HOUSE BILL NO. 494

2008 Legislation

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HOUSE BILL NO. 494<br /> – Domestic reciprocal insurer, invest

View Statement of Purpose / Fiscal Impact

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Bill Status


H0494...........................................................by BUSINESS
INSURANCE - INVESTMENTS - Adds to existing law relating to insurance and
investments to provide for the investment, reinvestment and use of moneys
of a domestic reciprocal insurer.

02/08    House intro - 1st rdg - to printing
02/11    Rpt prt - to Bus
02/22    Rpt out - rec d/p - to 2nd rdg
02/25    2nd rdg - to 3rd rdg
02/26    3rd rdg - PASSED - 66-0-4
      AYES -- Anderson, Andrus, Barrett, Bayer, Bedke, Bell, Bilbao, Black,
      Block, Bock, Boe, Bolz, Bowers, Brackett, Bradford, Chadderdon,
      Chavez, Chew, Collins, Durst, Eskridge, Hagedorn, Hart, Harwood,
      Henbest, Henderson, Jaquet, Killen, King, Kren, Labrador, LeFavour,
      Loertscher, Luker, Marriott, Mathews, McGeachin, Mortimer, Moyle,
      Nielsen, Nonini, Pasley-Stuart, Pence, Raybould, Ringo, Roberts,
      Ruchti, Rusche, Sayler, Schaefer, Shepherd(02), Shepherd(08),
      Shirley, Shively, Smith(24), Smith(30)(Stanek), Snodgrass, Stevenson,
      Thayn, Thomas, Trail, Vander Woude, Wills, Wood(27), Wood(35), Mr.
      Speaker
      NAYS -- None
      Absent and excused -- Clark, Crane, Lake, Patrick
    Floor Sponsor - Killen
    Title apvd - to Senate
02/27    Senate intro - 1st rdg - to Com/HuRes
03/26    Rpt out - rec d/p - to 2nd rdg
03/27    2nd rdg - to 3rd rdg
    Rls susp - PASSED - 34-0-1
      AYES -- Andreason, Bair, Bastian, Bilyeu, Broadsword, Burkett,
      Cameron, Coiner, Corder, Darrington, Davis, Fulcher, Gannon(Gannon),
      Geddes, Goedde, Hammond, Heinrich, Hill, Jorgenson, Kelly, Keough,
      Langhorst, Little, Lodge, Malepeai(Sagness), McGee, McKague,
      McKenzie, Pearce, Schroeder, Siddoway, Stegner, Stennett, Werk
      NAYS -- None
      Absent and excused -- Richardson
    Floor Sponsor - Goedde
    Title apvd - to House
03/28    To enrol - Rpt enrol - Sp signed
03/31    Pres signed
04/01    To Governor
04/11    Governor signed
         Session Law Chapter 399
         Effective: 07/01/08

Bill Text




                                                                       
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-ninth Legislature                   Second Regular Session - 2008

                                                                       

                              IN THE HOUSE OF REPRESENTATIVES

                                     HOUSE BILL NO. 494

                                   BY BUSINESS COMMITTEE

  1                                        AN ACT
  2    RELATING TO INSURANCE AND INVESTMENTS; AMENDING CHAPTER  7,  TITLE  41,  IDAHO
  3        CODE,  BY THE ADDITION OF A NEW SECTION 41-732, IDAHO CODE, TO PROVIDE FOR
  4        THE INVESTMENT, REINVESTMENT AND USE OF FUNDS  OF  A  DOMESTIC  RECIPROCAL
  5        INSURER.

  6    Be It Enacted by the Legislature of the State of Idaho:

  7        SECTION  1.  That  Chapter  7,  Title  41, Idaho Code, be, and the same is
  8    hereby amended by the addition thereto of a NEW SECTION, to be known and  des-
  9    ignated as Section 41-732, Idaho Code, and to read as follows:

 10        41-732.  DOMESTIC  RECIPROCAL  INSURER.  Notwithstanding the provisions of
 11    chapter 1, title 57, Idaho Code, and section 67-2328, Idaho Code, funds  of  a
 12    domestic reciprocal insurer which is comprised of and exclusively insures mem-
 13    bers  who  are  political  subdivisions  of  the  state, as defined in section
 14    6-902(2), Idaho Code, and which exclusively insures against risk pertaining to
 15    property and casualty claims, shall be invested, reinvested and  used  in  the
 16    manner  and  subject to the conditions, restrictions and limitations set forth
 17    in this chapter.

Statement of Purpose / Fiscal Impact



                       STATEMENT OF PURPOSE

                             RS 17731

The purpose of this bill is to allow Domestic Reciprocal Insurers
comprised exclusively of political subdivisions of the state of
Idaho and which insure against risk pertaining to property and
casualty claims to invest funds as described in Title 41, Chapter 7,
Idaho Code.



                            FISCAL NOTE

There will be no impact on the general fund of the state as a
result of this bill.





Contact
Name:     Michael J. Kane
          Idaho Counties Risk Management 
Phone:    342-4545


STATEMENT OF PURPOSE/FISCAL NOTE                          H 494