2007 Legislation
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HOUSE BILL NO. 89 – Insurance, life/disability, records

HOUSE BILL NO. 89

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Bill Status



H0089...........................................................by BUSINESS
INSURANCE - LIFE/DISABILITY - Amends existing law relating to the
Department of Insurance to provide language applicable to records
maintenance; and to remove the exemption from recordkeeping requirements
for life and disability insurance.

02/01    House intro - 1st rdg - to printing
02/02    Rpt prt - to Bus
02/26    Rpt out - rec d/p - to 2nd rdg
02/27    2nd rdg - to 3rd rdg
02/28    3rd rdg - PASSED - 69-0-1
      AYES -- Anderson, Andrus, Barrett, Bayer, Bedke, Bell, Bilbao, Black,
      Block, Bock, Boe, Bolz, Brackett, Bradford, Chadderdon, Chavez, Chew,
      Clark, Collins, Crane, Durst, Edmunson, Eskridge, Hagedorn, Hart,
      Harwood, Henbest, Henderson, Jaquet, Killen, King, Kren, Labrador,
      Lake, LeFavour, Loertscher, Luker, Marriott, Mathews, McGeachin,
      Mortimer, Moyle, Nielsen, Nonini, Pasley-Stuart, Patrick, Pence,
      Raybould, Ring, Ringo, Roberts, Ruchti, Rusche, Sayler, Schaefer,
      Shepherd(2), Shepherd(8), Shirley, Shively, Smith(30), Smith(24),
      Snodgrass, Stevenson, Thayn, Trail, Vander Woude, Wood(27), Wood(35),
      Mr. Speaker
      NAYS -- None
      Absent and excused -- Wills
    Floor Sponsor - Bilbao
    Title apvd - to Senate
03/01    Senate intro - 1st rdg - to Com/HuRes
03/16    Rpt out - rec d/p - to 2nd rdg
03/19    2nd rdg - to 3rd rdg
03/21    3rd rdg - PASSED - 35-0-0
      AYES -- Andreason, Bair, Bastian, Bilyeu, Broadsword, Burkett,
      Cameron, Coiner, Corder, Darrington, Davis, Fulcher, Gannon, Geddes,
      Goedde, Hammond, Heinrich, Hill, Jorgenson, Kelly, Keough, Langhorst,
      Little, Lodge, Malepeai, McGee, McKague, McKenzie, Pearce,
      Richardson, Schroeder, Siddoway, Stegner, Stennett, Werk
      NAYS -- None
      Absent and excused -- None
    Floor Sponsor - Cameron
    Title apvd - to House
03/22    To enrol - Rpt enrol - Sp signed
03/23    Pres signed
03/26    To Governor
03/30    Governor signed
         Session Law Chapter 278
         Effective: 07/01/07

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-ninth Legislature                   First Regular Session - 2007
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 89
                                                                        
                                   BY BUSINESS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO THE DEPARTMENT OF INSURANCE; AMENDING SECTION 41-1036, IDAHO CODE,
  3        TO PROVIDE LANGUAGE APPLICABLE TO RECORDS MAINTENANCE AND  TO  REMOVE  THE
  4        EXEMPTION  FROM  RECORDKEEPING REQUIREMENTS FOR LIFE AND DISABILITY INSUR-
  5        ANCE.
                                                                        
  6    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  7        SECTION 1.  That Section 41-1036, Idaho Code, be, and the same  is  hereby
  8    amended to read as follows:
                                                                        
  9        41-1036.  RECORDS.  (1)  A  producer  holding a license under this chapter
 10    shall make available through his principal place of business complete  records
 11    of transactions placed through or countersigned by the producer.
 12        (2)  Records  as provided in subsection (1) of this section shall include,
 13    but not be limited to:
 14        (a)  The names and addresses of insurer and insured;
 15        (b)  The number and expiration date of the policy or contract;
 16        (c)  The premium payable as to the policy or contract;
 17        (d)  The date, time, insurer, insured and coverage of every binder made by
 18        the producer;
 19        (e)  All disclosures made by a producer to an insured or to a  prospective
 20        insured; and
 21        (f)  Such other information as the director may reasonably require.
 22        (3)  The  records  shall  be kept available for inspection by the director
 23    for at least five (5) years after the creation or the completion, whichever is
 24    later, of the respective transactions. The records may be maintained  off-site
 25    and  in  electronic  form  if the records can be made available for inspection
 26    through the producer's principal place of business upon reasonable  notice  by
 27    the director.
 28        (4)  This section shall not apply to life and disability insurance.

Statement of Purpose / Fiscal Impact


                    STATEMENT OF PURPOSE

                         RS 16481C1

This proposal amends existing law that requires producers to 
maintain business records and make them available to the 
director for five years.  Currently, the requirements do not 
apply to records concerning life and disability insurance.  The 
amendment would eliminate the current exemption for life and 
disability insurance so that the record keeping requirement 
would apply to all insurance records of producers.  The proposed 
changes also clarify that records may be maintained off-site in 
electronic form if the producers can make them available for 
inspection upon reasonable notice by the director.


                         FISCAL NOTE

No fiscal impact.




CONTACT
Name:	Shad Priest
Agency:	Insurance, Dept. of
Phone:	334-4214


STATEMENT OF PURPOSE/FISCAL NOTE	               H 89