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Issue

Bill #

Bill Description

Financial Regulation

HB 497

Requires insurers to use the January 1, 2004, edition of the National Association of Insurance Commissioners' (NAIC) accounting practices and procedures manual, and any subsequent revisions to the manual, in completing financial reports to the Department of Insurance. Effective 7/1/04. Chapter 93, Laws of 2004.

Financial Regulation

HB 618

Amends the definition of 'property and casualty insurer' to exclude domestic reciprocal insurers with fewer than seven subscribers that: (1) insure only worker's compensation risk; and (2) only issue fully assessable policies. This exclusion exempts insurers with a very small number of subscribers from the requirement to file reports relating to their risk-based capital (RBC) status each year with the Department of Insurance and the National Association of Insurance Commissioners (NAIC). Effective 7/1/04. Chapter 255, Laws of 2004.

Mutual Holding Companies

HB 481

Clarifies the use of tax deductions for dividends and distributions issued to holding companies by stock insurance subsidiaries. Effective 3/10/04, but Retroactively Applicable to 1/1/04. Chapter 30, Laws of 2004.

Premium Tax

HB 512

Allows a member of the Idaho Insurance Guaranty Association to offset the assessment imposed for its obligation to the association against its premium tax liability. Effective 3/23/04. Chapter 241, Laws of 2004.

Premium Tax

HB 724

Reduces the premium tax rate from 2.75% to 1.5% over a six-year period. Effective 7/1/04. Chapter 356, Laws of 2004.

Regulation

(Bylaws)

HB 499

Allows domestic stock insurers to amend their bylaws for any lawful purpose. Effective 7/1/04. Chapter 239, Laws of 2004.

(Certificate of Authority)

HB 491

Allows an insurer's certificate of authority to be suspended for an additional period upon expiration of the first suspension period. Effective 7/1/04. Chapter 88, Laws of 2004.

(Certificate of Authority)

HB 492

Requires an insurer applying for an Idaho certificate of authority to submit 3 copies of its corporate charter, articles of incorporation or other charter documents and 3 copies of its bylaws to the department of insurance. Foreign insurers must submit only one copy of each. Effective 7/1/04. Chapter 89, Laws of 2004.

(Certificate of Authority)

HB 493

Allows insurers to maintain the deposits required to obtain a certificate of authority to transact insurance in Idaho either in the insurer's state of domicile or in Idaho. This law also repeals the requirement that workers' compensation insurers maintain a special $25,000 deposit with the Idaho State Treasurer. Effective 7/1/04. Chapter 90, Laws of 2004.

(Company Name)

HB 494

Prohibits an insurer from using a name deceptively similar to another insurer authorized to do business in Idaho or allowed to transact insurance in Idaho. This includes surplus lines insurers. Effective 7/1/04. Chapter 91, Laws of 2004.

(Reporting Requirements)

HB 495

Authorizes the Director of the Department of Insurance to direct the manner and place of filing for any document required to be filed with the department, including whether an electronic or paper filing is required or acceptable. Effective 7/1/04. Chapter 238, Laws of 2004.

Reinsurance

HB 487

Deletes a provision of law that requires insurers to file reports regarding material acquisitions and dispositions of assets, or material nonrenewals, cancellations or revisions of ceded reinsurance agreements with the National Association of Insurance Commissioners (NAIC). Effective 7/1/04. Chapter 310, Laws of 2004.

State Building Codes

HB 756

Adopts the 2003 International Building Code, the 2003 International Energy Conservation Code, the 2003 International Mechanical Code and the 2003 International Fuel Gas Code. Effective 3/23/04. Chapter 272, Laws of 2004.

State vs. Federal Regulation

SJM 106

Announces the Legislature's commitment to maintaining the states as the sole regulators of the insurance business and opposition to any proposed federal law that undermines this state authority. Effective 2/25/04.

Surplus Lines

HB 490

Requires surplus lines insurers to notify the director of the Department of Insurance of any change to the name of the insurer, its physical or mailing address, or its state of domicile, within 60 days of the change. Effective 7/1/04. Chapter 86, Laws of 2004.

Telephone Sales

HB 535

Provides that the national 'do-not-call' registry established and maintained by the Federal Trade Commission (FTC) may serve as the Idaho 'no telephone solicitation contact' list, and that Idaho's attorney general may provide the telephone numbers of Idaho residents that are on the Idaho 'no telephone solicitation contact' list to the FTC for inclusion in the national 'do-not-call' registry. Effective 7/1/04. Chapter 102, Laws of 2004.

Workers' Compensation

HB 488

Requires the insurance department to examine the State Insurance Fund every five years. Effective 7/1/04. Chapter 237, Laws of 2004.

Workers' Compensation

HB 533

Extends provisions of law that require a claimant, employer/surety, or self-insured employer to provide materials for evaluation of the merits of the claim before filing a complaint for benefits from the Industrial Special Indemnity Fund. Effective 3/19/04. Chapter 100, Laws of 2004.

Workers' Compensation

SB 1393

Authorizes a fee to be charged to community service workers for the purpose of providing them workers' compensation insurance. Effective 3/23/04. Chapter 149, Laws of 2004.