ID H0420

Allows insurance administrators applying for home state licenses to submit unaudited financial statements in lieu of audited statements upon written application and a showing of good cause by the director.

Acceptable unaudited financial statement formats include reports compiled or reviewed by a certified public accountant or internal financial reports prepared in accordance with GAAP and certified by at least two officers, owners or directors.

Requires administrators submitting unaudited financial statements to secure and maintain a surety bond of the greater of ten percent (10%) of funds handled for Idaho residents or twenty thousand dollars ($20,000).

Amends annual reporting requirements in Section 41-914 to allow similar hardship exemptions for unaudited financial statements with the same surety bond requirements and acceptable formats.

Makes technical corrections throughout both sections, including changing references from "administrator applicant" to "applicant" and clarifying consolidation worksheet requirements for audited financial reports.