CONCORD, NH (December 4, 2024) – The New Hampshire Insurance Department (NHID) has released its 173rd Annual Report, detailing key accomplishments, regulatory advancements, and financial highlights for Fiscal Year 2024 (July 1, 2023 – June 30, 2024). The report underscores NHID’s commitment to fostering a safe, competitive, and transparent insurance marketplace while protecting New Hampshire consumers.
Notable highlights from the report include:
- Consumer Benefits: NHID facilitated the recovery of $6.47 million on behalf of consumers, addressing a record 1,113 complaints and providing 3,269 assistance services.
- Financial Impact: Total General Fund revenues collected amounted to $163.3 million, an increase from the previous fiscal year.
- Regulatory Excellence: The National Association of Insurance Commissioners (NAIC) awarded NHID a full five-year accreditation for its financial regulation practices.
- Affordable Coverage: New Hampshire maintained the nation’s lowest average benchmark premium at $325, supported by competitive market strategies.
- Expanded Services: Increased enrollment in individual health insurance markets to over 70,000 lives and improved access through the addition of an additional health insurance product.
“This year’s achievements reflect our unwavering dedication to safeguarding Granite State consumers, maximizing the free-market system to enhance affordability, and maintaining regulatory excellence,” said DJ Bettencourt, Insurance Commissioner. “From protecting individuals from surprise medical bills to advancing mental health parity, we remain dedicated to serving as a trusted resource for New Hampshire’s residents and businesses.”
The report also highlights strategic initiatives in professional development, outreach, and regulatory modernization, as well as reforms in prior authorization processes and mental health service coverage for youth. Additionally, the NHID reported the highest number of market conduct examinations conducted in a decade, further demonstrating its commitment to ensuring fairness and compliance.
“The Department’s focus on modernization and collaboration has been pivotal in driving improvements across the insurance landscape, ensuring consumers remain at the forefront of our mission,” said Deputy Insurance Commissioner Keith Nyhan. “We’ve taken significant strides in ensuring access, affordability, and innovation in insurance services, all while maintaining a steadfast commitment to consumer service and protections.”
A copy of the annual report from the New Hampshire Insurance Department is available below:
