Bill > HB499

This bill makes several technical corrections and updates to New Hampshire's insurance laws. The bill increases the minimum paid-up capital requirement for new stock insurance companies (both property/casualty and life insurance companies) from $800,000 and $600,000 respectively to $3,000,000, effective January 1, 2026, while allowing existing companies to maintain their previous capital levels. It modifies various provisions related to insurance claims adjusters, including clarifying licensing requirements for adjusters working on policies in the state. The bill updates fee structures for the Insurance Department, removing certain fees for address changes and eliminating some administrative charges that are now handled electronically. It also makes changes to network adequacy reporting, emergency service coverage calculations, and adds provisions about consumer guaranty contracts. Additionally, the bill makes technical amendments to several existing insurance statutes, such as clarifying language around dispute resolution processes, licensing requirements, and administrative procedures. The bill is expected to result in a modest decrease in state revenue ($20,000 to $30,000 annually) due to eliminated fees, but does not require new funding or create new positions.

Budget and Finance, Business and Industry

https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=0497&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=HB499