New Hampshire Revised Statutes 415-C:8 – Reimbursement Insurance Policies
Current as of: 2023 | Check for updates
|
Other versions
I. Consumer guaranty contracts insured under a reimbursement insurance policy shall state:
(a) The name, address, and toll-free number of the reimbursement insurer; and
(b) The obligation of the reimbursement insurer to reimburse or, in the event of the obligor’s non-performance, to pay on behalf of the obligor any sums the obligor is legally obligated to pay or shall provide the service which the obligor is legally obligated to undertake according to the obligor’s contractual obligations under the consumer guaranty contracts issued or sold by the obligor. In the event the obligor does not provide for covered services within 60 days after the contract holder has submitted proof of loss to the obligor, the contract holder is entitled to apply directly to the reimbursement insurance company for satisfaction.
II. This chapter shall not prevent or limit the right of an insurer which issued a reimbursement insurance policy to seek indemnification or subrogation against an obligor if the issuer pays or is obligated to pay the contract holder sums that the obligor was obligated to pay pursuant to the provisions of the consumer guaranty contract or under a contractual agreement.
III. As applicable, an insurer that issued a reimbursement insurance policy shall not terminate the policy until a notice of termination in accordance with N.H. Rev. Stat. Chapter 417-C has been mailed or delivered to the obligor. The termination of a reimbursement insurance policy shall not reduce the obligor’s responsibility for consumer guaranty contracts issued by the obligor prior to the date of the termination.
(a) The name, address, and toll-free number of the reimbursement insurer; and
Terms Used In New Hampshire Revised Statutes 415-C:8
- Contract: A legal written agreement that becomes binding when signed.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- 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.
- 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
(b) The obligation of the reimbursement insurer to reimburse or, in the event of the obligor’s non-performance, to pay on behalf of the obligor any sums the obligor is legally obligated to pay or shall provide the service which the obligor is legally obligated to undertake according to the obligor’s contractual obligations under the consumer guaranty contracts issued or sold by the obligor. In the event the obligor does not provide for covered services within 60 days after the contract holder has submitted proof of loss to the obligor, the contract holder is entitled to apply directly to the reimbursement insurance company for satisfaction.
II. This chapter shall not prevent or limit the right of an insurer which issued a reimbursement insurance policy to seek indemnification or subrogation against an obligor if the issuer pays or is obligated to pay the contract holder sums that the obligor was obligated to pay pursuant to the provisions of the consumer guaranty contract or under a contractual agreement.
III. As applicable, an insurer that issued a reimbursement insurance policy shall not terminate the policy until a notice of termination in accordance with N.H. Rev. Stat. Chapter 417-C has been mailed or delivered to the obligor. The termination of a reimbursement insurance policy shall not reduce the obligor’s responsibility for consumer guaranty contracts issued by the obligor prior to the date of the termination.