CHAPTER 82
HB 680 - FINAL VERSION
18apr01...0811h
2001 SESSION
01/09
HOUSE BILL 680
AN ACT relative to foreign reinsurers.
This bill clarifies the statute relative to security provisions for foreign reinsurers.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
18apr01...0811h
01-0708
01/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand One
AN ACT relative to foreign reinsurers.
Be it Enacted by the Senate and House of Representatives in General Court convened:
82:1 New Paragraphs; Foreign Reinsurers. Amend RSA 405:47 by inserting after paragraph II the following new paragraphs:
III. Before any unauthorized reinsurer files or causes to be filed any pleading in any court action or an appearance in response to any court action or administrative proceeding, such reinsurer shall either:
(a) Deposit with the clerk of the court in which such action, suit, or proceeding is pending, or with the commissioner in administrative proceedings, cash or securities or bond with good and sufficient sureties to be approved by the court, or the commissioner, in an amount to be fixed by the court or the commissioner sufficient to secure the payment of any final judgment which may be rendered in such court proceeding or in such administrative proceeding; or
(b) Procure a license to transact reinsurance business in this state.
IV. The court in any action, suit, or proceeding or the commissioner in any administrative proceeding referred to in paragraph III of this section, may, in its or his or her discretion, order such postponement as may be necessary to afford the reinsurer reasonable opportunity to comply with paragraph III of this section and to defend such court action or administrative proceeding.
82:2 Effective Date. This act shall take effect 60 days after its passage.
(Approved: June 19, 2001)
(Effective Date: August 18, 2001)