Section 405:48 Nonlicensed or Accredited Insurer.
If the assuming insurer does not meet the requirements of RSA 405:47, I-III, the credit permitted by RSA 405:47 shall not be allowed unless the assuming insurer agrees in the trust agreements to the following conditions:
I. Notwithstanding any other provisions in the trust instrument, if the trust fund is inadequate because it contains an amount less than the amount required by RSA 405:47, IV(c), or if the grantor of the trust has been declared insolvent or placed into receivership, rehabilitation, liquidation or similar proceedings under the laws of its state or country of domicile, the trustee shall comply with an order of the commissioner with regulatory oversight over the trust or with an order of a court of competent jurisdiction directing the trustee to transfer to the commissioner with regulatory oversight all of the assets of the trust fund.
II. The assets shall be distributed by and claims shall be filed with and valued by the commissioner with regulatory oversight over the trust in accordance with the laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic insurance companies.
III. If the commissioner with regulatory oversight over the trust determines that the assets of the trust fund or any part thereof are not necessary to satisfy the claims of the U.S. ceding insurers of the grantor of the trust, the assets or part thereof shall be returned by the commissioner with regulatory oversight to the trustee for distribution in accordance with the trust agreement.
IV. The grantor shall waive any right otherwise available to it under U.S. law that is inconsistent with this provision.
Source. 2004, 186:1, eff. July 31, 2004.