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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 measure focuses on holding companies and a group capital calculation for foreign-owned holding companies. “This is a critically important bill to keeping insurance companies in Idaho,” Cameron said, adding that failing to adopt the provision could require companies to be regulated primarily by other states and could lead firms to relocate out of Idaho.
Jeff Neumeier, chief administrative officer and general counsel for United Heritage Insurance, testified that United Heritage Life Insurance is the only life insurer domiciled in Idaho and that HB 71 is “critical to allow us to remain domiciled in Idaho and to remain based in Meridian.” He told the committee that without the state’s accreditation recognition, firms licensed in other states could impose regulatory redundancies that would create untenable expense and burden for smaller Idaho-based insurers.
The committee closed public testimony with no opposition on the record and advanced the bill. Representative Marmon made the motion to send House Bill 71 to the floor with a “do pass” recommendation; the chair called the voice vote and the motion carried.
Supporters said the bill brings Idaho into alignment with other states ahead of a department accreditation review, citing the McCarran-Ferguson Act as the federal framework under which states regulate insurance. Opponents did not appear on the record during the committee hearing. The bill will next be considered by the full House.
The committee also noted it received a supporting letter from the American Council of Life Insurers in the bill packet, and Director Cameron told members Idaho is among the last states to adopt the NAIC provision ahead of a 2026 accreditation milestone.
