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Committee approves rule rewrite on life settlements to reduce duplication with statute
Summary
The House Business Committee approved IDAPA 18.03.02, a rewrite of life-settlement rules the department said removes duplication with statute and reduces word count without substantive changes.
The House Business Committee approved the Department of Insurance's rewrite of rules governing life settlements, docket number 1803022401 (IDAPA 18.03.02). Eric Fletcher, company activities bureau chief and chief examiner for the Department of Insurance, told the committee the rewrite "sets requirements for the sale and settlement of life insurance contracts where the owner is an Idaho resident" and reduced the rule's word count by roughly 30 percent. Fletcher said there were no substantive changes and that negotiated rulemaking produced no opposition.
Representative Cannon moved to accept the docket; the committee approved the motion by voice vote. Department staff said the rewrite primarily removed duplicative language and clarified existing statutory requirements (the transcript references "chapter 19 of title 41" when describing the statutory framework).
Why it matters: The rewrite consolidates rule text to align with statute and the department's long-standing practice, according to the department. The committee did not record any consumer testimony or amendments during the hearing.
Next steps: The rule was approved by the committee and will proceed through the administrative adoption process as provided by IDAPA.
