The bill HB 1197-FN proposes several technical corrections and amendments to New Hampshire's insurance laws, primarily aimed at enhancing regulatory oversight and compliance within the insurance industry. 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 non-compliance resulting in daily penalties and potential license suspension or revocation by the commissioner. The bill also modifies confidentiality provisions, allowing the commissioner to share investigative information with other regulatory and law enforcement agencies while maintaining its privileged status. Additionally, it grants the commissioner discretion in disclosing information to insured individuals or claimants, changing the language from "shall" to "may."

Further amendments focus on the licensing and regulatory framework for insurance producers and claims adjusters, expanding the grounds for license denial or revocation to include a broader range of violations. The bill streamlines requirements for insurance companies regarding claim determination procedures and grievance processes, allowing for more flexibility in filing and reporting. Notably, it allows for the rebate of a producer's commission on commercial insurance sales without prior commissioner approval and prohibits insurers from conditioning automobile insurance renewals on payment deadlines. The bill is expected to generate an indeterminable increase in state revenue from fines and penalties, with an estimated annual revenue increase of more than $10,000 but less than $100,000.

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
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