§ 405:50-a — Rulemaking for Reinsurance

New Hampshire § 405:50-a

• Jurisdiction: New Hampshire
• Title XXXVII: INSURANCE
• Ch. 405: FOREIGN INSURANCE COMPANIES AND THEIR AGENTS
• Subdivision: Reinsurance

Text

The commissioner may adopt rules under RSA 541-A relative to reinsurance arrangements as follows:
I. Such rules shall apply only to reinsurance relating to:
(a) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits.
(b) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period.
(c) Variable annuities with guaranteed death or living benefits.
(d) Long-term care insurance policies.
(e) Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.
II. A rule adopted pursuant to subparagraph I(a) or I(b) may apply to any treaty containing policies issued on or after January 1, 2015, and policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.
III. A rule adopted under this section may require the ceding insurer, in calculating the amounts or forms of security required to be held, to use the Valuation Manual adopted by the NAIC under Section 11B(1) of the NAIC Standard Valuation Law, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.
IV. A rule adopted pursuant to this section shall not apply to cessions to an assuming insurer that:
(a) Meets the conditions set forth in RSA 405:47, IV-b; or
(b) Is certified in this state; or
(c) Maintains at least $250,000,000 in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is:
(1) Licensed in at least 26 states; or
(2) Licensed in at least 10 states and licensed or accredited in a total of at least 35 states.

Legislative History

2018, 193:3, eff. Aug. 7, 2018. 2020, 37:39, eff. Sept. 27, 2020.