ID S1014

Amends Idaho Code Section 41-406 to modify the distribution of insurance-related taxes, fines, and penalties collected by the Department of Insurance.

Director may deposit up to 20% of collected funds into an insurance refund account (capped at $40,000 annually) to repay overpayments and erroneous receipts, with excess transferred to the general fund.

Maintains existing provisions for distributing premium tax portions to the public employee retirement fund and creating an insurance insolvency administrative fund (capped at $200,000 per fiscal year with a $100,000 minimum balance).

Removes mandatory allocations requiring one-fourth of premium tax excess above $45 million to go to the Idaho high risk individual reinsurance pool and specific allocations to health insurance programs, allowing the balance to go to the general fund instead.

All premium tax provisions regarding specific fund allocations expire and become void on October 1, 2015, through a sunset clause.