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HOUSE BILL NO. 4

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Daily Data Tracking History

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H0004........................................................by MR. SPEAKER
                   Requested by Department of Insurance
INSURERS - VARIABLE CONTRACTS - Amends existing law to remove a requirement
that the Department of Insurance allow an insurer to issue variable
contracts in Idaho based solely on affiliation with another insurer that is
so authorized.

01/11    House intro - 1st rdg - to printing
01/11    Rpt prt - to Bus
01/29    Rpt out - rec d/p - to 2nd rdg
02/01    2nd rdg - to 3rd rdg
02/02    3rd rdg - PASSED - 66-0-3
      AYES -- Alltus, Barraclough, Barrett, Bell, Boe, Bruneel, Callister,
      Campbell, Chase, Clark, Crow, Cuddy, Deal, Denney, Ellsworth,
      Field(13), Field(20), Gagner, Geddes, Gould, Hadley, Hammond,
      Hansen(23), Hansen(29), Henbest, Hornbeck, Jaquet, Jones, Judd,
      Kellogg, Kempton, Kendell, Kjellander, Kunz, Lake, Limbaugh,
      Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen,
      Moyle, Pischner, Pomeroy, Reynolds, Ridinger, Ringo, Robison, Sali,
      Schaefer, Sellman, Smith, Stevenson, Stoicheff, Stone, Taylor,
      Tilman, Tippets, Trail, Watson, Wheeler, Williams, Zimmermann,
      Mr Speaker
      NAYS -- None
      Absent and excused -- Black, Linford, Wood
    Dist. 19, Seat A, Vacant
    Floor Sponsor - Alltus
    Title apvd - to Senate
02/03    Senate intro - 1st rdg - to Com/HuRes
03/03    Rpt out - rec d/p - to 2nd rdg
03/04    2nd rdg - to 3rd rdg
03/11    3rd rdg - PASSED - 32-0-3
      AYES -- Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
      Crow, Danielson, Darrington, Davis, Diede, Dunklin, Frasure, Geddes,
      Hawkins, Ingram, Ipsen, King, Lee, McLaughlin, Richardson, Riggs,
      Risch, Sandy, Schroeder, Sorensen, Stegner, Stennett, Thorne, Twiggs,
      Wheeler, Whitworth
      NAYS -- None
      Absent and excused -- Keough, Noh, Parry
    Floor Sponsor - Davis
    Title apvd - to House
03/12    To enrol
03/15    Rpt enrol - Sp signed
03/16    Pres signed - to Governor
03/18    Governor signed
         Session Law Chapter 95
         Effective: 07/01/99

Bill Text

H0004

                                                                        
 ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
Fifty-fifth Legislature                 First Regular Session - 1999
                                                                        

                             IN THE HOUSE OF REPRESENTATIVES

                                     HOUSE BILL NO. 4

                                      BY MR. SPEAKER
                          Requested by: Department of Insurance

 1                                        AN ACT
 2    RELATING TO INSURANCE CONTRACTS; AMENDING  SECTION  41-1938,  IDAHO  CODE,  TO
 3        STRIKE A PROVISION GRANTING AUTHORITY TO ISSUE VARIABLE CONTRACTS IN IDAHO
 4        AND TO MAKE A TECHNICAL CORRECTION.

 5    Be It Enacted by the Legislature of the State of Idaho:

 6        SECTION  1.  That  Section 41-1938, Idaho Code, be, and the same is hereby
 7    amended to read as follows:

 8        41-1938.  VARIABLE CONTRACTS -- AUTHORITY OF INSURER TO ISSUE.    (1)
 9      No insurer shall deliver or issue for delivery in this state contracts
10    authorized under section 41-1936 , Idaho Code,   of  this  act
11      unless it is authorized or organized to do a life insurance or annuity
12    business in this state, and the director is satisfied that  its  condition  or
13    method of operation in connection with the issuance of such contracts will not
14    render  its  operation  hazardous  to  the public or its policyholders in this
15    state. In this connection, the director shall consider among other things:
16        ( a  1 )  The history and financial condition of the
17    insurer;
18        ( b  2 )  The character, responsibility and  fitness
19    of the officers and directors of the insurer; and
20        (  c    3  )  The law and regulation under which the
21    insurer is authorized in the state of domicile to issue variable contracts.
22         (2)  An insurer which issues variable contracts and which is a  sub-
23    sidiary  of, or affiliated through common management or ownership with another
24    life insurer authorized to transact such insurance  in  this  state  shall  be
25    deemed  to  have met the provisions of this section if either it or the parent
26    or affiliated insurer meets the requirements hereof. 

Statement of Purpose / Fiscal Impact

                      STATEMENT  OF  PURPOSE
                             RS08349
To amend Idaho Code, Section 41-1938, to remove the requirement
that the department allow an insurer to issue variable contracts in
Idaho based solely on affiliation with another insurer that is
authorized to issue such products in Idaho.







                         FISCAL  IMPACT
None.

CONTACT   
Name:     Robert Murphy
Agency:   Department of Insurance
Phone:    334-4250

Statement of Purpose/Fiscal Impact                              H