New Hampshire § 403:4 Loans to Companies

New Hampshire Statutes

§ 403:4 — Loans to Companies

New Hampshire § 403:4

Title XXXVIIINSURANCE

Ch. 403GUARANTY FUND OF MUTUAL INSURANCE COMPANIES

This text of New Hampshire § 403:4 (Loans to Companies) 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. § 403:4 (2026).

Text

Any director, officer, or member of any mutual insurance company, other than a mutual life company, or any other person, may advance to such company any sum or sums of money necessary for the purpose of its business or to enable it to comply with any of the requirements of the law. Such moneys, and such interest thereon as may have been agreed upon, not exceeding 10 per centum per annum, shall not be a liability or claim against the company or any of its assets, and shall be repaid only out of the surplus of such company. No commission or promotion expenses shall be paid in connection with the advance of any such money to the company, and the amount of such advance shall be reported in each annual statement. Such company shall prior to making such advances provide the insurance commissione

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Any director, officer, or member of any mutual insurance company, other than a mutual life company, or any other person, may advance to such company any sum or sums of money necessary for the purpose of its business or to enable it to comply with any of the requirements of the law. Such moneys, and such interest thereon as may have been agreed upon, not exceeding 10 per centum per annum, shall not be a liability or claim against the company or any of its assets, and shall be repaid only out of the surplus of such company. No commission or promotion expenses shall be paid in connection with the advance of any such money to the company, and the amount of such advance shall be reported in each annual statement. Such company shall prior to making such advances provide the insurance commissioner with such evidence as he may by regulation prescribe concerning the making of any such advance or the making of any payments, whether of principal or interest, on account thereof.