Section 406-C:16 Rulemaking Authority for Implementing Regulations.
I. The commissioner may adopt rules to effectuate the purposes of this chapter, which are to protect the insurance buying public from potential coercion by financial institutions, to minimize the possibilities of unfair competitive practices by financial institutions that harm the public, and to maintain parity with respect to the insurance powers of state and federally chartered financial institutions.
II. The commissioner may also adopt rules which would vary the provisions of this chapter, if essential, and for the sole purpose of maintaining parity and eliminating competitive advantages enjoyed by federally chartered financial institutions, upon a determination by the commissioner that a specific federal law, regulation, or ruling creates a substantial disparity in the insurance agency powers of state and federal financial institutions in this state. Any rule adopted pursuant to this paragraph shall not diminish any consumer protection afforded under this chapter. The commissioner shall seek appropriate legislation amending any affected provisions of this chapter at the earliest legislative opportunity.
III. Rules adopted by the commissioner under this chapter shall be adopted pursuant to RSA 541-A. Notwithstanding RSA 541-A:17, I, or any other law to the contrary, any rule adopted under this chapter shall continue in force and effect until amended or repealed.
Source. 1997, 223:3, eff. Aug. 17, 1997.