On Jul. 12, NH INS reported passage of bill on guarantee contracts.
NH INS announced passage of bill SB 515 on consumer guarantee contracts, #216857.
Impact of Passage
Enhances consumer protection with requirements for consumer guarantee contracts.
NH INS will issue bulletin that details requirements outlined in SB 515, expectations of obligors to ensure they take steps to inform and protect consumers under new law.
Nov. 2024 NH INS Bulletin
On Nov. 15, 2024, NH INS issued Bulletin #INS 24-068-AB on expanded protections for consumers purchasing service contracts re homes, automobiles, other products.
All entities that offer service contracts will now be required to submit annual lists of administrators and sellers they work with, to maintain better oversight of marketplace.
Service contract forms to be filed with NH INS through System for electronic rates & forms filing (SERFF); NH INS to review forms to ensure they meet required standards.
And to ensure they do not include terms contrary to public interest or are misleading.
Individuals, entities marketing consumer guaranty contracts are prohibited from using pressure tactics, unbranded materials, practice specifically targeting senior citizens.
