Idaho Administrative Code › Title IDAPA 17 - Industrial Commission › Rule 17.01.01 - ADMINISTRATIVE RULES UNDER THE WORKER'S COMPENSATION LAW › Section 17.01.01.301 - RULES GOVERNING QUALIFICATIONS TO WRITE INSURANCE OR SELF-INSURE

Current through August 31, 2023
01.
Insurance Carriers
. In order
			 to gain approval from the Industrial Commission to underwrite worker's
			 compensation insurance under Section
			 72-301, Idaho Code, an insurance
			 carrier shall comply with the following requirements: (3-23-22)
a. Deposit With State Treasurer. The carrier
			 must receive approval from the Director of the Idaho Department of Insurance to
			 underwrite casualty and surety insurance under Sections
			 41-506 and
			 41-507, Idaho Code, and shall
			 initially deposit security in the amount of two hundred fifty thousand dollars
			 ($250,000) with the State Treasurer, under the provisions of Section
			 72-302, Idaho Code.
			 (3-23-22)
b. Application. To
			 receive approval from the Industrial Commission, an insurance carrier must
			 supply an application with: (3-23-22)
i. A
			 statement from the Director of the Idaho Department of Insurance documenting
			 compliance with Paragraph 01.a, above; (3-23-22)
ii. The latest audited financial statement of
			 said carrier; (3-23-22)
iii. The
			 name and address of the agent for service of process in Idaho;
			 (3-23-22)
iv. The name and address
			 of the Claims Administrator employing an Idaho licensed resident adjuster or
			 the insurance carrier's own in-house Idaho adjusting staff with authority to
			 make compensation payments and adjustments of claims arising under the Act.
			 Each Claims Administrator shall have only one (1) mailing address on record at
			 the Commission for claims adjusting purposes. If more than one (1) Claims
			 Administrator is utilized in Idaho, a list of every such Claims Administrator
			 and all corresponding policyholders shall be provided; (3-23-22)
v. A statement that the carrier will
			 distribute blank forms that are prescribed by the Commission to its insured;
			 (3-23-22)
vi. A statement that all
			 surety bonds covering the payment of compensation will be filed with the Idaho
			 State Treasurer for all employers insured. All carriers will use the continuous
			 bond form set out on the Commission's website. (3-23-22)
vii. A statement that renewal certificates on
			 said bonds will be issued and filed with the Industrial Commission immediately,
			 when and if renewed; (3-23-22)
viii. A statement that all surety contract
			 cancellations will be canceled in compliance with Section
			 72-311, Idaho Code;
			 (3-23-22)
ix. A statement that said
			 carrier will deposit, in addition to other security required by this rule,
			 further security equal to all unpaid outstanding awards of compensation;
			 (3-23-22)
x. A statement that said
			 carrier will comply with the statutes of the state of Idaho and rules of the
			 Industrial Commission and that payments of compensation shall be sure and
			 certain and not unnecessarily delayed; and (3-23-22)
xi. A statement that the carrier will make
			 reports to the Commission as are required.
			 (3-23-22)