2013 Idaho Statutes
Title 41 - INSURANCE
Chapter 55 - IDAHO INDIVIDUAL HIGH RISK REINSURANCE POOL
Section 41-5508 - ASSESSMENTS.
(2) Any net loss for the year shall be recouped by assessments of carriers.
(4) If assessments exceed net losses of the pool, the excess shall be held at interest and used by the board to offset future losses or to reduce pool premiums. As used in this paragraph, "future losses" includes reserves for incurred but not reported claims.
(5) Each carrier's proportion of the assessment shall be determined annually by the board based on annual statements and other reports deemed necessary by the board and filed by the carriers with the director.
(6) The plan of operation shall provide for the imposition of an interest penalty for late payment of assessments.
(7) A carrier may seek from the director a deferment from all or part of an assessment imposed by the board. The director may defer all or part of the assessment if the director determines that the payment of the assessment would place the carrier in a financially impaired condition. If all or part of an assessment against a carrier is deferred the amount deferred shall be assessed against the other carriers in a manner consistent with the basis for assessment set forth in this section. The carrier receiving the deferment shall remain liable to the pool for the amount deferred and shall be prohibited from reinsuring any individuals with the pool until such time as it pays the assessments.
History:
[41-5508, added 2000, ch. 472, sec. 17, p. 1639.]
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