§ 401:6 — Certification of Agreement

The articles of agreement shall be submitted to the insurance commissioner, who shall examine same. The commissioner shall not approve the articles of agreement of a company until he is satisfied, by such examination as he may make and such evidence as he may require, that: (1) the incorporators are of good repute and intend in good faith to operate the company; (2) the company has capable management; (3) the company has a reasonable prospect for success in the kind or kinds of business which it proposes to transact; (4) the actuarial projections, policy forms, rates, dividends, commissions, and other expenses contemplated as well as reinsurance, market and taxes are sound and reasonable; and (5) the articles of agreement otherwise comply with the law. Upon satisfying himself that the foregoing requirements have been met, the commissioner shall so certify by an endorsement upon said articles of agreement, which shall then be recorded in accordance with the provisions of RSA 293-A:1.20 and RSA 293-A:2.02 provided that copies of the original documents filed with the secretary of state shall also be filed with the insurance commissioner.

Legislative History

1917, 80:6. PL 272:6. 1937, 24:1. RL 322:6. RSA 401:6. 1969, 283:11. 1983, 15:5. 1992, 255:8, eff. Jan. 1, 1993.