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RSA 405-A:11 · Duty of Agents or Brokers to Obtain License

Title
XXXVII: INSURANCE
Chapter
405-A · RISK RETENTION ACT
Status
current
Official source linked
Yes
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405-A:11 Duty of Agents or Brokers to Obtain License. – I. Risk Retention Groups. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title. II. Purchasing Groups.

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(a)

No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.

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(b)

No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance coverage in this state for any member of a purchasing group under a purchasing group's policy unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this title.

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(c)

No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless such person, firm, association or corporation is licensed as a surplus lines agent or excess line broker in accordance with this title.

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III.

For purposes of acting as an agent or broker for a risk retention group or purchasing group pursuant to paragraphs I and II of this section, the requirement of residence in this state shall not apply.

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IV.

Every person, firm, association, or corporation licensed pursuant to the provisions of this title, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by RSA 405-A:3, VII, in the case of a risk retention group, and RSA 405-A:8, II, in the case of a purchasing group. Source. 1988, 133:2. 1992, 288:20, eff. Jan. 1, 1993.

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Source note

Source. 1988, 133:2. 1992, 288:20, eff. Jan. 1, 1993.

Source history

  • 1988, 133:2
  • 1992, 288:20, eff. Jan. 1, 1993

Related materials

Bill relationships

  • 2026 SB614 reference · effective 2027-07-01

    ually self-insures for property and liability risks; II. Participates in a risk pooling arrangement, including a risk retention group or a risk purchasing group, regulated under RSA 405-A, or is a captive insurer authorized in its state of domicile; or III. Comprises only units of local government or is a group that comprises local governments joined by an interlocal agreement authorized by RSA 5-B.

  • 2026 SB614-FN reference · effective 2027-07-01

    ually self-insures for property and liability risks; II. Participates in a risk pooling arrangement, including a risk retention group or a risk purchasing group, regulated under RSA 405-A, or is a captive insurer authorized in its state of domicile; or III. Comprises only units of local government or is a group that comprises local governments joined by an interlocal agreement authorized by RSA 5-B.