The New Hampshire Insurance Department (NHID) issued a reminder on Feb. 14 to all those subject to the state’s insurance law that they are obligated to respond to the department’s investigations in a timely manner.
Under the state’s revised code, any individual or entity transacting insurance in New Hampshire is required to provide all relevant documents and information to NHID within 10 working days of a request. Failure to comply with this statutory requirement can result in administrative fines, license suspension or revocation.
Prompted by recent instances of individuals and insurance agencies failing to respect this obligation, the NHID used the official reminder to urge all regulated entities to establish clear policies and provide training to personnel to ensure full compliance.
"The New Hampshire Insurance Department is committed to upholding the law and fostering a spirit of cooperation among all insurance companies, agencies, and professionals operating in the Granite State," New Hampshire Insurance Commissioner DJ Bettencourt said in a press release. "We remind these entities to respond promptly to our inquiries. Working together in this way is vital to ensuring a fair and transparent insurance market that ultimately protects our consumers and strengthens the trust they place in us."
“The department’s ability to regulate effectively depends on timely responses from the industry,” Deputy Insurance Commissioner Keith Nyhan added. “Entities that fail to cooperate with investigations not only risk enforcement action but also undermine the integrity of the insurance market in New Hampshire.”