reglab/statecodes huggingface dataset:
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.011 - FORMS - GENERAL REQUIREMENTS

Current through August 31, 2023
01.
Forms As
			 Guides
. Forms A, B, C, D, E, and F included on the Department's website
			 are guides for persons filing statements prescribed by Title 41, Chapter 38,
			 Idaho Code, and not intended as fillable blank forms. Statements need to
			 contain the numbers and captions for all items. (4-6-23)
02.
Filings
. Each statement,
			 including all exhibits, papers, and documents are to be electronically filed
			 with the Director, and a hard copy personally delivered or mailed. Sign at
			 least one (1) copy as stated on the form. If a signature is affixed pursuant to
			 a power of attorney or similar authority, file a copy of the power of attorney
			 or other authority with the statement. (4-6-23)
03.
Format
. Prepare statements
			 in English, using United States currency, and be easily readable and suitable
			 for review and reproduction. Debits in credit categories and credits in debit
			 categories should be clearly distinguishable on photocopies. (4-6-23)
04.
Hearing
. If an applicant
			 requests a consolidated hearing under Section
			 41-3806(3), Idaho
			 Code, then besides filing Form A with the Director, the applicant will
			 electronically file a copy of Form A with the National Association of Insurance
			 Commissioners. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.012 - FORMS - INCORPORATION BY REFERENCE, SUMMARIES AND OMISSIONS

Current through August 31, 2023
01.
Incorporation by Reference
.
			 Information prescribed by any item on a Form may be incorporated by reference
			 in answer or partial answer to any other item. Information contained in any
			 financial statement, annual report, proxy statement, statement filed with a
			 governmental authority, or other document may be incorporated by reference in
			 answer or partial answer to any item if the document or paper is filed as an
			 exhibit to the statement. Excerpts of documents may be filed as exhibits.
			 Documents need not be attached as exhibits if filed with the Director within
			 the previous three (3) years. References to information in exhibits or
			 documents already on file need to clearly identify that information and
			 indicate it is incorporated by reference. Information cannot be incorporated by
			 reference if doing so would make the statement incomplete, unclear or
			 confusing. (4-6-23)
02.
Summaries or Outlines
. When any Form requires a summary or
			 outline, briefly explain the document's pertinent provisions. The summary or
			 outline may incorporate by reference parts of any exhibit or document filed
			 with the Director within the three (3) prior years. If documents filed as
			 exhibits are substantially identical except as to parties, dates of execution,
			 or other details, one (1) document should be filed with a schedule identifying
			 the omitted documents and any material details in which the omitted documents
			 differ from the filed documents. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.013 - FORMS - INFORMATION UNKNOWN OR UNAVAILABLE AND EXTENSION OF TIME TO FURNISH

Current through August 31, 2023
For items that cannot be furnished at the time prescribed, the
				filer will: identify the information, document or report in question; state why
				its impractical to file it when prescribed; and request an extension to file it
				on a specified date. The extension request is deemed granted unless the
				Director issues an order denying the request within twenty-eight (28) days of
				receipt. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.014 - FORMS - ADDITIONAL INFORMATION AND EXHIBITS

Current through August 31, 2023
In addition to expressly prescribed information, the Director
				may request additional information necessary for clarification. The filer may
				file exhibits besides those expressly necessary by the statement, clearly
				indicating the subject matters to which they refer. At the top of the cover
				page for changes to content in necessary Forms state "Change No. [insert
				number] to" and date of the change. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.015 - SUBSIDIARIES OF DOMESTIC INSURERS

Current through August 31, 2023
The authority to invest in subsidiaries under Section
				41-3803, Idaho Code, is in
				addition to authority to invest in subsidiaries from any other provision of
				Title 41, Idaho Code. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.016 - ACQUISITION OF CONTROL - STATEMENT FILING

Current through August 31, 2023
A person filing under Section
				41-3804, Idaho Code, will furnish
				the prescribed information on Forms A and E. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.017 - AMENDING FORM A

Current through August 31, 2023
The applicant will promptly advise the Director of changes in
				Form A information arising after it was filed but before the Director's
				disposition of the application. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.018 - ACQUIRING SECTION 41-3804(1)(D) INSURERS

Current through August 31, 2023
01.
Domestic Insurer's Name
. If a "domestic insurer" under Section
			 41-3804(1)(d),
			 Idaho Code, is being acquired, then include in the application's cover page the
			 domestic insurer's name in this format: "ABC Insurance Company, a subsidiary of
			 XYZ Holding Company." (4-6-23)
02.
References to Insurer
. Where a Section
			 41-3804(1)(d) 
			 insurer is acquired, Form A's references to "the insurer" mean both the
			 domestic subsidiary insurer and the acquired person. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.019 - PRE-ACQUISITION NOTIFICATION

Current through August 31, 2023
01.
Pre-Acquisition Notification
. If a domestic insurer, including any
			 controlling person, proposes a merger or acquisition per Section
			 41-3808(1)(a),
			 Idaho Code, they will file Form E. If a licensed non-domiciliary insurer
			 proposes a merger or acquisition per Section
			 41-3808, Idaho Code, they will
			 file Form E unless exempted by Section
			 41-3808(2), Idaho
			 Code. (4-6-23)
02.
Experts
. The director may request an expert opinion regarding the
			 competitive impact of the proposed acquisition. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.020 - ANNUAL REGISTRATION OF INSURERS - STATEMENT FILING

