New Hampshire Revised Statutes 408-D:17 – Rulemaking
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The commissioner shall have the authority to:
I. Adopt rules pursuant to RSA 541-A, implementing this chapter;
II. Establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person that is chronically or terminally ill;
III. Establish appropriate licensing requirements, fees, and standards for continued licensure for life settlement providers and life settlement producers;
IV. Require a bond or other mechanism for financial accountability for life settlement providers and life settlement producers; and
V. Adopt rules governing the relationship and responsibilities of both insurers and life settlement providers and life settlement producers during the viatication of a life insurance policy or certificate.
I. Adopt rules pursuant to RSA 541-A, implementing this chapter;
Terms Used In New Hampshire Revised Statutes 408-D:17
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
II. Establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person that is chronically or terminally ill;
III. Establish appropriate licensing requirements, fees, and standards for continued licensure for life settlement providers and life settlement producers;
IV. Require a bond or other mechanism for financial accountability for life settlement providers and life settlement producers; and
V. Adopt rules governing the relationship and responsibilities of both insurers and life settlement providers and life settlement producers during the viatication of a life insurance policy or certificate.