The New Hampshire Insurance Department (NHID) published its 173rd Annual Report for fiscal year 2024 (July 1, 2023 - June 30, 2024).
The report summarizes the Department’s activities during fiscal year 2024. Notable achievements highlighted in the report include:
- An assessment rebate of $2,786,000 to insurance carriers, which NHID believes will benefit consumers in the long run.
- NHID filled long-standing vacant positions and conducted the highest number of market conduct examinations in the past decade.
- NHID was awarded a five-year accreditation for its financial regulation oversight by NAIC.
- Achieved the lowest Average Benchmark Premium ($325) of all states in the US.
- Achieved a record high of over 70,000 people enrolled in the state’s individual health insurance market.
- Requiring training for insurance producers in flood insurance sales.
- Passing legislation protecting consumers from unexpected medical bills.
- Achieved a 13th consecutive year rate reduction for workers’ compensation coverage
Additionally, the Consumer Services Unit processed 1,113 consumer complaint investigations and 3,269 assistance requests, which netted a recovery amount of a record-high $6,469,061 for consumers. The Licensing Unit saw increased growth and had a state record of 241,731 active producers and adjusters authorized to sell insurance and adjust claims in the state.
The entire 90-page annual report can be found here.