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House Business Committee backs bill to align Idaho insurance rules with national standards
Summary
The committee voted to send House Bill 71 to the floor after testimony that the measure will keep Idaho insurance firms regulated locally and preserve accreditation recognition from other states.
House Bill 71, sponsored by Representative Brent Crane of District 13, would allow the Idaho Department of Insurance to participate in the National Association of Insurance Commissioners’ (NAIC) standardized rules, including a group capital calculation for holding companies.
The measure, Crane said, “allows for uniform standards and certifications so that insurance companies that do business within the State of Idaho … have the ability to go directly to our insurance commissioner.”
Director Dean Cameron of the Idaho Department of Insurance told the committee the…
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