Section 411-A:33 Time Limit for Disposal of Other Ineligible Property and Securities. - New Hampshire Statutes

Any personal property or securities lawfully acquired by an insurer, which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of within 5 years from date of acquisition, unless within such period the security has attained the standard of eligibility; except, that any security or personal property acquired under any agreement of bulk reinsurance, merger or consolidation may be retained for a longer period if so provided in the plan for such reinsurance, merger or consolidation as approved by the commissioner. The commissioner may by order grant, from time to time, reasonable extensions of the period, as specified in any such order, within which an insurer shall dispose of any such property or security. Nothing in this section shall be deemed to prohibit an insurer from holding property beyond the time limits provided, if such property is listed as a miscellaneous investment.

Source. 1978, 11:1, eff. July 1, 1978.