New Hampshire Revised Statutes 405:50-a – Rulemaking for Reinsurance
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The commissioner may adopt rules under N.H. Rev. Stat. Chapter 541-A relative to reinsurance arrangements as follows:
I. Such rules shall apply only to reinsurance relating to:
(a) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits.
(b) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period.
(c) Variable annuities with guaranteed death or living benefits.
(d) Long-term care insurance policies.
(e) Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.
II. A rule adopted pursuant to subparagraph I(a) or I(b) may apply to any treaty containing policies issued on or after January 1, 2015, and policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.
III. A rule adopted under this section may require the ceding insurer, in calculating the amounts or forms of security required to be held, to use the Valuation Manual adopted by the NAIC under Section 11B(1) of the NAIC Standard Valuation Law, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.
IV. A rule adopted pursuant to this section shall not apply to cessions to an assuming insurer that:
(a) Meets the conditions set forth in N.H. Rev. Stat. § 405:47, IV-b; or
(b) Is certified in this state; or
(c) Maintains at least $250,000,000 in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is:
(1) Licensed in at least 26 states; or
(2) Licensed in at least 10 states and licensed or accredited in a total of at least 35 states.
I. Such rules shall apply only to reinsurance relating to:
Terms Used In New Hampshire Revised Statutes 405:50-a
- 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.
- 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
(a) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits.
(b) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period.
(c) Variable annuities with guaranteed death or living benefits.
(d) Long-term care insurance policies.
(e) Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.
II. A rule adopted pursuant to subparagraph I(a) or I(b) may apply to any treaty containing policies issued on or after January 1, 2015, and policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.
III. A rule adopted under this section may require the ceding insurer, in calculating the amounts or forms of security required to be held, to use the Valuation Manual adopted by the NAIC under Section 11B(1) of the NAIC Standard Valuation Law, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.
IV. A rule adopted pursuant to this section shall not apply to cessions to an assuming insurer that:
(a) Meets the conditions set forth in N.H. Rev. Stat. § 405:47, IV-b; or
(b) Is certified in this state; or
(c) Maintains at least $250,000,000 in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is:
(1) Licensed in at least 26 states; or
(2) Licensed in at least 10 states and licensed or accredited in a total of at least 35 states.