ID H0440

Amends Section 41-342 to require redomesticated insurers to designate their principal place of business in Idaho in compliance with Section 41-2839.

Creates an exception in Section 41-2839 allowing stock insurers that redomesticated to Idaho to maintain their home office and assets outside the state if they meet five conditions.

Required conditions include: majority stock ownership by a mutual insurance holding company with its home office in Idaho, ability to produce complete records in Idaho upon request, material administrative and financial activities conducted in Idaho, at least one officer and one director who are state residents, and payment of all examination expenses exceeding standard costs.

Clarifies that redomesticated insurers' assets held outside the state are permitted under the exceptions outlined in Section 41-2839(2).

Makes technical correction to terminology by replacing "record keeping" with "recordkeeping" in accounting standards section.