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H0481aa.........................................................by BUSINESS
DOMESTIC MUTUAL INSURERS - Amends existing law to provide that a domestic
mutual insurer which has converted from a county mutual insurer shall be
subject to the same requirements and shall have the same rights as a like
domestic insurer transacting like kinds of insurance, except that prior to
June 30, 2004, surplus as regards policyholders may be maintained at a
level equal to fifty percent net written premium in the calendar year
preceding, with a minimum set at one million dollars.
02/02 House intro - 1st rdg - to printing
02/03 Rpt prt - to Bus
02/23 Rpt out - to Gen Ord
02/29 Rpt out amen - to engros
03/01 Rpt engros - 1st rdg - to 2nd rdg as amen
03/02 2nd rdg - to 3rd rdg as amen
03/07 3rd rdg as amen - PASSED - 66-0-4
AYES -- Alltus, Barraclough(Barraclough), Barrett, Bell, Bieter,
Black, Boe, Bruneel, Callister, Campbell, Chase, Cheirrett, Clark,
Crow, Cuddy, Deal, Denney, Ellsworth, Field(13), Field(20), Gagner,
Gould, Hadley, Hammond, Hansen(23), Hansen(29), Henbest, Hornbeck,
Jaquet, Jones, Judd, Kellogg, Kendell, Kunz, Lake, Linford,
Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen,
Moss, Moyle, Pearce, Pomeroy, Reynolds, Ridinger, Ringo, Robison,
Sali, Schaefer, Sellman, Shepherd, Smith, Smylie, Stevenson,
Stoicheff, Stone, Taylor, Tilman, Trail, Wood, Zimmermann, Mr Speaker
NAYS -- NONE
Absent and excused -- Geddes, Kempton, Pischner, Wheeler
Floor Sponsor - Deal
Title apvd - to Senate
03/08 Senate intro - 1st rdg as amen - to Com/HuRes
03/15 Rpt out - rec d/p - to 2nd rdg as amen
03/16 2nd rdg - to 3rd rdg as amen
03/30 3rd rdg as amen - PASSED - 35-0-0
AYES -- Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Danielson, Darrington, Davis, Deide, Dunklin, Frasure, Geddes,
Hawkins, Ingram, Ipsen, Keough, King-Barrutia, Lee, McLaughlin, Noh,
Parry, Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stegner,
Stennett, Thorne, Wheeler, Whitworth, Williams
NAYS -- None
Absent and excused -- None
Floor Sponsor - Stegner
Title apvd - to House
03/31 To enrol
04/03 Rpt enrol - Sp signed
04/04 Pres signed - to Governor
04/14 Governor signed
Session Law Chapter 299
Effective: 07/01/00
H0481
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 481, As Amended
BY BUSINESS COMMITTEE
1 AN ACT
2 RELATING TO CONVERSION INTO A DOMESTIC MUTUAL INSURER; AMENDING SECTION
3 41-3102A, IDAHO CODE, TO PROVIDE THAT A DOMESTIC MUTUAL INSURER WHICH HAS
4 CONVERTED FROM A COUNTY MUTUAL INSURER SHALL BE SUBJECT TO THE SAME
5 REQUIREMENTS AND SHALL HAVE THE SAME RIGHTS AS A LIKE DOMESTIC INSURER
6 TRANSACTING LIKE KINDS OF INSURANCE EXCEPT THAT PRIOR TO JUNE 30, 2004,
7 SURPLUS AS REGARDS POLICYHOLDERS MAY BE MAINTAINED AT A LEVEL EQUAL TO
8 FIFTY PERCENT NET WRITTEN PREMIUM IN THE CALENDAR YEAR PRECEDING, WITH A
9 MINIMUM SET AT ONE MILLION DOLLARS; AND PROVIDING AN EFFECTIVE DATE.
10 Be It Enacted by the Legislature of the State of Idaho:
11 SECTION 1. That Section 41-3102A, Idaho Code, be, and the same is hereby
12 amended to read as follows:
13 41-3102A. CONVERSION INTO DOMESTIC MUTUAL. (1) A county mutual insurer
14 upon affirmative vote of not less than two-thirds (2/3) of its members who
15 vote on such conversion, pursuant to due notice, and the approval of the
16 director of the terms therefor, may be converted to a domestic mutual insurer.
17 (2) A domestic mutual insurer which has converted from a county mutual
18 insurer shall be subject to the same requirements and shall have the same
19 rights as a like domestic insurer transacting like kinds of insurance, except
20 that:
21 (a) pPrior to January 1, 2000 June 30, 2004, surplus as regards policy-
22 holders may be maintained at a level equal to seventy-five fifty percent
23 (750%) net written premium in the twelve (12) months calendar year preced-
24 ing, with a minimum set at one million dollars ($1,000,000).
25 (b) Prior to January 1, 2000, such mutual insurer shall fulfill the
26 deposit requirement of section 41-316A, Idaho Code, by depositing cash or
27 securities eligible for deposit under section 41-803, Idaho Code, in an
28 amount equal to one-half (1/2) net written premium in the twelve (12)
29 months preceding, with a minimum set at five hundred thousand dollars
30 ($500,000).
31 (c) A domestic mutual insurer who converts from a county mutual insurer
32 after January 1, 1994, shall be subject to the surplus and deposit
33 requirements as set forth in paragraphs (2)(a) and (2)(b) of this section,
34 for a period of up to six (6) years after conversion.
35 (3) The director shall not approve any plan for such conversion which is
36 inequitable to members.
37 SECTION 2. This act shall be in full force and effect on and after July
38 1, 2000.
AH0481
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
Moved by Deal
Seconded by Chase
IN THE HOUSE OF REPRESENTATIVES
HOUSE AMENDMENT TO H.B. NO. 481
1 AMENDMENT TO SECTION 1
2 On page 1 of the printed bill, in line 23, delete "seventy-five percent
3 (75%)" and insert: "seventy-five fifty percent (750%)".
4 CORRECTION TO TITLE
5 On page 1, in line 8, delete "SEVENTY-FIVE" and insert: "FIFTY".
STATEMENT OF PURPOSE
RS09541
The purpose of the proposed legislation is to allow county mutual insurers
that have converted into domestic mutual insurers additional time to meet
Department of Insurance surplus requirements.
FISCAL IMPACT
There would be no fiscal impact.
Contact:
Name: Morgan W. Richards, Jr.
Organization: Idaho Insurance Guaranty Association
Telephone: (208) 385-5451
STATEMENT OF PURPOSE/FISCAL NOTE H 481