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House panel advances bill renewing state insurance regulatormembership in national compact
Summary
The House Business Committee voted to send House Bill 71 to the floor with a "do pass" recommendation. The bill would align Idahoinsurance regulation with a national standard for holding companies and a group capital calculation used by many other states, the Department of Insurance said.
Representative Brent Crane, R-Nampa, asked the House Business Committee on Feb. 13 to send House Bill 71 to the full House with a due-pass recommendation. The bill would authorize Idahoto participate in the standards and practices commonly coordinated through the National Association of Insurance Commissioners (NAIC) and to adopt a group capital calculation for holding companies that do business in Idaho.
The bills sponsor said the measure renews a longstanding practice and would help maintain uniform standards so Idaho-domiciled insurers can be regulated consistently across states. "By doing this it allows for reciprocity," Crane said, using United Heritage, a Meridian-based life insurer, as an example of a company that benefits from uniform rules.
Dean Cameron, director of the Idaho Department of Insurance, told the committee the bill focuses on holding companies and the group capital calculation required for them. Cameron said most other states already have comparable provisions and that Idaho needs the change before a 2026 accreditation review. "There is no federal entity that regulates the insurance industry," Cameron said, citing the McCarran-Ferguson Act and noting that state regulation must be substantially similar across jurisdictions for accreditation.
Jeff Neumeier, chief administrative officer and general counsel for United Heritage Insurance, said United Heritage is the only life insurer domiciled in Idaho and that HB 71 is critical to keeping the company based in Meridian. He told the committee that without the statute Idahocould face regulatory burdens from other states and that the American Council of Life Insurers supports the bill.
There was no public opposition in committee testimony. Representative Marmon moved to send the bill to the floor with a due-pass recommendation; the motion carried after voice vote.
The committee record shows no roll-call tally for the HB 71 motion in the transcript; the committee chair declared the motion carried.
