§431:10B-110  Issuance of policies. (a)  All policies of credit life insurance and credit disability insuranceshall be delivered or issued for delivery in this State only by an insurerauthorized to do an insurance business in this State, and shall be issued onlythrough holders of certificates, licenses or authorizations issued by thecommissioner.

(b)  The enrolling of debtors under a groupcreditor policy and the issuance of certificates of insurance pursuant theretoor the issuing of individual policies by a creditor shall not be considered asale or solicitation of insurance or the transaction of an insurance business. A limited license issued under section 431:9A-107.5 shall be required for suchacts.  A producer's license shall not be required.

(c)  A group creditor policy issued by anadmitted insurer to a creditor on which the entire premium is paid by thecreditor wholly from the creditor's funds shall be considered aseller-purchaser relationship and not a principal-agent relationship.  Notwithstandingsubsection (a), a license shall not be required for the issuance ofcertificates of insurance under group creditor policy that is subject to thissubsection. [L 1987, c 347, pt of §2; am L 2001, c 216, §17; am L 2002, c 155,§68]