HB1280: relative to life and health guaranty limits.

CHAPTER 54

HB 1280-FN – FINAL VERSION

03/31/10 1156s

2010 SESSION

10-2401

01/04

HOUSE BILL 1280-FN

AN ACT relative to life and health guaranty limits.

SPONSORS: Rep. D. Flanders, Belk 4

COMMITTEE: Commerce and Consumer Affairs

ANALYSIS

This bill clarifies the benefits the New Hampshire life and health insurance guaranty association may become responsible for if an insurer becomes insolvent.

This bill is a request of the insurance department.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

03/31/10 1156s

10-2401

01/04

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Ten

AN ACT relative to life and health guaranty limits.

Be it Enacted by the Senate and House of Representatives in General Court convened:

54:1 New Hampshire Life and Health Insurance Guaranty Association; Coverage Limits. Amend RSA 408-B:5, III(b) to read as follows:

(b)(1) With respect to any one life, regardless of the number of policies or contracts:

(A) $300,000 in life insurance death benefits, but not more than $100,000 in net cash surrender and net cash withdrawal values for life insurance;

(B) $100,000 in health insurance benefits, except long-term care insurance benefits, including any net cash surrender and net cash withdrawal values;

(C) $100,000 in the present value of annuity benefits, including net cash surrender and net cash withdrawal values;

(D) $300,000 in long-term care insurance benefits;

54:2 Effective Date. This act shall take effect upon its passage.

Approved: May 18, 2010

Effective Date: May 18, 2010