Section 408-B:4 Definitions.
In this chapter:
I. ""Account'' means either of the 2 accounts created under RSA 408-B:6.
II. ""Association'' means the New Hampshire life and health insurance guaranty association created under RSA 408-B:6.
III. ""Commissioner'' means the commissioner of insurance.
IV. ""Contractual obligation'' means any obligation under a policy or contract or certificate under a group policy or contract, or portion thereof for which coverage is provided under RSA 408-B:5.
V. ""Covered policy'' means any policy or contract within the scope of this chapter under RSA 408-B:5.
VI. ""Impaired insurer'' means a member insurer which, on or after January 1, 1996, is not an insolvent insurer, and:
(a) Is deemed by the commissioner to be potentially unable to fulfill its contractual obligations, or
(b) Is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.
VII. ""Insolvent insurer'' means a member insurer which on or after January 1, 1996, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.
VIII. ""Member insurer'' means any insurer licensed or which holds a certificate of authority to transact in this state any kind of insurance for which coverage is provided under RSA 408-B:5, and includes any insurer whose license or certificate of authority in this state may have been suspended, revoked, not renewed or voluntarily withdrawn, but does not include:
(a) A nonprofit hospital or medical service organization.
(b) A health maintenance organization.
(c) A fraternal benefit society.
(d) A mandatory state pooling plan.
(e) A mutual assessment company or any entity that operates on an assessment basis.
(f) An insurance exchange.
(g) Any entity similar to any of the above.
IX. ""Moody's Corporate Bond Yield Average'' means the Monthly Average Corporates as published by Moody's Investors Service, Inc., or any successor thereto.
X. ""Person'' means any individual, corporation, partnership, association, or voluntary organization.
XI. ""Premiums'' means amounts received on covered policies or contracts less premiums, considerations, and deposits returned on such policies or contracts and less dividends and experience credits on such policies or contracts. ""Premiums'' does not include any amounts received for any policies or contracts or for the portions of any policies or contracts for which coverage is not provided under RSA 408-B:5, II, except that assessable premium shall not be reduced on account of RSA 408-B:5, II(b)(3) relating to interest limitations and RSA 408-B:5, III(b) relating to limitations with respect to any one individual, any one participant and any one contract holder; provided that ""premiums'' shall not include any premiums in excess of $5,000,000 on any unallocated annuity contract not issued under a governmental retirement plan established under Section 401, 403(b) or 457 of the United States Internal Revenue Code.
XII. ""Resident'' means any person who resides in this state at the time a member insurer is determined to be an impaired or insolvent insurer and to whom a contractual obligation is owed. A person may be a resident of only one state, which in the case of a person other than a natural person shall be its principal place of business.
XIII. ""Supplemental contract'' means any agreement entered into for the distribution of policy or contract proceeds.
XIV. ""Unallocated annuity contract'' means any annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate.
Source. 1995, 305:1, eff. Jan. 1, 1996.