Section Ins 1703.09 - Stabilization Reserve Fund Trust(a) The stabilization reserve fund trust shall be managed by the board.(b) The board shall submit a summary of activities of the trust during the previous fiscal year in conjunction with the annual meeting of the association.(c) The fiscal year of the trust shall be determined by the board.(d) The board shall exercise all reasonable or necessary powers relating to the operation of the trust, including the investment of the surcharges received as a result of the stabilization reserve fund charge subject to the provisions of this chapter.(e) Pursuant to Ins 1703.08(a), monies from the trust shall be used to pay to the association funds determined by the board in order to cover any deficit of the association, which is incurred as a result of policies issued prior to January 1, 1986.(f) The board shall annually file with the commissioner a financial statement prepared in accordance with generally accepted accounting principles which shall be audited and certified to by an independent certified public accountant.(g) The board shall retain such staff and appoint such committees as are reasonable and appropriate to carry out the operations of the trust.(h) All income generated by the investment of the funds held in the trust shall be credited to the stabilization reserve fund trust.(i) The trust shall be subject to examination by the commissioner in accordance with RSA 400-A:37.(j) If it has been determined pursuant to Ins 1703.08(d) that a deficit does not exist, and if either the stablization reserve fund does not exceed the amount necessary to pay all losses, loss adjustment expense and operating expenses incurred as a result of policies issued by the association prior to January 1, 1986 or the excess has been applied as described in Ins 1703.08(e), then, upon application by the board and a public hearing, the commissioner shall approve a transfer of existing funds in the stabilization reserve fund trust account to the general assets of the association and a dissolution of the trust.N.H. Admin. Code § Ins 1703.09
#7112, eff 10-29-99; ss by #7409, eff 12-1-00, EXPIRED: 12-1-08
New. #9373, eff 1-30-09