New Hampshire Revised Statutes 404-D:2 – Purpose
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The purpose of this chapter is to maintain public confidence in the promises of insurers by providing a mechanism for protecting policyowners, insureds, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts, against failure in the performance of fair and equitable contractual obligations due to the impairment of the insurer issuing such policies or contracts. To provide this protection:
I. An association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages;
II. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and
III. The association is authorized to assist the commissioner, in the prescribed manner, in the detection and prevention of insurer impairments.
I. An association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages;
Terms Used In New Hampshire Revised Statutes 404-D:2
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Association: means the New Hampshire life and health insurance guaranty association created under N. See New Hampshire Revised Statutes 404-D:5
- Commissioner: means the commissioner of insurance. See New Hampshire Revised Statutes 404-D:5
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
II. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and
III. The association is authorized to assist the commissioner, in the prescribed manner, in the detection and prevention of insurer impairments.