New Hampshire Revised Statutes 416-A:9 – Unearned Premium Reserve
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Terms Used In New Hampshire Revised Statutes 416-A:9
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Premium: for title insurance is the amount charged by a title insurance company, agent for a title insurance company, or either of them, to an insured or an applicant for insurance for the assumption by the title insurance company of the risk created by the issuance of the title insurance policy. See New Hampshire Revised Statutes 416-A:2
- 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
- Title insurance: means insuring, guaranteeing, or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in, or the unmarketability of the title to said property. See New Hampshire Revised Statutes 416-A:2
- Title insurance company: means any domestic company organized under the provisions of this chapter for the purpose of insuring titles to real property; any title insurance company organized under the laws of another state or foreign nation and licensed to insure titles to real estate within this state; and any domestic, foreign, or alien company having the power and authorized to insure titles to real estate within this state and which meets the requirements of this chapter. See New Hampshire Revised Statutes 416-A:2
In lieu of those reserves required for other insurance companies, every domestic title insurance company, and every foreign or alien title insurance company which under the state of domicile is not required to maintain a substantially equivalent unearned premium reserve shall, in addition to other reserves, establish and maintain a reserve to be known as the “unearned premium reserve” for title insurance, which shall, at all times and for all purposes, constitute the unearned portions of premiums due or received and shall be charged as a reserve liability of such title insurance company in determining its financial condition. The unearned premium reserve shall be retained and held by such title insurance company for the protection of the policyholders’ interest in policies which have not expired. Except upon liquidation, dissolution, or insolvency, assets equal to the amount of such reserve shall not be subject to distribution among depositors or other creditors or stockholders of such title insurance company until all claims of policyholders or holders of other title insurance contracts or agreements of such title insurance company have been paid in full and all liability on the policies or other title insurance contracts or agreements, whether contingent or actual, has been discharged or lawfully reinsured. Income from the investment of the amount of such reserve shall be the unrestricted property of the title insurance company.