Print Friendly HOUSE BILL NO. 497 – Insurers, annual statements
HOUSE BILL NO. 497
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INSURERS - Amends existing law relating to insurance to provide that annual
statements shall be prepared in accordance with specified standards of the
National Association of Insurance Commissioners and revisions to such
standards as adopted by the director of the Department of Insurance.
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
02/17 3rd rdg - PASSED - 64-0-6
AYES -- Andersen, Barraclough, Barrett, Bauer, Bayer, Bedke, Bell,
Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins, Crow,
Cuddy, Deal, Denney, Douglas, Eberle, Edmunson, Ellsworth, Field(18),
Field(23), Gagner, Garrett, Harwood, Henbest, Jaquet,
Kellogg(Nonini), Kulczyk, Lake, Langford, Langhorst, Martinez,
McGeachin, 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, Trail, Wills, Wood
NAYS -- None
Absent and excused -- Black, Eskridge, Jones, McKague, Stevenson, Mr.
Floor Sponsor - Meyer
Title apvd - to Senate
02/18 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,
NAYS -- None
Absent and excused -- None
Floor Sponsor - Compton
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 93
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-seventh Legislature Second Regular Session - 2004
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 497
BY BUSINESS COMMITTEE
1 AN ACT
2 RELATING TO INSURANCE; AMENDING SECTION 41-335, IDAHO CODE, TO PROVIDE THAT
3 ANNUAL STATEMENTS SHALL BE PREPARED IN ACCORDANCE WITH SPECIFIED STANDARDS
4 OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS AND REVISIONS TO
5 SUCH STANDARDS AS ADOPTED BY THE DIRECTOR, TO PROVIDE CORRECT TERMINOLOGY
6 AND TO MAKE GRAMMATICAL CORRECTIONS.
7 Be It Enacted by the Legislature of the State of Idaho:
8 SECTION 1. That Section 41-335, Idaho Code, be, and the same is hereby
9 amended to read as follows:
10 41-335. ANNUAL STATEMENT. (1) Each authorized insurer shall annually on
11 or before March 1, or within any extension of time therefor, not to exceed
12 thirty (30) days, which the director for good cause may have granted, file
13 with the director a full and true statement of its financial condition, trans-
14 actions and affairs as of the preceding December 31. Unless otherwise required
15 by the director, the statement is to be prepared in accordance with the
16 national association of insurance commissioners' (NAIC) annual statement
17 instructions and the NAIC's accounting practices and procedures manual,
18 adopted by the national association of insurance commissioners (NAIC) utiliz-
19 ing the version of the manual effective January 1, 2004, and any subsequent
20 revisions that are adopted for use by the director by rule, administrative
21 order or bulletin, and is to be submitted on the NAIC annual convention state-
22 ment blank form, and any statement, form or other information relating to the
23 compensation of any officer, director or employee will be deemed confidential.
24 At the seasonable request of a domestic insurer the director shall furnish to
25 the insurer the blank form of annual statement to be used by it. The statement
26 shall be verified by the oath of the insurer's president or vice president,
27 and secretary or actuary as applicable, or if a reciprocal insurer, by the
28 oath of the attorney in fact or its like officers if a corporation.
29 (2) The statement of an alien insurer shall be verified by its United
30 States manager or other officer duly authorized, and shall relate only to the
31 insurer's transactions and affairs in the United States unless the director
32 requires otherwise. If the director requires a statement as to the insurer's
33 affairs throughout the world, the insurer shall file such statement with the
34 director as soon as reasonably possible.
35 (3) An insurer which is subject to section 41-337, Idaho Code, (resident
36 agent, countersignature law) shall attach to its annual statement the affida-
37 vit required under section 41-339, Idaho Code.
38 (4) Any insurance company licensed to do business in this state which
39 neglects to file or fails to file in the time prescribed by statute its annual
40 statement or supplemental summary statement requested by the director shall be
41 subject to a penalty of twenty-five dollars ($25.00) per day for each day in
42 default. This penalty will be in addition to any administrative penalty which
43 may be assessed pursuant to sections 41-327 and 41-324, Idaho Code.
1 (5) Each domestic insurer authorized to do business in this state shall
2 annually, on or before March 1 of each year, file with the NAIC its annual
3 financial statement in a form prescribed by the director along with any addi-
4 tional filings prescribed by the director for the preceding year. The informa-
5 tion filed with the NAIC shall be in the same format and scope as that
6 required by this code. Any amendments or addenda to the annual statement shall
7 also be filed with the NAIC.
8 (6) At time of filing, the insurer shall pay to the director the fee for
9 filing its statement as prescribed by rule of the department of insurance.
10 (7) The financial statements filed with the director pursuant to this
11 section, with the exception of information relating to officer, director, or
12 employee compensation referred to in subsection (1) of this section, are pub-
13 lic records and available to the public, notwithstanding the exemptions from
14 disclosure provided in chapter 3, title 9, Idaho Code.
STATEMENT OF PURPOSE
This bill amends Idaho Code Section 41-335 to specify the edition
of the National Association of Insurance Commissioners' accounting
practices and procedures manual to be used by insurers in
completing financial reports to the Department of Insurance, and to
allow the Director to adopt subsequent revisions to the manual by
rule, order or bulletin.
There will be no fiscal impact.
Name: Shad Priest
Agency: Department of Insurance
Statement of Purpose/Fiscal Impact H 497