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Idaho Department of Insurance outlines budget priorities; highlights PBM oversight, high‑risk pool and wildfire insurance strains
Summary
At the Jan. 21 JFAC hearing, the Idaho Department of Insurance presented its FY2026 budget requests — including an actuary and staff increases — and described ongoing work implementing PBM reporting changes, managing a high‑risk reinsurance pool, and addressing wildfire‑related insurance market disruptions.
At a Jan. 21 Joint Finance‑Appropriations Committee hearing in Boise, the Idaho Department of Insurance presented its fiscal 2026 budget requests and detailed ongoing regulatory work including pharmacy benefit manager (PBM) oversight, management of a high‑risk reinsurance pool and efforts to address wildfire‑driven market disruption in homeowners insurance.
Budget analyst Noah Peterson said the department has 75.5 authorized full‑time positions: 63.5 in Insurance Regulation and 12 in the State Fire Marshal program. He summarized the agency’s two dedicated funds — the Arson, Fire and Fraud Prevention Fund (for the fire marshal) and the Insurance Administrative Fund (for licensing, examinations and investigations) — and noted premium tax revenue distributions that feed those funds and the general fund.
Peterson presented four FY2026 enhancement requests the agency submitted: a staff actuary (1 FTP, $201,900 from the insurance administrative fund, plus $3,000 one‑time for equipment); a regulatory compliance specialist (requested at $41.03 per hour,…
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