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H0494...........................................................by BUSINESS
INSURERS - Amends existing law to limit the ability of an insurer to
transact insurance in Idaho based on the characteristics of the business
name of the insurer; and to authorize the director of the Department of
Insurance to permit or require an insurer to supplement or modify a
business name in the case of a conflict of names.
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 - 60-0-10
AYES -- Andersen, Barrett, Bauer, Bayer, Bedke, Bell, Block, Boe,
Bolz, Bradford, Campbell, Cannon, Clark, Collins, Crow, Cuddy, Deal,
Denney, Douglas, Eberle, Ellsworth, Field(18), Field(23), Gagner,
Garrett, Harwood, Henbest, Jaquet, Kellogg(Nonini), Kulczyk, Lake,
Langford, Langhorst, Martinez, Meyer, Miller, Mitchell, Moyle,
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 -- Barraclough, Black, Edmunson, Eskridge, Jones,
McGeachin, McKague, Naccarato, Stevenson, Mr. Speaker
Floor Sponsor - Snodgrass
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,
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 91
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. 494
BY BUSINESS COMMITTEE
1 AN ACT
2 RELATING TO INSURER REQUIREMENTS; AMENDING SECTION 41-311, IDAHO CODE, TO
3 LIMIT THE ABILITY OF AN INSURER TO TRANSACT INSURANCE IN IDAHO BASED ON
4 THE CHARACTERISTICS OF THE BUSINESS NAME OF THE INSURER AND TO AUTHORIZE
5 THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO PERMIT OR REQUIRE AN
6 INSURER TO SUPPLEMENT OR MODIFY A BUSINESS NAME IN THE CASE OF A CONFLICT
7 OF NAMES.
8 Be It Enacted by the Legislature of the State of Idaho:
9 SECTION 1. That Section 41-311, Idaho Code, be, and the same is hereby
10 amended to read as follows:
11 41-311. NAME OF INSURER. (1) No insurer shall be formed, or authorized or
12 otherwise allowed to transact insurance in this state which has or uses a name
13 or principal identifying name factor which is the same as or deceptively simi-
14 lar to that of another insurer earlier so authorized or allowed to transact
15 insurance in this state.
16 (2) No life insurer shall be so authorized or otherwise allowed to trans-
17 act insurance in this state which has or uses a name deceptively similar to
18 that of another insurer authorized or otherwise allowed to transact insurance
19 in this state within the preceding ten (10) years if life insurance policies
20 originally issued by such other insurer are still outstanding in this state.
21 (3) No insurer shall hereafter be formed, or newly authorized or other-
22 wise allowed to transact insurance in this state which has or uses a name the
23 same as or deceptively similar to the name of any foreign insurer doing busi-
24 ness elsewhere than in this state if such foreign insurer has within the last
25 preceding twelve (12) months signified its intention to secure incorporation
26 in this state under such name, or do business as a foreign insurer in this
27 state under such name by filing notice of such intention with the director,
28 unless the written consent to the use of such name or deceptively similar name
29 has been given by such foreign insurer.
30 (4) No insurer shall be so authorized or otherwise allowed to transact
31 insurance in this state which has or uses a name which tends to deceive or
32 mislead as to the type of organization of the insurer.
33 (5) In case of conflict of names hereafter between two (2) insurers, or a
34 conflict otherwise prohibited under this section, the director may permit, or
35 shall require as a condition to the issuance of an original certificate of
36 authority or other approval to transact insurance in this state to an appli-
37 cant insurer, the insurer to use in this state such supplementation or modifi-
38 cation of its name or such business name as may reasonably be necessary to
39 avoid the conflict. No such name, supplementation or modification shall con-
40 tain the principal identifying factor of the name of any other insurer already
41 authorized or otherwise allowed to transact insurance in this state.
STATEMENT OF PURPOSE
RS 13508
Idaho Code Section 41-311 prohibits an insurer from using a name
deceptively similar to another insurer authorized to do business in
Idaho. Certain types of insurers, however, are not technically
"authorized" to do business in Idaho by virtue of a certificate of
authority, but are allowed to transact insurance in Idaho. For
example, surplus lines insurers. This bill amends Section 41-311
to include any insurer allowed to do business in Idaho within the
prohibition against using a name deceptively similar to another
insurer.
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 494