Idaho Bills
14 bills · 2017 Regular Session
Adds to existing law to establish provisions regarding notice of lapse or termination of an individual life insurance policy.
This legislation would require that an individual life insurance policy would include the option for the policy holder to designate an individual, in addition to themselves, to receive notification by mail 14 days prior to termination.
35 – 0
Amends existing law to provide for a certain notice.
This legislation would add notification requirements to contracts with providers of dental services. The bill would require a person contracting with a dentist to provide 60 days notice prior to contract changes. The bill does not prevent a person contracting with a dentist from making changes to the contract.
Amends and adds to existing law to provide statutory purpose; and to revise provisions regarding credit for reinsurance.
33 – 0
Amends existing law to establish provisions regarding underinsured motor vehicle coverage.
Amends existing law to provide a certain statement regarding under-insured motor vehicle coverage.
33 – 1
Amends existing law to establish provisions regarding underinsured motor vehicle coverage.
Amends existing law to revise provisions regarding portable electronics insurance.
69 – 0
Amends and repeals existing law to revise provisions regarding the individual high risk reinsurance pool.
64 – 6
Amends existing law to revise provisions regarding contracts with providers of dental services.
This piece of legislation will clarify current language in Idaho Code that a person contracting with a dentist cannot set the rate for a procedure that is not covered by that contract. The proposed bill further defines that covered services are services that a person contracting with a dentist is liable for paying either in part or in whole. The bill will apply to any contract which is issued after December 31, 2017. Existing contracts will be brought into compliance on the next anniversary date, renewal date or the expiration date of the applicable collective bargaining contract.
Amends existing law to provide cause for a certain penalty.
35 – 0
Repeals and adds to existing law to implement the Idaho Motor Vehicle Service Contract Act and the Idaho Vehicle Theft Protection Program Act.
The proposed legislation updates the Idaho Motor Vehicle Service Contract Act, which was enacted into law in 1993. The proposed legislation moves the authority to enforce the Act from the Attorney General to the Department of Insurance. In addition, the proposed legislation clarifies the definition of a service contract to expressly authorize the following types of contracts: Contracts to repair or replace tires or wheels damaged byroadhazards; contractstorepairorreplacewindshielddamagebyroadhazards; contractstoremovedents and dings in a vehicle without sanding, bonding, or repainting; and contracts to repair or replace lost, stolen, or damaged vehicle key-fobs. Moreover, the proposed legislation gives the Director of the Department of Insurance the power to approve other similar service contracts not enumerated in the Act. Finally, the proposed legislation adds a new chapter to regulate the warranties associated with theft protection products installed on vehicles, such as steering column locks, tracking devices, and vehicle etching.
32 – 38
Amends existing law to revise provisions regarding dividends and other distributions.
This legislation is intended to clarify the term "realized capital gains" as used in the calculation under Idaho Code 41-3812(1)(b) in determining whether a dividend or distribution is extraordinary or non-extraordinary. The notice and approval requirements vary depending on whether a dividend or distribution is deemed extraordinary or non-extraordinary. While the current statute is silent as to how capital losses are factored into the calculation, the language in Idaho Code 41-3812(1)(b) has been interpreted by the Department of Insurance to mean net realized capital gains or losses. Insurance companies strategically manage their investment portfolios on a net basis as a sound business practice. This legislation will clarify the language to ensure that the calculation appropriately takes into account realized capital gains or losses and uses the net amount in the calculation to determine whether a dividend or distribution is extraordinary or non-extraordinary.
69 – 0
Amends and adds to existing law to establish provisions regarding corporate governance annual disclosure by insurers and insurance groups.
This legislation is based on the National Association of Insurance Commissioners (NAIC) Corporate Governance Annual Disclosure Model Act (#305). In part following the 2008 recession, the NAIC worked towards the goal of having insurance companies or insurance holding company groups identify their corporate governance practices. This corporate governance model act will provide guidance and instructions to domiciled insurers for filing a confidential corporate governance annual disclosure with the Department of Insurance. This legislation will outline requirements for completing a confidential corporate governance annual disclosure and permit the director to gain and maintain an understanding of domiciled insurers' corporate governance framework. This model law is expected to be required for accreditation of the Idaho Department of Insurance by the NAIC. Accreditation is important to maintain for consistent, streamlined, and fair regulation of insurers.
28 – 3
Amends and adds to existing law to provide that insurers and insurance groups shall conduct an own risk and solvency assessment (ORSA), to provide for a summary report of the assessment; and to exempt certain documents from the Public Records Act.
ThislegislationisbasedontheNationalAssociationofInsuranceCommissioners(NAIC)RiskManagement and Own Risk Solvency Assessment Model Act (#505), which followed the 2008 recession. The goal is to have insurance companies or insurance holding company groups identify enterprise-wide risks that are relevantandmaterialandreportthoserisksonceayeartotheDepartmentofInsuranceonaconfidentialbasis. This ORSA model act will provide guidance and instructions to domiciled insurers for filing a confidential ORSAsummaryreportwiththedirector. Itishelpfultobothinsurancecompaniesandtheirregulatortohave companiesperformaregularassessmentoftheirownrisksandfilethatsummaryreportwiththedepartment. This model law will also be required for accreditation of the Idaho Department of Insurance by the NAIC. Accreditation is important to maintain for consistent, streamlined, and fair regulation of insurers.
29 – 3