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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 threefive ( 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