Licenses for Agents of Unlicensed Companies

Section 405:24-a

    405:24-a Definitions. –
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 RSA 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 RSA 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 RSA 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 RSA 405:24.
XII. "Surplus lines licensee" means an individual, firm, or corporation licensed under RSA 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.

Source. 2019, 14:1, eff. July 9, 2019.