New Hampshire § 405:2 Stock Company

New Hampshire Statutes

§ 405:2 — Stock Company

New Hampshire § 405:2

Title XXXVIIINSURANCE

Ch. 405FOREIGN INSURANCE COMPANIES AND THEIR AGENTS

SubdivisionLicenses for Companies

This text of New Hampshire § 405:2 (Stock Company) 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. § 405:2 (2026).

Text

No such stock insurance company organized on or after January 1, 2026 shall be licensed to do business in the state unless it shall possess a paid-up capital of $3,000,000, invested in securities readily convertible into cash, 1/2 at least of which are not loans secured by real estate; nor unless it shall possess, in addition to such capital, assets equal in amount to all its outstanding liabilities, estimating 50 percent of premiums received on unexpired fire risks running one year or less from date of policy, and a pro rata amount of all premiums received on unexpired risks running more than one year from date of policy, and on marine risks 50 percent of the amount of premiums written on policies upon yearly risks, and upon risks covering more than one passage not terminated, and the ful

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No such stock insurance company organized on or after January 1, 2026 shall be licensed to do business in the state unless it shall possess a paid-up capital of $3,000,000, invested in securities readily convertible into cash, 1/2 at least of which are not loans secured by real estate; nor unless it shall possess, in addition to such capital, assets equal in amount to all its outstanding liabilities, estimating 50 percent of premiums received on unexpired fire risks running one year or less from date of policy, and a pro rata amount of all premiums received on unexpired risks running more than one year from date of policy, and on marine risks 50 percent of the amount of premiums written on policies upon yearly risks, and upon risks covering more than one passage not terminated, and the full amount of premiums written on policies of all other marine risks not terminated as a liability. Stock companies organized prior to January 1, 2026, shall have and at all times maintain paid up capital of not less than the minimum capital required for the point in time at which the company was organized.

Legislative History

1870, 1:1. 1875, 38:1. 1876, 11:1. GL 174:1. PS 169:2. 1907, 10:1; 37:1. 1921, 128:1. PL 275:2. RL 325:2. 1947, 182:5. RSA 405:2. 1969, 283:5, eff. June 25, 1969. 2025, 191:11, eff. Sept. 13, 2025.