2004 Legislation
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HOUSE BILL NO. 488 – State Insurance Fund examined, when


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Bill Status

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

Bill Text

  ]]]]              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
  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 / Fiscal Impact

                     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.

Name:     Georgia Hill
Agency:   Department of Insurance
Phone:    334-4314

Statement of Purpose/Fiscal Impact                       H 488