies: 400-A:16, 400-A:37, 402-B:7, 402-B:12, 402-D:5, 402-D:9, 402-D:10, 402-J:6, 402-J:12, 412:28, 417:4, 420-J:6, 420-D:16-b
HB1197 text: 400-A:16, 400-A:36, 400-A:37, 400-B:12, 402-B:12, 402-D:5, 402-D:9, 402-D:10, 402-J:6, 402-J:12, 412:28, 415-A:4-a, 417:4, 417-A:5, 420-J:6