Section 405:46 Definitions.
In this subdivision:
I. ""Assuming insurer'' means any insurance company which assumes, in any manner or form whatever, the whole or any part of any risk or liability and shall include any underwriting member of an insurance exchange, assigned risk pool, joint underwriting association, syndicate, reciprocal exchange, reinsurance facility, health maintenance organization, health service corporation, or medical service corporation.
II. ""Domestic ceding insurer'' means any insurance company or association which is incorporated under the laws of this state and shall include health maintenance organizations licensed pursuant to RSA 420-B, and nonprofit health service corporations licensed pursuant to RSA 420-A.
III. ""Evergreen letters of credit'' means that the letter of credit is automatically renewed unless some affirmative action is taken prior to the expiration date.
IV. ""Liability'' includes the reserves of loss adjustment expense, unearned premiums, outstanding case, and incurred by not reported losses.
V. ""NAIC'' means the National Association of Insurance Commissioners.
VI. ""Qualified United States financial institution'' means an institution that:
(a) Is organized or, in the case of a U.S. office of a foreign banking organization, licensed, under the laws of the United States or any state thereof.
(b) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.
(c) Has been determined by either the commissioner or the Securities Valuation Office of the NAIC to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit shall be acceptable to the commissioner.
VII. ""Qualified United States financial institution'' also means, for those institutions that are eligible to act as a fiduciary of a trust, an institution that:
(a) Is organized, or, in the case of a U.S. branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers.
(b) Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.
VIII. ""State'' means the United States, District of Columbia, Virgin Islands, Guam, and Puerto Rico.
Source. 2004, 186:1, eff. July 31, 2004.