Bill Text: NH HB1378 | 2018 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relative to domestic insurance company investments.

Spectrum: Bipartisan Bill

Status: (Passed) 2018-05-29 - Signed by Governor Sununu 05/25/2018; Chapter 67; Eff. 7/24/2018 [HB1378 Detail]

Download: New_Hampshire-2018-HB1378-Introduced.html

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HB 1378 - AS INTRODUCED

 

 

2018 SESSION

18-2626

01/03

 

HOUSE BILL 1378

 

AN ACT relative to domestic insurance company investments.

 

SPONSORS: Rep. Hunt, Ches. 11; Rep. Butler, Carr. 7

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill clarifies the insurance investment laws relating to governmental obligations for property and casualty insurers.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

18-2626

01/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Eighteen

 

AN ACT relative to domestic insurance company investments.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Insurance Companies and Agents; Investments.  Amend RSA 402:29-d, I(a) to read as follows:

(a)  Directly or indirectly through an investment subsidiary, an investment under this chapter if, as a result of and after giving effect to the investment, the insurer would hold more than 5 percent of its admitted assets in investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person provided, that this subparagraph shall not apply to general obligations of, or obligations guaranteed by, the United States, its agencies or government-sponsored enterprises, or obligations of any state, or of Canada or any province thereof; or

2  Effective Date.  This act shall take effect 60 days after its passage.