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ID H0548
Bill
Status
3/20/2018
Primary Sponsor
Business Committee
Click for details
AI Summary
HB 548 Summary
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Long-term care rider benefits are classified as the same type of benefits as the base life insurance policy or annuity contract to which they are attached for guaranty association coverage purposes.
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The Idaho Life and Health Insurance Guaranty Association may terminate health benefit plans subject to state or federal guaranteed issue requirements upon entry of a liquidation order with director approval.
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Class B assessments for long-term care insurance are allocated using a methodology approved by the director that splits assessments 50% to health member insurers and 50% to life and annuity member insurers, differing from the standard allocation formula for other insurance types.
Legislative Description
Amends existing law to provide that benefits provided by a long-term care rider shall be considered the same type of benefits as the base life insurance policy or annuity contract to which it relates; to provide that the Idaho Life and Health Insurance Guaranty Association may terminate certain health benefit plans upon entry of an order of liquidation with approval of the director; and to provide for allocation of class B assessments for long-term care insurance.
INSURANCE
Last Action
Reported Signed by Governor on March 20, 2018 Session Law Chapter 192 Effective: 07/01/2018
3/20/2018