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H0499aa.........................................................by BUSINESS
INSURERS - DOMESTIC STOCK - Amends existing law to provide that domestic
stock insurers may amend their bylaws as provided by state law; and to
provide that no such amendment to an insurer's articles of incorporation
shall be effectuated until a fully executed copy of the certificate of
amendments has been filed with and approved by the director.
01/20 House intro - 1st rdg - to printing
01/21 Rpt prt - to Bus
02/10 Rpt out - to Gen Ord
02/17 Rpt out amen - to engros
02/18 Rpt engros - 1st rdg - to 2nd rdg as amen
02/19 2nd rdg - to 3rd rdg as amen
02/24 3rd rdg as amen - PASSED - 66-0-4
AYES -- Andersen, Barraclough, Barrett, Bauer, Bayer, Bedke, Bell,
Black, Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins,
Crow, Deal, Denney, Douglas, Eberle, Ellsworth, Eskridge, Field(18),
Field(23), Gagner, Garrett, Harwood, Henbest, Jaquet, Jones, Kellogg,
Kulczyk, Lake, Langford, Langhorst, Martinez, McGeachin, McKague,
Meyer, Miller, Mitchell, Moyle, Naccarato, Nielsen, Pasley-Stuart,
Raybould, Ridinger, Ring, Roberts, Robison, Rydalch, Sali, Sayler,
Schaefer, Shepherd, Shirley, Skippen, Smith(30), Smylie, Snodgrass,
Stevenson, Trail, Wills, Wood, Mr. Speaker
NAYS -- None
Absent and excused -- Cuddy, Edmunson, Ringo, Smith(24)
Floor Sponsor - Deal
Title apvd - to Senate
02/25 Senate intro - 1st rdg - to Com/HuRes
03/10 Rpt out - rec d/p - to 2nd rdg
03/11 2nd rdg - to 3rd rdg
03/19 3rd rdg - PASSED - 35-0-0
AYES -- Andreason, Bailey, Brandt, Bunderson, Burkett(Maxand),
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 - Goedde
Title apvd - to House
03/20 To enrol - Rpt enrol - Sp signed - Pres signed
03/22 To Governor
03/23 Governor signed
Session Law Chapter 239
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. 499
BY BUSINESS COMMITTEE
1 AN ACT
2 RELATING TO DOMESTIC STOCK INSURERS; AMENDING SECTION 41-2826, IDAHO CODE, TO
3 PROVIDE THAT DOMESTIC STOCK INSURERS MAY AMEND THEIR BYLAWS AS PROVIDED BY
4 STATE LAW.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 41-2826, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 41-2826. AMENDMENT OF ARTICLES OF INCORPORATION -- STOCK INSURERS. (1) A
9 domestic stock insurer may amend its articles of incorporation or bylaws for
10 any lawful purpose through procedures prescribed by the statutes of this state
11 as to business corporations in general, and by complying with the requirements
12 of subsection (2) below.
13 (2) No such amendment shall be effectuated until a fully executed copy of
14 the certificate of amendments has been filed with the director, and has been
15 approved by him. The director shall approve the amendment unless found by him
16 not to be in compliance with law. At time of filing, the fee therefor shall be
17 paid in the amount prescribed in section 41-401 (fee schedule).
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-seventh Legislature Second Regular Session - 2004
Moved by Deal
Seconded by Kellogg
IN THE HOUSE OF REPRESENTATIVES
HOUSE AMENDMENT TO H.B. NO. 499
1 AMENDMENT TO SECTION 1
2 On page 1 of the printed bill, in line 13, following "amendment" insert:
3 "to an insurer's articles of incorporation".
4 CORRECTION TO TITLE
5 On page 1, in line 4, following "LAW" insert: "AND TO PROVIDE THAT NO SUCH
6 AMENDMENT TO AN INSURER'S ARTICLES OF INCORPORATION SHALL BE EFFECTUATED UNTIL
7 A FULLY EXECUTED COPY OF THE CERTIFICATE OF AMENDMENTS HAS BEEN FILED WITH AND
8 APPROVED BY THE DIRECTOR".
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-seventh Legislature Second Regular Session - 2004
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 499, As Amended
BY BUSINESS COMMITTEE
1 AN ACT
2 RELATING TO DOMESTIC STOCK INSURERS; AMENDING SECTION 41-2826, IDAHO CODE, TO
3 PROVIDE THAT DOMESTIC STOCK INSURERS MAY AMEND THEIR BYLAWS AS PROVIDED BY
4 STATE LAW AND TO PROVIDE THAT NO SUCH AMENDMENT TO AN INSURER'S ARTICLES
5 OF INCORPORATION SHALL BE EFFECTUATED UNTIL A FULLY EXECUTED COPY OF THE
6 CERTIFICATE OF AMENDMENTS HAS BEEN FILED WITH AND APPROVED BY THE DIREC-
7 TOR.
8 Be It Enacted by the Legislature of the State of Idaho:
9 SECTION 1. That Section 41-2826, Idaho Code, be, and the same is hereby
10 amended to read as follows:
11 41-2826. AMENDMENT OF ARTICLES OF INCORPORATION -- STOCK INSURERS. (1) A
12 domestic stock insurer may amend its articles of incorporation or bylaws for
13 any lawful purpose through procedures prescribed by the statutes of this state
14 as to business corporations in general, and by complying with the requirements
15 of subsection (2) below.
16 (2) No such amendment to an insurer's articles of incorporation shall be
17 effectuated until a fully executed copy of the certificate of amendments has
18 been filed with the director, and has been approved by him. The director shall
19 approve the amendment unless found by him not to be in compliance with law. At
20 time of filing, the fee therefor shall be paid in the amount prescribed in
21 section 41-401 (fee schedule).
STATEMENT OF PURPOSE
RS 13502
This bill amends Idaho Code Section 41-2826 to require that
insurance companies that are corporations file amendments to their
bylaws with the Department of Insurance. Insurers are required to
file their bylaws with the Department when they are licensed to do
business in Idaho, and the code specifically requires that mutual
insurers file amendments to thier bylaws with the Department, but
the code is silent regarding whether stock companies must also
provide the Department with copies of subsequent amendments to
their bylaws. Filing of amended bylaws with the Department allows
the Department to track important changes in a company's structure
and management.
FISCAL IMPACT
There will be no fiscal impact.
CONTACT
Name: Shad Priest
Agency: Department of Insurance
Phone: 334-4214
Statement of Purpose/Fiscal Impact H 499