Bill > HB1197

This bill makes technical corrections to various insurance laws in New Hampshire, enhancing the Insurance Commissioner's enforcement capabilities and clarifying several regulatory processes. The bill introduces several key changes, including expanding the commissioner's authority to impose administrative fines up to $2,500 per violation for non-compliance, allowing the commissioner to suspend, revoke, or refuse to renew licenses for various reasons such as providing misleading information or violating insurance laws, and modifying requirements for filing annual statements and conducting examinations. The bill also updates provisions related to claims adjusters, public adjusters, and insurance producers, broadening the grounds for potential license actions to include misdemeanor convictions and other professional misconduct. Additionally, the bill makes changes to managed care law, including more detailed requirements for appeal procedures and utilization review, and removes certain annual filing requirements, instead allowing the commissioner to request information as needed. The changes aim to provide more flexibility to the Insurance Department in regulating the insurance industry, improve consumer protections, and streamline administrative processes. The bill will take effect on January 1, 2027, and is expected to generate between $10,000 and $100,000 in additional state revenue annually through fines and penalties.

Budget and Finance, Business and Industry

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1745&inflect=2