New Hampshire 2022 Regular Session

New Hampshire Senate Bill SB204

Introduced
12/14/21  
Refer
12/14/21  
Report Pass
1/26/22  
Engrossed
3/23/22  
Refer
3/23/22  
Report Pass
4/22/22  
Enrolled
6/7/22  
Chaptered
6/22/22  

Caption

Relative to the definition of "covered claim" for purposes of the New Hampshire insurance guaranty association act.

Impact

By redefining what constitutes a covered claim, SB204 seeks to enhance the protection for residents and businesses that may suffer losses due to an insurer's failure. The amendments ensure that claims linked to unearned premiums and specific property damage claims are recognized as covered, streamlining the process for affected individuals when engaging with the guaranty association. This change is expected to promote greater clarity for both claimants and insurers, potentially leading to a more robust insurance environment in New Hampshire.

Summary

Senate Bill 204 modifies the definition of 'covered claim' within the New Hampshire Insurance Guaranty Association Act. The bill specifies the parameters under which a claim can be classified as covered, particularly focusing on claims arising from the insolvency of insurance providers. It aims to ensure that claimants who suffer from an insurer's insolvency are adequately protected and can claim their due payments without unnecessary hindrances.

Contention

During discussions surrounding SB204, some stakeholders expressed concerns regarding the implications of the newly defined parameters for covered claims. Critics argued that limiting the classifications could potentially exclude certain types of claims that deserve protection. Moreover, the removal of certain exemptions could place additional financial burdens on insurers, which might, in turn, affect policyholders. The balance between adequately protecting claimants while ensuring the financial viability of insurers emerged as a significant point of debate.

Companion Bills

No companion bills found.

Previously Filed As

NH SB430

California Insurance Guarantee Association: covered claims.

NH HB2787

Updating certain definitions, terms, conditions and provisions related to the Kansas insurance guaranty association act and Kansas life and health insurance guaranty association act.

NH HB131

Provides relative to covered claims of the Louisiana Insurance Guaranty Association

NH HB2130

Relating to the Oregon Insurance Guaranty Association.

NH HB210

AN ACT relating to the Kentucky Insurance Guaranty Association Act.

NH HB06509

An Act Concerning The Connecticut Insurance Guaranty Association Act And The Connecticut Life And Health Insurance Guaranty Association Act.

NH AB2398

California Insurance Guarantee Association.

NH HB06868

An Act Concerning The Connecticut Insurance Guaranty Associations.

NH HB1169

MS Insurance Guaranty Association Law; revise to add cybersecurity insurance to.

NH AB2154

California Insurance Guarantee Association.

Similar Bills

No similar bills found.