RSA 404-D:5 · Definitions

404-D:5 Definitions. – As used in this chapter:

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I.

"Account" means any of the 3 accounts created under RSA 404-D:6.

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II.

"Association" means the New Hampshire life and health insurance guaranty association created under RSA 404-D:6.

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III.

"Commissioner" means the commissioner of insurance.

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IV.

"Contractual obligation" means any obligation under covered policies.

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V.

"Covered policy" means any policy or contract within the scope of RSA 404-D:3.

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VI.

"Impaired insurer" means:

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(a)

An insurer which after the effective date of this chapter, is declared insolvent and placed under a final order of liquidation, rehabilitation, or conservation by a court of competent jurisdiction, or

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(b)

An insurer deemed by the commissioner after the effective date of this chapter to be unable to fulfill its contractual obligations.

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VII.

"Member insurer" means any person authorized to transact in this state any kind of insurance to which this chapter applies under RSA 404-D:3.

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VIII.

"Premiums" means direct gross insurance premiums and annuity considerations written on covered policies, less return premiums and considerations thereon and dividends paid or credited to policyholders on such direct business. "Premiums" do not include premiums and considerations on contracts between insurers and reinsurers. As used in RSA 404-D:9, "premiums" are those for the calendar year preceding the determination of impairment.

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IX.

"Person" means any individual, corporation, partnership, association or voluntary organization.

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X.

"Resident" means any person who resides in this state at the time the impairment is determined and to whom contractual obligations are owed. Source. 1971, 509:1, eff. Sept. 4, 1971.

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