Security Deposit Information
Follow the these procedures to obtain a security deposit.
- The first step is to send or fax a letter stating the name of the bank and type of security along with cusip number to Insurance Department.
- The Insurance Department will then send the company and the bank a letter either approving or disapproving the security.
- Send 3 original custodial agreements to one of the banks on the approved bank list. Please make sure to use the custodial agreement for a foreign company if the company is not domiciled in New Hampshire.
- The bank will then distribute the custodial agreements (one original back to the company and one original to the Insurance Department).
If you have any questions, please contact Diane Cygan
All domestic life companies must have a deposit in New Hampshire. The following RSA’s contain information on domestic requirements:
All newly licensed Foreign companies are required to have a deposit in New Hampshire. The deposit amount is at the discretion of the Commissioner.
Licensed companies may be required to obtain or increase a deposit at any time. Per RSA 405:12, if the Commissioner is not satisfied that a company has the requisite capital and assets and is a safe, reliable company, entitled to confidence, he does not have to renew the company's license. By obtaining a security deposit, the Department feels more confident with a company and alleviates the need to restrict/cancel the license.
The following RSA’s include information on the requirements of the security deposit:
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