NH consumer guaranty contract bonds.
From $100. Enter your amount.

RSA 415-C:4, I · New Hampshire Insurance DepartmentNew Hampshire regulates consumer guaranty contracts under RSA chapter 415-C, in Title XXXVII (Insurance). RSA 415-C:3, I bars an obligor from offering, administering, selling, soliciting, negotiating, or acting under a consumer guaranty contract in this state unless it registers with the insurance commissioner on the prescribed form and pays the registration fee set by RSA 400-A:29, VIII-a(a); the filing carries the obligor's name, address and phone number, a certified copy of its charter and bylaws, a certificate under oath of its president and secretary that the chapter's fiscal requirements are met, and the names, addresses and phone numbers of all administrators and sellers, updated at least yearly. Every registration expires on the next June 14 following it, renewed by paying the annual renewal fee under RSA 400-A:29, VIII-a(b) and supplementing the original form for any material change. RSA 415-C:4 gives three ways to prove financial responsibility to the insurance department: (I) posting a bond in the amount of at least $25,000 or 5 percent of all consumer guaranty contracts sold in New Hampshire, whichever is greater, up to a maximum of $250,000, and maintaining a reserve account in an amount no less than 40 percent of the gross consideration received for all contract fees from consumer guaranty contracts issued to New Hampshire residents less claims paid; (II) insuring all consumer guaranty contracts under a reimbursement insurance policy issued by an insurer authorized to issue such insurance in this state; or (III) demonstrating a net worth or stockholders' equity of $25,000,000 or more, as a stand-alone company or together with the obligor's parent, evidenced by the annual audited financial statement or a Form 10-K or 20-F filed with the SEC, deemed acceptable if not rejected in writing by the commissioner within 60 days. RSA 415-C:3, IV exempts admitted insurers, and unadmitted surplus lines insurers approved under RSA 405:24, that register as obligors from RSA 415-C:3, II and from RSA 415-C:4. Since January 1, 2025 (2024, 166 — SB 515), RSA 415-C:3-a additionally requires every contract form and other contract language, and any substantive change to it, to be filed through the NAIC System for Electronic Rate and Form Filing (SERFF) within 30 days after it is first offered to a consumer here, for informational and auditing purposes; a contract issued without that filing is a separate violation against the obligor. The commissioner may revoke or suspend the registration, order the obligor to cease and desist, order restitution, and impose a penalty of not more than $1,000 for each violation or $10,000 for each violation found to be willful (RSA 415-C:10), and may examine the obligor under RSA 400-A:37 at the obligor's expense (RSA 415-C:9). Note what the chapter does not reach: RSA 415-C:1, III(c) excludes express and implied warranties, maintenance agreements, motor vehicle road service and tourist service under RSA 407-C, warranties on public utility transmission devices regulated by the public utilities commission, agreements conditioned on or associated with the sale or supply of heating fuel, agreements sold to persons other than consumers, debt cancellation and debt suspension contracts, prepaid legal contracts, and a manufacturer's service contracts on the manufacturer's own products. Confirm your required penal sum — and whether you are an obligor at all — with the New Hampshire Insurance Department before you file.