Section 394-A:9 Insurance. - New Hampshire Statutes

Notwithstanding any other provision in this chapter to the contrary, this chapter shall not be interpreted to grant or to enlarge the power of any New Hampshire-chartered financial institution subject to this chapter to engage in the business of insurance or in any activity otherwise requiring licensing under RSA 401 or RSA 405; provided, however, that such a state-chartered financial institution may engage in the business of insurance to the same extent that a national bank or its subsidiary is permitted to engage in such business under 12 U.S.C. section 92 subject to the following conditions:
   I. The conduct of the insurance activity shall comply with the provisions of RSA 406-C and any rules adopted thereunder, any applicable state insurance licensing laws and rules, and all applicable federal and state consumer protection laws, including the federal anti-tying provisions of 12 U.S.C. section 1972.
   II. The provisions of this section and RSA 384:16-b, II and III shall not be construed to limit the authority of any credit union to engage in the business of insurance pursuant to the provisions of RSA 394-B:52-a.
   III. The provisions of this section and RSA 384:16-b, II and III shall not be construed to limit the authority of a financial institution or its subsidiary to offer:
      (a) Credit life, credit accident and health, credit property insurance, and credit involuntary unemployment insurance;
      (b) Insurance purchased by such a financial institution in connection with collateral pledged as security for a loan when the debtor breaches the contractual obligation to provide that insurance;
      (c) Private mortgage insurance;
      (d) Mortgage life and mortgage disability insurance; and
      (e) Travel accident and baggage insurance.

Source. 1981, 204:1. 1997, 223:2. 2000, 313:11, eff. Aug. 20, 2000.