New Hampshire Revised Statutes 405:24-a – Definitions
Current as of: 2023 | Check for updates
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In this subdivision:
I. “Admitted insurer” means an insurer licensed to do an insurance business in this state.
II. “Alien insurer” means an insurance company formed according to the laws of a foreign country.
III. “Capital,” as used in the financial requirements of N.H. Rev. Stat. § 405:24, means funds paid in for stock or other evidence of ownership.
IV. “Eligible surplus lines insurer” means an unadmitted insurer with which a surplus lines licensee may place surplus lines insurance pursuant to N.H. Rev. Stat. § 405:24.
V. “Foreign insurer” means an insurance company selling policies in a state other than the state in which they are incorporated or domiciled.
VI. “Insurer” means any person, corporation, association, partnership, and reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, and any other legal entity engaged in the of business of insurance.
VII. “Nonadmitted” or “unadmitted” means an insurer not licensed to do business in this state.
VIII. “Person” means any natural person or other entity, including, but not limited to, individuals, partnerships, associations, trusts, or corporations.
IX. “Policy” or “contract” means any contract of insurance, including but not limited to indemnity, fidelity, or suretyship.
X. “Surplus,” as used in the financial requirements of N.H. Rev. Stat. § 405:24, means funds over and above liabilities and capital of the company for the protection of policyholders.
XI. “Surplus lines insurance” means property and casualty insurance in this state on properties, risks or exposures, located or performed in this state, permitted to be placed through a surplus lines licensee with an unadmitted insurer eligible to accept such insurance, pursuant to N.H. Rev. Stat. § 405:24.
XII. “Surplus lines licensee” means an individual, firm, or corporation licensed under N.H. Rev. Stat. § 405:24 to place insurance on properties, risks, or exposures located or to be performed in this state with unadmitted insurers eligible to accept such insurance.
XIII. “Type of insurance” means coverage afforded under the particular policy that is being placed.
I. “Admitted insurer” means an insurer licensed to do an insurance business in this state.
Terms Used In New Hampshire Revised Statutes 405:24-a
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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. “Alien insurer” means an insurance company formed according to the laws of a foreign country.
III. “Capital,” as used in the financial requirements of N.H. Rev. Stat. § 405:24, means funds paid in for stock or other evidence of ownership.
IV. “Eligible surplus lines insurer” means an unadmitted insurer with which a surplus lines licensee may place surplus lines insurance pursuant to N.H. Rev. Stat. § 405:24.
V. “Foreign insurer” means an insurance company selling policies in a state other than the state in which they are incorporated or domiciled.
VI. “Insurer” means any person, corporation, association, partnership, and reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, and any other legal entity engaged in the of business of insurance.
VII. “Nonadmitted” or “unadmitted” means an insurer not licensed to do business in this state.
VIII. “Person” means any natural person or other entity, including, but not limited to, individuals, partnerships, associations, trusts, or corporations.
IX. “Policy” or “contract” means any contract of insurance, including but not limited to indemnity, fidelity, or suretyship.
X. “Surplus,” as used in the financial requirements of N.H. Rev. Stat. § 405:24, means funds over and above liabilities and capital of the company for the protection of policyholders.
XI. “Surplus lines insurance” means property and casualty insurance in this state on properties, risks or exposures, located or performed in this state, permitted to be placed through a surplus lines licensee with an unadmitted insurer eligible to accept such insurance, pursuant to N.H. Rev. Stat. § 405:24.
XII. “Surplus lines licensee” means an individual, firm, or corporation licensed under N.H. Rev. Stat. § 405:24 to place insurance on properties, risks, or exposures located or to be performed in this state with unadmitted insurers eligible to accept such insurance.
XIII. “Type of insurance” means coverage afforded under the particular policy that is being placed.