DISPOSAL OF ASSETS

RSA tit. XXXVII, ch. 403-A

in effect

RSA 403-A:1 Definitions.

403-A:1. Definitions. As used in this chapter, the term: I. "Assets" includes all the property and rights of every kind of a domestic insurance company, or association. II. "Total assets" means the dollar amount of the company's total assets as reported in its most recent convention statement. III. "Disposal" includes any sale, transfer, exchange, assignment, alienation or other conveyance of an interest in assets, but does not include a ceding of policies pursuant to a reinsurance contract. Source. 1969, 293:1, eff. June 30, 1969.

RSA 403-A:2 Disposal of Assets.

403-A:2. Disposal of Assets. Any domestic insurance company or association that, within any period of 30 days, by one or more transactions, disposes of any of its assets which, in the aggregate, amount to more than 10 percent of its total assets, shall send written notification thereof to the insurance commissioner. Such notification shall be given at least 10 business days prior to the making of such disposal, and shall specify the nature and amount thereof, and identify all of the parties thereto. Source. 1969, 293:1, eff. June 30, 1969.

RSA 403-A:3 Reinsurance.

403-A:3. Reinsurance. Any domestic insurance company or association except a domestic life insurance company, which, during any period of 12 consecutive months, by any contract or contracts of reinsurance, cedes an amount of its insurance on which the total gross reinsurance premiums are more than 50 percent of the unearned premiums on the net amount of its insurance in force at the beginning of such period, shall give written notification thereof to the insurance commissioner. Any domestic life insurance company which reinsures its whole risk on any individual life or joint lives or reinsures policies which, during any period of 12 consecutive months, in the aggregate, amount to more than 50 percent of its insurance in force shall give written notification thereof to the insurance commissioner. The notification required hereunder shall be given at least 10 business days before the date such reinsurance takes effect, and shall specify the nature and amount thereof, and identify the parties thereto. The requirements of this section shall not apply to reinsurance made in the ordinary course of business covering reinsurance of specified individual risks under agreements relating to current business. Source. 1969, 293:1, eff. June 30, 1969.

RSA 403-A:4 Fraud by Officer, etc.

403-A:4. Fraud by Officer, etc. It shall be unlawful for any member, officer, director, or attorney-in-fact of any company, association, or exchange licensed to do an insurance business in this state to borrow, rent, hire, lease, or otherwise engage on behalf of such company, association or exchange the use of stocks, bonds, debentures, notes, investment certificates, securities, or other obligations or evidences of indebtedness owned or issued by any other corporation, company, association, or individual, or of any government, political subdivision or agency thereof, with intent to injure or defraud any other company, body politic or corporation, or person, or to deceive the insurance commissioner or other person legally authorized to examine the affairs of any such company, association, or exchange. Any person convicted of a violation of this section shall be guilty of a class B felony. Source. 1969, 293:1. 1973, 528:280, eff. Oct. 31, 1973 at 11:59 p.m.

RSA 403-A:5 Fraud by Corporation.

403-A:5. Fraud by Corporation. It shall be unlawful for any corporation organized under any law of this state, or the laws of any other state, or which has an office or is transacting business in this state, which is engaged in, or is claiming or advertising that it is engaged in, organizing or receiving subscriptions for or disposing of stocks of, or in any manner aiding or taking part in the formation or in the business of an insurance company, association, or exchange, either as agent or otherwise, or which is holding capital stock of one or more insurance companies for the purpose of controlling the management thereof as voting trustees or otherwise, or any employee, agent, or attorney thereof, that aids and abets such insurance company, association, or exchange to borrow, rent, hire, lease, or engage the use of such stock, bonds, debentures, notes, investment certificates, securities, or other obligations or evidences of indebtedness. Any corporation convicted of a violation of this section shall be guilty of a felony. Source. 1969, 293:1. 1973, 528:281, eff. Oct. 31, 1973 at 11:59 p.m.

RSA 403-A:6 Possession of Stocks, etc.

403-A:6. Possession of Stocks, etc. If any insurance company, association, or exchange is found in possession of stocks, bonds, debentures, notes, investment certificates, securities, or other obligations or evidences of indebtedness acquired in violation of RSA 403-A:4, or if any of its officers, directors, members, or attorneys-in-fact have been convicted of a violation of RSA 403-A:4, such company, association, or exchange may be subject to suspension of its certificate of authority by the insurance commissioner. Nothing in this section shall be construed to prevent the insurance commissioner from bringing an action to dissolve such insurance company, association, or exchange. Source. 1969, 293:1, eff. June 30, 1969.

RSA 403-A:12 Rules and Regulations.

403-A:12. Rules and Regulations. The insurance commissioner may, by regulation, prescribe the rules necessary for the administration of this chapter. Source. 1969, 293:1. 2002, 207:46, eff. July 15, 2002.

Source: New Hampshire General Court (gc.nh.gov)URL: https://gc.nh.gov/rsa/html/NHTOC/NHTOC-XXXVII-403-A.htmFetched: 10/20/2026