- New Hampshire maintains a list of eligible surplus lines insurers (see Other Comments section #1).
- New Hampshire does have a Surplus Lines Association.
- New Hampshire does not have an Export List.
- New Hampshire does have an industrial insured exemption (see Appendix C) which will remain in effect. The NRRA commercial purchaser exemption is also effective as per NH DOI Bulletin 8/15/2011.
- Surplus lines tax: 3%, payable by broker.
- New Hampshire has not affiliated with any existing compact but the Commissioner may enter into a cooperative or reciprocal agreement or compact with other states. New Hampshire continues to tax a multi-state policy at the tax rates of the exposure states. (NB 424).
- New Hampshire does allow domestic surplus lines insurers in the state.
Eligibility and Filing Requirements (All Surplus Lines Insurers):
- Application form.
- Proof that company is on IID list (Alien).
- Eligibility and Filing Requirements (Foreign)
- $250 non-refundable fee: payable to “NH Insurance Department”.
- Certificate of Compliance from the Surplus Lines Insurer’s state/country of domicile.
- Page 3 (liabilities, surplus and other funds) of current Annual Statement/Quarterly Statement (Foreign).
- To maintain status on the list of eligible surplus lines insurers the information above must be submitted annually by March 15th.
***NOTE*** – Foreign non-admitted Surplus Lines insurers that were required to maintain a security deposit in New Hampshire prior to July 21, 2011, may request to have their New Hampshire security deposit released by submitting a written request (no e-mail or faxed request will be accepted) on company letterhead.
Types of Insurance Exempted from Surplus Lines Regulation:
- Transactions in New Hampshire relative to a policy issued or to be issued outside New Hampshire involving insurance on vessels, craft or hulls, cargoes, marine builder’s risk, marine protection and indemnity or other risk, including strikes and war risks commonly insured under ocean or wet marine forms of policy.
- Ocean marine insurance.
- Industrial insurance.
Other Comments or Requirements:
- New Hampshire eligibility list available at http://www.nh.gov/insurance/companies/surpluslines/documents/surpluslist.pdf.
- Effective May 1, 2010, the New Hampshire. Insurance Commissioner transferred the electronic Surplus Lines submissions of forms and payment processing operations to OPTins (Online Premium Tax for Insurance), a product of the National Association of Insurance Commissioners.
- Every producer must have stamped in a form approved by the commissioner on the face of the binder or policy the following:
“The company issuing this policy has not been licensed by the state of New Hampshire and the rates charged have not been approved by the commissioner of insurance. If the company issuing this policy becomes insolvent, the New Hampshire insurance guaranty fund shall not be liable for any claims made against the policy.”