Bill > HB1056

This bill establishes a legislative commission to comprehensively study the impacts of reinsurance on property insurance costs and availability in New Hampshire, with a specific focus on how extreme weather events affect insurance rates. The commission will consist of six members, including four representatives from the state legislature, two senators, the insurance commissioner, and two insurance industry representatives (one from a large carrier and one from a small local carrier). The commission's specific research objectives include examining how global extreme weather events influence reinsurance rates, understanding how future weather events are considered in rate-setting, developing a process for transparency in reinsurance costs, and evaluating the availability of reinsurance for small local carriers and potential economic consequences of reinsurance market disruptions. Reinsurance, which is a risk management tool where insurance companies purchase additional insurance to protect themselves from large-scale losses, has been contributing to rising property insurance premiums, with rates increasing approximately 20 percent recently. The commission is required to submit a comprehensive report with findings and recommendations by November 1, 2026, and the bill includes provisions for legislative members to receive mileage compensation for their participation. The legislation aims to provide deeper insights into the complex dynamics affecting property insurance costs in New Hampshire.

Business and Industry

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1775&inflect=2