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
|||| 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)p Prior to January 1, 2000June 30, 2004, surplus as regards policy- 22 holders may be maintained at a level equal to seventy-fivefifty percent 23 ( 750%) net written premium in the twelve (12) monthscalendar 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 the26 deposit requirement of section 41-316A, Idaho Code, by depositing cash or27 securities eligible for deposit under section 41-803, Idaho Code, in an28 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 dollars30 ($500,000).31 (c) A domestic mutual insurer who converts from a county mutual insurer32 after January 1, 1994, shall be subject to the surplus and deposit33 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.
|||| 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-fivefifty 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