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ID H0462

Bill

Official Source

Status

Passed

3/31/2010

Primary Sponsor

Unknown

Origin

House of Representatives

2010 Regular Session

AI Summary

  • Revises Section 41-1220 of Idaho Code regarding endorsement requirements for surplus lines insurance contracts
  • Modifies the required font specifications for the mandatory endorsement from "red ink with at least ten (10) point bold print" to "black ink with at least twelve (12) point bold print"
  • Requires every surplus lines insurance contract to display a specific disclaimer stating the insurer is not licensed by the Idaho Department of Insurance
  • Requires the disclaimer to state that neither the Idaho Insurance Guaranty Association nor the Idaho Life and Health Insurance Guaranty Association provides coverage for surplus line insurance
  • Mandates the name of the surplus lines broker who procured the contract appear on the endorsement

Legislative Description

Amends existing law relating to unauthorized insurers and surplus lines to revise requirements relating to surplus line contracts.

INSURANCE

Last Action

Governor signed Session Law Chapter 164 Effective: 07/01/10

3/31/2010

Committee Referrals

Commerce and Human Resources3/11/2010
Business2/4/2010
State Affairs2/3/2010

Full Bill Text

No bill text available