DOMESTIC LIFE INSURANCE COMPANIES

RSA tit. XXXVII, ch. 411

in effect

RSA 411:1 Capital Stock.

411:1. Capital Stock. Any corporation organized under the laws of this state and engaged wholly or in part in the life insurance business as a stock company shall have a capital stock of not less than $3,000,000 paid in, which shall be invested as provided in RSA 411-A. One-half of such capital shall be deposited with the insurance commissioner. Source. 1913, 42:1. PL 278:1. RL 328:1. RSA 411:1. 1969, 283:9. 1978, 11:4, eff. July 1, 1978. 2025, 191:12, eff. Sept. 13, 2025.

RSA 411:2 Certificate of Authority.

411:2. Certificate of Authority. Upon said deposit and satisfactory evidence to the commissioner that the capital stock of at least $200,000 has been paid in and invested as herein prescribed, he shall issue to said stock company a certificate authorizing it to do business as such. Source. 1913, 42:1. PL 278:2. RL 328:2.

RSA 411:3 Mutual Companies.

411:3. Mutual Companies. No such certificate shall be issued to such a corporation organized on the mutual plan until at least 500 persons have subscribed in the aggregate for at least $500,000 of insurance upon their lives and shall each have paid in one full annual premium in cash upon the insurance applied for, nor until it shall have deposited with the commissioner at least $200,000 in the securities required by law. Source. 1913, 42:2. 1917, 20:1. PL 278:3. RL 328:3. RSA 411:3. 1969, 283:10, eff. June 25, 1969.

RSA 411:4 Annual Statement.

411:4. Annual Statement. The president or vice-president, and secretary or actuary, or a majority of the trustees or directors, of every life insurance company organized under the laws of this state, shall annually, on January 1, or within 60 days thereafter, prepare under oath and deposit in the office of the insurance commissioner, a statement of the condition of such company on December 31 of the preceding year, showing: I. Name and where located, the names of the officers, the amount of capital stock, and amount of capital stock paid in. II. The value of real estate owned by such company, the amount of cash on hand, the amount of cash deposited in banks or trust companies, giving names of depositaries, the amount of unreported and deferred premiums, the amount of stocks and bonds, giving names and amounts, with the par and market value of each kind, the amount of loans secured by first mortgage on real estate, the amount of all other loans, and how secured, with the rate of interest, the amount of premium notes on policies in force, the amount of notes given for unpaid stock, and how secured, the amount of interest due and unpaid, and all other assets. III. The amount of losses due and unpaid, the amount of losses adjusted but not due, the amount of losses unadjusted, the amount of claims for losses resisted, the amount of money borrowed and the amount required to safely reinsure all outstanding risks according to the American Experience Table of Mortality, and 31/2 percent interest per annum, or the actuaries' combined experience table with the same rate of interest. IV. The amount of cash premiums and premium notes received, the amount of interest received from all sources during the year, and the amount received from all other sources. V. The amount paid for losses, the amount of dividends paid to policyholders and to stockholders, the amount of commissions and salaries paid to agents, the amount paid to officers for salaries, the amount paid for taxes, and the amount of all other payments and expenditures. VI. The greatest amount insured on any one life, the amount deposited in other states and territories as security for policyholders therein, stating the amount in each state or territory, the amount of premiums received in this state during the year, the amount paid for losses in this state during the year, the whole number of policies issued during the year, with the amount of insurance effected thereby, and total amount of insurance at risk. Source. 1913, 42:3. PL 278:4. RL 328:4.

RSA 411:5 Additional Inquiries.

411:5. Additional Inquiries. The commissioner is authorized to amend the form of annual statement, and to propose such additional inquiries as he may think necessary to elicit a full exhibit of the standing of such companies. Source. 1913, 42:3. PL 278:5. RL 328:5.

RSA 411:6 Policy Reserves.

411:6. Policy Reserves. As soon as practicable after the filing of said annual statement the commissioner shall determine the reserves for all policies of each such company in force on December 31 immediately preceding, in accordance with the provisions of RSA 410. Source. 1913, 424:4. PL 278:6. RL 328:6. RSA 411:6. 1963, 70:1, eff. July 9, 1963.

RSA 411:7 Making Valuation.

411:7. Making Valuation. For the purpose of making such valuation the commissioner may employ a competent actuary, who shall be paid by the company for which the services are rendered; but nothing herein shall prevent any company from making said valuation herein contemplated, which may be received by the commissioner upon such proof as he may determine. Source. 1913, 42:4. PL 278:7. RL 328:7.

RSA 411:8 Security Deposit.

