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New Hampshire Insurance Department Announces Passage of SB515: Enhanced Consumer Guarantee Contracts
CONCORD, NH (July 12, 2024) – The New Hampshire Insurance Department (NHID) is proud to announce the passage and signing into law of SB515, a critical piece of legislation aimed at enhancing consumer protection through revised requirements for consumer guarantee contracts. This bill, sponsored by Senators Lang, Pearl, Innis, and Representative Moffett, received bipartisan support from both chambers in the legislature and the backing of AARP. Governor Chris Sununu signed SB515 into law on July 3, 2024.
“The enactment of SB515 is a major step forward in protecting New Hampshire consumers by ensuring transparency and accountability in consumer guarantee contracts,” said New Hampshire Insurance Commissioner DJ Bettencourt. “This legislation reflects our commitment to safeguarding the interests of Granite Staters.”
SB515 introduces key revisions to consumer guarantee contracts to create greater transparency for consumers and provide the Department with more robust enforcement measures against bad actors in the industry. The bill ensures obligors provide comprehensive information, including certified copies of charters and bylaws, and updated contact information for all administrators and sellers. It mandates the filing of all contract forms and substantive changes through the System for Electronic Rate and Form Filing (SERFF), ensuring compliance with the law and public interest standards. Additionally, the bill outlines prohibited practices, including false or misleading statements, pressure tactics, and discriminatory practices. It also establishes protections against financial exploitation of senior citizens and ensures fair treatment in claims handling and contract cancellations.
“SB515 is the result of extensive collaboration and support across the political spectrum, as well as from key organizations like AARP,” said Deputy Commissioner Keith Nyhan. “By strengthening enforcement measures and enhancing consumer protections, we are creating a fairer marketplace for everyone.”
The bill will take effect on January 1, 2025, which allows ample time for obligors to comply with the new requirements. The Department will issue a bulletin in the coming months that further details the requirements outlined in SB515 and our expectations of obligors to ensure they have taken every step necessary to inform and protect consumers under the new law.
The New Hampshire Insurance Department Can Help
The New Hampshire Insurance Department’s mission is to promote and protect the public good by ensuring the existence of a safe and competitive insurance marketplace through the development and enforcement of the insurance laws of the State of New Hampshire. Contact us with any questions or concerns you may have regarding your insurance coverage at 1‐800‐ 852‐3416 or (603) 271‐2261, or by email at consumerservices@ins.nh.gov. For more information, visit https://insurance.nh.gov.