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ID H0501
Bill
Status
Passed
3/30/2016
Primary Sponsor
Commerce and Human Resources Committee
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AI Summary
- Expands acceptable security instruments for worker's compensation insurers to include municipal bonds issued by the state of Idaho, its subdivisions, counties, cities, towns, villages, and school districts, in addition to existing US Treasury obligations and surety bonds
- Requires worker's compensation insurers to maintain bonds with a credit rating grade of at least "single A minus" from one or more nationally recognized statistical rating organizations (NRSRO)
- Mandates that insurers replace any bond downgraded below "single A minus" within 30 days of the downgrade notification
- Places responsibility on insurers to monitor credit ratings for their bonds
- Declares the act an emergency, making it effective upon passage and approval
Legislative Description
Amends existing law to revise acceptable security instruments for worker's compensation insurers.
WORKER'S COMPENSATION INSURANCE
Last Action
Reported Signed by Governor on March 30, 2016 Session Law Chapter 282 Effective: 03/30/2016
3/30/2016
Full Bill Text
No bill text available