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ID H0179
Bill
AI Summary
House Bill 179 Summary
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Applies surplus lines insurance regulations only when the insured's home state is Idaho, limiting scope of state oversight to Idaho-domiciled insureds.
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Exempts surplus line brokers from the diligent search requirement when placing insurance with exempt commercial purchasers if the purchaser has been informed of risks and requests unauthorized insurer coverage in writing.
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Restricts surplus line brokers to placing insurance only with foreign insurers meeting minimum capital and surplus requirements of $15,000,000 or state minimums, whichever is greater, or with alien insurers on the NAIC quarterly listing.
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Revises the surplus lines tax computation for property and casualty insurance (excluding workers' compensation) to be based on the entire premium when Idaho is the insured's home state, regardless of where risks are physically located.
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Authorizes the insurance director to participate in national insurance producer databases for surplus line broker licensure and grants rulemaking authority for financial requirement waivers in unavailable insurance markets.
Legislative Description
Amends existing law relating to unauthorized insurers and surplus lines to provide that certain code sections apply only when the insured's home state is Idaho; to provide that a certain search requirement is not required in certain circumstances, to provide record maintenance requirements, to provide restrictions relating to insurers with which surplus line brokers may insure, to grant the director certain rulemaking authority and to provide a penalty; to grant the director the authority to participate in a certain database; and to revise provisions relating to a tax on surplus lines.
UNAUTHORIZED INSURERS AND SURPLUS LINES
Last Action
Governor signed Session Law Chapter 183 Effective: 07/21/11 Section 5; 07/01/11 All other sections
4/5/2011