House Bill 587 Summary

• Adds exception to Idaho insurance certificate of authority requirement for foreign insurers licensed in another state to sell individual or group accident and sickness insurance, if they obtain a certificate under the new interstate sales provision.

• Allows foreign insurers licensed and authorized in their state of domicile to offer and sell accident and sickness insurance in Idaho provided policies include mandatory coverages required by Idaho law.

• Requires foreign insurers to submit to Idaho jurisdiction, appoint the director as agent for service of process, comply with Idaho law on disputes (governed by Idaho law, litigated or resolved in Idaho), and pay all applicable fees and assessments.

• Mandates foreign insurers selling policies in Idaho pay the standard premium tax under section 41-402 plus an additional 1% of gross direct premiums written on Idaho policies to the catastrophic health care fund.

• Defines "individual or group accident and sickness insurance" to include policies covering loss from sickness or bodily injury/death by accident, comprehensive major medical coverage, and high deductible health plans under Internal Revenue Code section 223.