NH| Bulletin INS 24-068-AB from the New Hampshire Insurance Department announces important changes to the Consumer Guaranty Contract Law, effective January 1, 2025. These changes, outlined in Senate Bill 515, aim to improve clarity, fairness, and compliance in consumer guaranty contracts for home, automobiles, and other products.
The key modifications include:
- New registration requirements for obligors to annually submit detailed information about administrators and sellers they work with.
- Mandatory filing of all service contract language through the System for Electronic Rates & Forms Filing (SERFF).
- Enhanced marketing standards prohibiting pressure tactics, unbranded materials, and practices targeting senior citizens.