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H0490...........................................................by BUSINESS
INSURER - SURPLUS LINES - Amends existing law to require eligible surplus
lines insurers to notify the director of the Department of Insurance of any
changes to the insurer's name, address or state of domicile within sixty
days.
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 - Bayer
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
03/10 3rd rdg - PASSED - 35-0-0
AYES -- Andreason(Andreason), Bailey, Brandt, Bunderson, Burkett,
Burtenshaw, Calabretta, Cameron, Compton, Darrington, Davis, Gannon,
Geddes, Goedde, Hill, Ingram, Kennedy, Keough, Little, Lodge,
Malepeai, Marley, McKenzie, McWilliams, Noble, Noh, Pearce,
Richardson, Schroeder, Sorensen, Stegner, Stennett, Sweet, Werk,
Williams
NAYS -- None
Absent and excused -- None
Floor Sponsor - Werk
Title apvd - to House
03/11 To enrol
03/12 Rpt enrol - Sp signed
03/15 Pres signed
03/16 To Governor
03/19 Governor signed
Session Law Chapter 87
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. 490
BY BUSINESS COMMITTEE
1 AN ACT
2 RELATING TO SURPLUS LINES INSURERS; AMENDING SECTION 41-1217, IDAHO CODE, TO
3 REQUIRE ELIGIBLE SURPLUS LINES INSURERS TO NOTIFY THE DIRECTOR OF ANY
4 CHANGES TO THE INSURER'S NAME, ADDRESS OR STATE OF DOMICILE WITHIN SIXTY
5 DAYS.
6 Be It Enacted by the Legislature of the State of Idaho:
7 SECTION 1. That Section 41-1217, Idaho Code, be, and the same is hereby
8 amended to read as follows:
9 41-1217. ELIGIBLE SURPLUS LINES INSURERS. (1) A broker shall not know-
10 ingly place surplus lines insurance with an insurer that is unsound finan-
11 cially, or that is ineligible under this section.
12 (2) The director shall from time to time compile or approve a list of all
13 surplus lines insurers deemed by him to be eligible currently, and shall cause
14 to be sent a copy of such list to each broker at his office last of record
15 with the director. This subsection shall not be deemed to require the director
16 to determine the actual financial condition or claims practices of any unau-
17 thorized insurer; and the status of eligibility, if granted by the director,
18 shall indicate only that the insurer appears to be sound financially and to
19 have satisfactory claims practices, and that the director has no credible evi-
20 dence to the contrary. While any such list is in effect the broker shall
21 restrict to the insurers so listed all surplus lines business placed by him
22 and a person who independently procures its own insurance pursuant to this
23 chapter for risks located in Idaho shall only purchase surplus line insurance
24 from insurers so listed.
25 (3) An eligible surplus lines insurer shall notify the director of any
26 change to the name of the insurer, its physical or mailing address, or its
27 state of domicile, within sixty (60) days of such change.
STATEMENT OF PURPOSE
RS 13504
This bill amends Idaho Code Section 41-1217 to require that surplus
lines carriers provide timely notice to the Department of Insurance
of changes to the name of the company, the company's physical or
mailing address, or the company's state of domicile. Surplus lines
carriers are not directly regulated by the Department of Insurance,
but it is important that the Department of Insurance have current
contact information for the company available to respond to
inquiries from consumers.
FISCAL IMPACT
There will be no fiscal impact.
CONTACT
Name: Martha Hopper
Agency: Department of Insurance
Phone: 334-4315
Statement of Purpose/Fiscal Impact H 490