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H0488...........................................................by BUSINESS
STATE INSURANCE FUND - Amends existing law to provide that the State
Insurance Fund shall be examined by the Department of Insurance at least
once every five years.
01/20 House intro - 1st rdg - to printing
01/21 Rpt prt - to Bus
02/10 Rpt out - rec d/p - to 2nd rdg
02/11 2nd rdg - to 3rd rdg
02/16 3rd rdg - PASSED - 70-0-0
AYES -- Andersen, Barraclough, Barrett, Bauer, Bayer, Bedke, Bell,
Black, Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins,
Crow, Cuddy, Deal, Denney, Douglas, Eberle, Edmunson, Ellsworth,
Eskridge, Field(18), Field(23), Gagner, Garrett, Harwood, Henbest,
Jaquet, Jones, Kellogg(Nonini), Kulczyk, Lake, Langford, Langhorst,
Martinez, McGeachin, McKague, Meyer, Miller, Mitchell, Moyle,
Naccarato, Nielsen, Pasley-Stuart, Raybould, Ridinger, Ring, Ringo,
Roberts, Robison, Rydalch, Sali, Sayler, Schaefer, Shepherd, Shirley,
Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Trail,
Wills, Wood, Mr. Speaker
NAYS -- None
Absent and excused -- None
Floor Sponsor - Snodgrass
Title apvd - to Senate
02/17 Senate intro - 1st rdg - to Com/HuRes
02/25 Rpt out - rec d/p - to 2nd rdg
02/26 2nd rdg - to 3rd rdg
03/16 3rd rdg - PASSED - 33-0-2
AYES -- Andreason, Bailey, Brandt, Bunderson, Burkett, Burtenshaw,
Calabretta, Cameron, Compton, Darrington, Davis, Gannon, Geddes,
Goedde, Hill, Kennedy, Keough, Little, Lodge, Malepeai, Marley,
McKenzie, McWilliams, Noble, Pearce, Richardson, Schroeder, Sorensen,
Stegner, Stennett, Sweet, Werk, Williams
NAYS -- None
Absent and excused -- Ingram, Noh
Floor Sponsor - Cameron
Title apvd - to House
03/17 To enrol
03/18 Rpt enrol - Sp signed
03/19 Pres signed - To Governor
03/23 Governor signed
Session Law Chapter 237
Effective: 07/01/04
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-seventh Legislature Second Regular Session - 2004
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 488
BY BUSINESS COMMITTEE
1 AN ACT
2 RELATING TO THE STATE INSURANCE FUND; AMENDING SECTION 72-914, IDAHO CODE, TO
3 PROVIDE THAT THE STATE INSURANCE FUND SHALL BE EXAMINED BY THE DEPARTMENT
4 OF INSURANCE AT LEAST ONCE EVERY FIVE YEARS.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 72-914, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 72-914. ACCOUNTS. The manager shall keep an account of the money paid in
9 premiums by each of the several classes of employments, and the expense of
10 administering the state insurance fund, and the disbursements on account of
11 injuries and deaths of employees in each of said classes, including the set-
12 ting up of reserves adequate to meet anticipated and unexpected losses and to
13 carry the claims to maturity; and also an account of the money received from
14 each individual employer; and of the amount disbursed from the state insurance
15 fund for expenses, and on account of injuries and disablement and death of the
16 employees of such employer, including the reserves so set up.
17 Examination of Fund: The state insurance fund shall be examined by the
18 department of insurance at least once in three five (35) years. For such pur-
19 pose the director of the department of insurance shall appoint as examiner one
20 (1) or more competent persons not officers of or connected with any insurance
21 corporation other than as policyholders. The examiner or examiners so
22 appointed shall make a full and true report of such examination, verified
23 under oath, and such report when completed shall be included in and made a
24 part of any report required by law to be made by the fund to the governor of
25 this state. At the direction of the director of the department of insurance,
26 the costs of such examination shall be paid by the fund in accordance with
27 section 41-228, Idaho Code.
28 The director of the department of insurance shall transmit to the governor
29 a copy of the official examination of the state insurance fund immediately
30 upon its completion by the examiner or examiners, and a copy of such examina-
31 tion report shall be filed in the department of insurance and be open to pub-
32 lic inspection.
STATEMENT OF PURPOSE
RS 13499
All domestic Idaho insurers are required to be examined by the
Department of Insurance at least once every five years. Idaho Code
Section 72-914 requires that the Department examine the State
Insurance Fund at least once every three years. This bill amends
Idaho Code Section 72-914 to change the examination period for the
State Insurance Fund the same as for other domestic insurance
companies at least once every five years. The Department will
still have the authority to examine the Fund more frequently than
every five years if it considers it necessary, but this change will
provide the Department greater flexibility in apportioning its
examination resources.
FISCAL IMPACT
There will be no fiscal impact.
CONTACT
Name: Georgia Hill
Agency: Department of Insurance
Phone: 334-4314
Statement of Purpose/Fiscal Impact H 488