RSA 411-A:13 · Stock of Subsidiaries

411-A:13 Stock of Subsidiaries. –

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I.

An insurer may, within the limitations set forth in RSA 401-B:2, invest in the stock of its subsidiary insurance corporation formed or acquired by it; or in the stock of its subsidiary business corporation or corporations formed and engaged solely in any one or more of the following businesses:

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(a)

Any business necessary and incidental to the convenient operation of the insurer's insurance business, or to the administration of any of its lawful affairs, or to the service or benefit of its policyholders;

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(b)

Any business providing actuarial, computer, data processing, accounting, claims, appraisal, collection, or similar services;

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(c)

Real estate management and development;

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(d)

Premium financing;

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(e)

Financing agents of the insurer;

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(f)

Acting as investment adviser or principal underwriter of an investment company or companies, registered as such under the Investment Company Act of 1940;

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(g)

Financial and investment counseling services;

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(h)

Administration of self-insurance plans;

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(i)

Administration of self-insured pension and similar plans, or the self-insured portions of such plans;

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(j)

Acting as administrative agent for a government instrumentality which is performing an insurance function;

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(k)

Securities broker-dealer;

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(l)

Escrow services;

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(m)

Trust services with respect to funds payable or paid by it under its insurance contracts.

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II.

For the purposes of this section a "subsidiary" is a corporation of which the insurer owns sufficient stock to give it effective control. Source. 1978, 11:1, eff. July 1, 1978.

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