The National Association of Independent Insurers praised the New Hampshire Senate on passing H.B. 684, an insurance regulatory modernization bill that the NAII said “will make it easier for insurers and consumers to transact business in the state.” The bill is now headed to the governor for signature.
“Our members have worked hard for the past two years with the Department of Insurance and legislators to create a bill that’s acceptable to everyone,” stated NAII senior counsel Gerald L. Zimmerman. “Passage of H.B. 684 is a real victory for the New Hampshire insurance market and the consumers who use it.”
The NAII indicated that, “H.B. 684 lowers the Exempt Commercial Policyholder (ECP) threshold from $500,000 to $100,000, 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.”
Zimmerman noted that “The Department of Insurance was unwavering it is support for the bill, which helped ensure passage through the House and Senate. We appreciate their help and the support of the lawmakers who crafted a bill that will protect the interest of both insurers and consumers.”
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