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Insurance department seeks statutory clean‑up, new notification duties and higher minimum capitalization for insurers
Summary
The Insurance Department described a set of technical and programmatic changes in House Bill 499: aligning state law with the federal No Surprises Act implementation, requiring insurers to notify the department before major market withdrawals, clarifying surplus‑lines authority and raising minimum capital thresholds for domestic insurers.
The New Hampshire Insurance Department told the Senate Commerce Committee that House Bill 499 is a technical and modernization package that updates statute language, aligns state law with federal requirements and adds a carrier notification duty for material line‑withdrawals.
Commissioner D.J. Betancourt summarized the bill as part of an ongoing review of insurance statutes. The measure would: (1) amend language to align the state's independent dispute resolution and balance‑billing rules with the federal No Surprises Act, (2) require carriers to notify the department…
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