Jan 2, 2019
Companies substantially reducing line of business must notify N.H. producers
An insurance company authorized to sell fire or casualty policies in New Hampshire must provide 120 days’ notice to appointed agents in the state if the company decides not to renew all or substantially all of a line of business, starting Jan. 1, 2019. The company must also give notice to the New Hampshire Insurance Department.
Upon the end of the 120-day notice period, the company must allow the renewal of all insurance contracts for one year, so long as the policies meet the individual underwriting standards. If the policy does not meet underwriting standards, then the company must give the agent 120 days’ notice of its intention not to renew the policy. Agents will receive the same commission for these renewals as they received on similar policies in the 12 months immediately preceding the notice of intent not to renew.
Only following the 120-day notice period, and the one-year renewal period, will the agent no longer be able to write or renew policies for an authorized fire or casualty insurer who decided not to renew all or substantially all of a line of business in New Hampshire.