New Hampshire Revised Statutes 402-G:1 – Definitions
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In this chapter:
I. “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners (NAIC).
II. “Control” or “controlled” means “control” as defined in N.H. Rev. Stat. § 401-B:1, III.
III. “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer.
IV. “Controlling producer” means a producer who, directly or indirectly, controls an insurer.
V. “Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property/casualty insurance business in this state. The following, among others, are not licensed insurers for the purposes of this chapter:
(a) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986) and the Risk Retention Act, 15 U.S.C. § 3901 et seq. (1982 __ampersand__ Supp. 1986) and RSA 405-A;
(b) All residual market pools and joint underwriting authorities or associations; and
(c) All captive insurers which, for the purposes of this chapter, are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations or group members, or both, and their affiliates.
VI. “Producer” means an insurance broker or brokers or any other person, firm, association or corporation, when, for any compensation, commission or other thing of value, such person, firm, association or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.
I. “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners (NAIC).
Terms Used In New Hampshire Revised Statutes 402-G:1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. “Control” or “controlled” means “control” as defined in N.H. Rev. Stat. § 401-B:1, III.
III. “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer.
IV. “Controlling producer” means a producer who, directly or indirectly, controls an insurer.
V. “Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property/casualty insurance business in this state. The following, among others, are not licensed insurers for the purposes of this chapter:
(a) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986) and the Risk Retention Act, 15 U.S.C. § 3901 et seq. (1982 __ampersand__ Supp. 1986) and RSA 405-A;
(b) All residual market pools and joint underwriting authorities or associations; and
(c) All captive insurers which, for the purposes of this chapter, are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations or group members, or both, and their affiliates.
VI. “Producer” means an insurance broker or brokers or any other person, firm, association or corporation, when, for any compensation, commission or other thing of value, such person, firm, association or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.