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Article: N.H. leaves interstate compact. (New Hampshire, interstate insurance receivership compact)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- July 14, 1997
- Author:
CopyrightCOPYRIGHT 1997 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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New Hampshire has opted out of the interstate insurance receivership compact, leaving just three states active in compact activities.
The New Hampshire legislature repealed the state's compacting law and the governor signed the legislation last month. The official reason given was that the compact had not gained sufficient momentum to warrant New Hampshire participation.
But off the record, one source said the action was spurred by fears that if Home Ins. Co. -- the struggling New Hampshire domestic which was taken over by Zurich Insurance -- went insolvent, then New Hampshire would have a far more difficult time recovering Zurich funds to pay Home ...