The National Association of Independent Insurers praised New Hampshire’s House of Representatives for passing H.B. 684, which it strongly supports, calling it “a bill that will make it easier for insurers and consumers to transact business in the state by streamlining the state’s rating regulations.”
“Passage of H.B. 684 in the House is an important step in bringing about meaningful modernization of New Hampshire’s insurance regulatory environment,” stated Gerald L. Zimmerman, NAII senior counsel. “NAII members have spent the better part of two years working closely with the Department of Insurance and state legislators to craft a bill that enhances the competitive marketplace while preserving important consumer protections. It appears that our efforts are paying dividends.”
The bulletin explained that “H.B. 684 lowers the Exempt Commercial Policyholder (ECP) threshold from $500,000 to $100,00, makes most other commercial lines rate regulation use-and-file, and makes personal lines rate regulation a 30-day file-and-use. Because New Hampshire currently has a strict prior approval system for auto insurance, the changes contained in the bill are significant.”
“Strong support from the Department of Insurance was a key component in getting this bill through the House,” Zimmerman continued. “We hope to have the same success when the bill moves to the Senate.”
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