Section Ins 4301.04 - Establishment of Premium Trust Account(a) Each insurance producer shall establish a premium trust account if the insurance producer expects to receive premiums or return premiums on New Hampshire business.(b) An insurance producer shall only utilize such accounts that require no advance notice for the withdrawal of funds, and all insurance producers shall arrange all such accounts so that the funds therein contained shall be immediately available during normal business hours.(c) Fiduciary funds held on business written in New Hampshire shall at all times be maintained in the premium trust account separate from any other account or depository. Such account shall be in an amount at least equal to the premiums and return premiums, net of commissions, received by him and unpaid to the persons entitled thereto, or, at their direction or pursuant to written contract, for the account of such persons.(d) The balance in the premium trust account, plus premiums due from insureds less an amount equal to 110 percent of the average bad debts figured over the preceding 3 years, shall at all times be equal to or exceed the balance due the insurers.(e) The insurance producer's New Hampshire premium trust account signature card shall contain the following information: "This is an insurance premium trust account maintained under the provisions of New Hampshire Chapter Ins 4300."
(f) Checks drawn on the premium trust account shall display a notice "Premium Trust Account New Hampshire."N.H. Admin. Code § Ins 4301.04
(See Revision Note at chapter heading for Ins 4300) #8935, eff 8-1-07
Amended by Volume XXXV Number 45, Filed November 12, 2015, Proposed by #10963, Effective 10/26/2015, Expires 10/26/2025.