New Hampshire § 402-C:34 Setoffs

New Hampshire Statutes

§ 402-C:34 — Setoffs

New Hampshire § 402-C:34

Title XXXVIIINSURANCE

Ch. 402-CINSURERS REHABILITATION AND LIQUIDATION

SubdivisionFormal Proceedings

This text of New Hampshire § 402-C:34 (Setoffs) is published on Counsel Stack Legal Research, covering New Hampshire primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.H. Rev. Stat. Ann. § 402-C:34 (2026).

Text

I. Setoffs Allowed in General. Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter shall be set off and the balance only shall be allowed or paid, except as provided in paragraph II. II. Exceptions. No setoff shall be allowed in favor of any person where:

(a)The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle him to share as a claimant in the assets of the insurer;

(b)The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff;

(c)The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a su

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I.
Setoffs Allowed in General. Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter shall be set off and the balance only shall be allowed or paid, except as provided in paragraph II.
II.
Exceptions. No setoff shall be allowed in favor of any person where:
(a) The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle him to share as a claimant in the assets of the insurer;
(b) The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff;
(c) The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution; or
(d) [Repealed.]