411:8. Security Deposit. The commissioner shall require a domestic insurance company to make a deposit in trust in an amount necessary, in the discretion of the commissioner for the protection of the company's policyholders, provided that the required deposit shall not exceed the greater of $1,000,000 or the amount of deposits required under RSA 402:73. Source. 1913, 42:4. PL 278:8. 1933, 80:1. RL 328:8. RSA 411:8. 1963, 70:2. 1978, 11:5. 1987, 246:1, eff. May 18, 1987.

RSA 411:11 Certificate.

411:11. Certificate. Upon receipt of a deposit in trust from any such company, as required or allowed by the laws of this state, the commissioner shall issue upon the request of such company a certificate which shall set forth the corporate name of the company, its principal office, that a deposit for the protection of all its policyholders has been duly made, the amount of securities so deposited and that it is authorized to transact the business of life insurance. Source. 1913, 42:5. 1917, 20:3. PL 278:11. RL 328:11. RSA 411:11. 1963, 70:4. 1987, 246:2, eff. May 18, 1987.

RSA 411:12 Noncompliance.

411:12. Noncompliance. Upon the failure of any company organized or doing business under this chapter to make the deposit required under RSA 411:8 the commissioner shall notify such company to issue no new policies until there shall have been compliance with said requirement. Source. 1913, 42:6. PL 278:12. RL 328:12. RSA 411:12. 1987, 246:6, eff. May 18, 1987.

RSA 411:13 Change of Securities, Etc.

411:13. Change of Securities, Etc. Any such company making a deposit in trust shall have the right at any time to change their securities on deposit by substituting for those withdrawn a like amount in other securities of the character described in RSA 411-A. Source. 1913, 42:9. PL 278:13. RL 328:13. RSA 411:13. 1987, 246:3, eff. May 18, 1987.

RSA 411:14 Collection of Interest.

411:14. Collection of Interest. The commissioner shall permit companies, having on deposit with him stocks or bonds as security, to collect the dividends or interest accruing on such deposits, delivering to their authorized agents, respectively, the coupons or other evidences of interest as the same become due; but upon default by any company to deposit additional security as called for by the commissioner, or pending any proceedings to close up or enjoin it, the commissioner shall collect the dividends and interest as they become due and add the same to the securities in his hands belonging to such company. Source. 1913, 42:13. PL 278:14. RL 328:14.

RSA 411:28 Acting Without Certificate.

411:28. Acting Without Certificate. Any such company, doing or attempting to do life insurance business without a certificate as provided for in this chapter, shall forfeit $ 100 for every day it continues to write new business in this state without such certificate. Source. 1913, 42:14. PL 278:29. RL 328:27.

RSA 411:29 Suits for Penalties.

411:29. Suits for Penalties. Suits to recover any of the penalties provided for in this chapter shall be instituted in the name of the state on relation of the attorney general, under the direction and by the authority of the commissioner. Said penalties shall be paid to the state. Source. 1913, 42:15. PL 278:30. RL 328:28.

RSA 411:30 Transfer of Risks, Etc.

411:30. Transfer of Risks, Etc. No such corporation shall transfer its risks, or any part thereof, to, or reinsure its risks, or any part thereof, except reinsurance effected in the ordinary course of business, in any insurance corporation, association or society which is not at the time of such transfer or reinsurance authorized to do business in this state. Source. 1913, 42:19. 1919, 19:1. PL 278:31. RL 328:29.

RSA 411:31 Change of Payee, Etc.

411:31. Change of Payee, Etc. The insured in any such corporation shall have the right at any time, with the consent of such corporation, to make a change in his payee or beneficiary without requiring the consent of such payee or beneficiary; provided, that such policy has not been assigned as security for debt or other legal consideration. Source. 1913, 42:20. PL 278:32. RL 328:30.

RSA 411:32 Negotiation of Insurance.

411:32. Negotiation of Insurance. No insurance shall be negotiated in this state by or on behalf of any such company except by agents or brokers who shall be qualified, appointed and licensed in accordance with the law. Source. 1913, 42:22. 1917, 20:4. PL 278:33. RL 328:31.

RSA 411:33 Application of Chapter.

411:33. Application of Chapter. Nothing in this chapter shall affect life insurance companies, associations or societies or accident insurance companies doing business on the assessment plan. Source. 1913, 42:21. PL 278:34. RL 328:32.

Source: New Hampshire General Court (gc.nh.gov)URL: https://gc.nh.gov/rsa/html/NHTOC/NHTOC-XXXVII-411.htmFetched: 10/20/2026