New Hampshire Revised Statutes 408-B:4 – Definitions
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In this chapter:
I. “Account” means either of the 2 accounts created under N.H. Rev. Stat. § 408-B:6.
II. “Association” means the New Hampshire life and health insurance guaranty association created under N.H. Rev. Stat. § 408-B:6.
III. “Commissioner” means the commissioner of insurance.
IV. “Contractual obligation” means any obligation under a policy or contract or certificate under a group policy or contract, or portion thereof for which coverage is provided under N.H. Rev. Stat. § 408-B:5.
V. “Covered policy” means any policy or contract within the scope of this chapter under N.H. Rev. Stat. § 408-B:5.
VI. “Impaired insurer” means a member insurer which, on or after January 1, 1996, is not an insolvent insurer, and:
(a) Is deemed by the commissioner to be potentially unable to fulfill its contractual obligations, or
(b) Is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.
VII. “Insolvent insurer” means a member insurer which on or after January 1, 1996, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.
VIII. “Member insurer” means any insurer licensed or which holds a certificate of authority to transact in this state any kind of insurance for which coverage is provided under N.H. Rev. Stat. § 408-B:5, and includes any insurer whose license or certificate of authority in this state may have been suspended, revoked, not renewed or voluntarily withdrawn, but does not include:
(a) A nonprofit hospital or medical service organization.
(b) A health maintenance organization.
(c) A fraternal benefit society.
(d) A mandatory state pooling plan.
(e) A mutual assessment company or any entity that operates on an assessment basis.
(f) An insurance exchange.
(g) Any entity similar to any of the above.
IX. “Moody’s Corporate Bond Yield Average” means the Monthly Average Corporates as published by Moody’s Investors Service, Inc., or any successor thereto.
X. “Person” means any individual, corporation, partnership, association, or voluntary organization.
XI. “Premiums” means amounts received on covered policies or contracts less premiums, considerations, and deposits returned on such policies or contracts and less dividends and experience credits on such policies or contracts. “Premiums” does not include any amounts received for any policies or contracts or for the portions of any policies or contracts for which coverage is not provided under N.H. Rev. Stat. § 408-B:5, II, except that assessable premium shall not be reduced on account of N.H. Rev. Stat. § 408-B:5, II(b)(3) relating to interest limitations and N.H. Rev. Stat. § 408-B:5, III(b) relating to limitations with respect to any one individual, any one participant and any one contract holder; provided that “premiums” shall not include:
(a) Any premiums in excess of $5,000,000 on any unallocated annuity contract not issued under a governmental retirement plan established under Section 401, 403(b) or 457 of the United States Internal Revenue Code; or
(b) With respect to multiple non-group policies of life insurance owned by one owner, whether the policy owner is an individual, firm, corporation, or other person, and whether the persons insured are officers, managers, employees or other persons, premiums in excess of $5,000,000 with respect to these policies or contracts, regardless of the number of policies or contracts held by the owner.
XII. “Resident” means a person to whom a contractual obligation is owed and who resides in this state at the date of entry of a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer to be an insolvent insurer, whichever occurs first. A person may be a resident of only one state, which in the case of a person other than a natural person shall be its principal place of business. Citizens of the United States that are either: (a) residents of foreign countries or (b) residents of United States possessions, territories or protectorates that do not have an association similar to the association created by this chapter, shall be deemed residents of the state of domicile of the insurer that issued the policies or contracts.
XIII. “Structured settlement annuity” means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.
XIV. “Supplemental contract” means any agreement entered into for the distribution of policy or contract proceeds.
XV. “Unallocated annuity contract” means any annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate.
I. “Account” means either of the 2 accounts created under N.H. Rev. Stat. § 408-B:6.
Terms Used In New Hampshire Revised Statutes 408-B:4
- 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.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Plaintiff: The person who files the complaint in a civil lawsuit.
- 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.
- 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
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. “Association” means the New Hampshire life and health insurance guaranty association created under N.H. Rev. Stat. § 408-B:6.
III. “Commissioner” means the commissioner of insurance.
IV. “Contractual obligation” means any obligation under a policy or contract or certificate under a group policy or contract, or portion thereof for which coverage is provided under N.H. Rev. Stat. § 408-B:5.
V. “Covered policy” means any policy or contract within the scope of this chapter under N.H. Rev. Stat. § 408-B:5.
VI. “Impaired insurer” means a member insurer which, on or after January 1, 1996, is not an insolvent insurer, and:
(a) Is deemed by the commissioner to be potentially unable to fulfill its contractual obligations, or
(b) Is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.
VII. “Insolvent insurer” means a member insurer which on or after January 1, 1996, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.
VIII. “Member insurer” means any insurer licensed or which holds a certificate of authority to transact in this state any kind of insurance for which coverage is provided under N.H. Rev. Stat. § 408-B:5, and includes any insurer whose license or certificate of authority in this state may have been suspended, revoked, not renewed or voluntarily withdrawn, but does not include:
(a) A nonprofit hospital or medical service organization.
(b) A health maintenance organization.
(c) A fraternal benefit society.
(d) A mandatory state pooling plan.
(e) A mutual assessment company or any entity that operates on an assessment basis.
(f) An insurance exchange.
(g) Any entity similar to any of the above.
IX. “Moody’s Corporate Bond Yield Average” means the Monthly Average Corporates as published by Moody’s Investors Service, Inc., or any successor thereto.
X. “Person” means any individual, corporation, partnership, association, or voluntary organization.
XI. “Premiums” means amounts received on covered policies or contracts less premiums, considerations, and deposits returned on such policies or contracts and less dividends and experience credits on such policies or contracts. “Premiums” does not include any amounts received for any policies or contracts or for the portions of any policies or contracts for which coverage is not provided under N.H. Rev. Stat. § 408-B:5, II, except that assessable premium shall not be reduced on account of N.H. Rev. Stat. § 408-B:5, II(b)(3) relating to interest limitations and N.H. Rev. Stat. § 408-B:5, III(b) relating to limitations with respect to any one individual, any one participant and any one contract holder; provided that “premiums” shall not include:
(a) Any premiums in excess of $5,000,000 on any unallocated annuity contract not issued under a governmental retirement plan established under Section 401, 403(b) or 457 of the United States Internal Revenue Code; or
(b) With respect to multiple non-group policies of life insurance owned by one owner, whether the policy owner is an individual, firm, corporation, or other person, and whether the persons insured are officers, managers, employees or other persons, premiums in excess of $5,000,000 with respect to these policies or contracts, regardless of the number of policies or contracts held by the owner.
XII. “Resident” means a person to whom a contractual obligation is owed and who resides in this state at the date of entry of a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer to be an insolvent insurer, whichever occurs first. A person may be a resident of only one state, which in the case of a person other than a natural person shall be its principal place of business. Citizens of the United States that are either: (a) residents of foreign countries or (b) residents of United States possessions, territories or protectorates that do not have an association similar to the association created by this chapter, shall be deemed residents of the state of domicile of the insurer that issued the policies or contracts.
XIII. “Structured settlement annuity” means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.
XIV. “Supplemental contract” means any agreement entered into for the distribution of policy or contract proceeds.
XV. “Unallocated annuity contract” means any annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate.