Section 411-A:34 Failure to Dispose of Real Estate or Securities; Effect; Penalty. - New Hampshire Statutes

   I. Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof or any extension of such period granted by the commissioner as provided in RSA 411-A:32 and 411-A:33 shall not be allowed as an asset of the insurer, unless such real estate, personal property or securities are maintained by the insurer as miscellaneous investments.
   II. The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it. If the insurer fails to dispose of the investment within a reasonable time, the commissioner may, upon hearing, suspend or revoke said insurer's certificate of authority or license for a period not to exceed 3 years, impose an administrative fine in lieu of such suspension or revocation, or take such other administrative action against the offending company as the commissioner, in his discretion, may determine.

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