Current through August 31, 2023
An insurer filing under Section
				41-3809, Idaho Code, will complete
				Form B. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.021 - SUMMARY OF REGISTRATION - STATEMENT FILING

Current through August 31, 2023
An insurer filing an annual registration under section
				41-3809, Idaho Code, will also
				complete Form C. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.022 - AMENDING FORM B

Current through August 31, 2023
01.
Amending
			 Form B
. An insurer will file any amendments to Form B within fifteen
			 (15) days after the end of any month in which there is a material change to the
			 information in the annual registration. (4-6-23)
02.
Form B Format
. Amendments
			 are filed on Form B including only the amended items.The top of the cover page
			 for each amendment will state "Amendment No. [insert number] to Form B for
			 [insert year]" and the date of the change, not the date of the original
			 filings. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.023 - ALTERNATIVE AND CONSOLIDATED REGISTRATIONS

Current through August 31, 2023
01.
Filing
			 on Behalf of Affiliated Insurers
. An authorized insurer may file a
			 registration statement for an affiliated insurer or insurers. The registration
			 statement may include information about any insurer in the holding system, even
			 if the insurer is not authorized to do business in Idaho. In lieu of Form B, an
			 authorized insurer may file a copy of the registration statement or similar
			 report on file with its state of domicile if: (4-6-23)
a. The filing contains substantially similar
			 information prescribed on Form B; and (4-6-23)
b. The filer is the principal insurance
			 company in the insurance holding company system. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.024 - DISCLAIMERS AND TERMINATION OF REGISTRATION

Current through August 31, 2023
01.
Information Requisite
. A disclaimer of affiliation or a request
			 for termination of registration, on the basis that a person does not, or will
			 not, upon the taking of some proposed action, control another person (the
			 "subject"), will state: (4-6-23)
a. The number
			 of the subject's authorized, issued and outstanding voting securities;
			 (4-6-23)
b. For the person whose
			 control is denied and all the person's affiliates, the number and percentage of
			 shares of the subject's voting securities that are held of record or known to
			 be beneficially owned, and the number of shares for which there is a direct or
			 indirect right to acquire; (4-6-23)
c. All material relationships and bases for
			 affiliation between the subject and the person whose control is denied and all
			 their affiliates: (4-6-23)
d. Why
			 such person should not be considered to control the subject.
			 (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.025 - TRANSACTIONS SUBJECT TO PRIOR NOTICE - NOTICE FILING

Current through August 31, 2023
01.
Form D
. When an insurer
			 notifies the Department of a proposed transaction under Section
			 41-3810, Idaho Code, the insurer
			 will verify the information in Subsection
			 025.02 on Form D.
			 (4-6-23)
02.
Agreements
. Terms for cost sharing services and management
			 services will at a minimum: (4-6-23)
a.
			 Identify the person providing services and the nature of such services;
			 (4-6-23)
b. Set forth the methods
			 to allocate costs; (4-6-23)
c.
			 Prescribe timely settlement, at least on a quarterly basis, and compliance with
			 the requirements in the Accounting Practices and Procedures Manual;
			 (4-6-23)
d. Bar advancement of
			 funds by the insurer to the affiliate except to pay for services specified in
			 the agreement; (4-6-23)
e. State
			 that the insurer will maintain oversight for functions provided to the insurer
			 by the affiliate and that the insurer will monitor services annually for
			 quality assurance; (4-6-23)
f.
			 Define books and records of the insurer to include all books and records
			 developed or maintained under or related to the agreement; (4-6-23)
g. Specify that all books and records of the
			 insurer are and remain the property of the insurer and are subject to control
			 of the insurer; (4-6-23)
h. State
			 that all funds and invested assets of the insurer are the exclusive property of
			 the insurer, held for the benefit of the insurer and are subject to the control
			 of the insurer; (4-6-23)
i. Include
			 standards for termination of the agreement with and without cause;
			 (4-6-23)
j. Include provisions for
			 indemnification of the insurer in the event of gross negligence or willful
			 misconduct on the part of the affiliate providing the services;
			 (4-6-23)
k. Specify that, if the
			 insurer is placed in receivership or seized by the Director under Title 41,
			 Chapter 33, Idaho Code: (4-6-23)
i. All of the
			 rights of the insurer under the agreement extend to the Director; and
			 (4-6-23)
ii. All books and records
			 will immediately be made available to the Director, and will be turned over to
			 the Director immediately upon the Director's request;
			 (4-6-23)
l. Specify that
			 the affiliate has no automatic right to terminate the agreement if the insurer
			 is placed in receivership pursuant to Title 41, Chapter 33, Idaho Code; and
			 (4-6-23)
m. Specify that the
			 affiliate will continue to maintain any systems, programs, or other
			 infrastructure notwithstanding a seizure by the Director under Title 41,
			 Chapter 33, Idaho Code, and will make them available to the Director, for so
			 long as the affiliate continues to receive timely payment for services
			 rendered. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.026 - ENTERPRISE RISK REPORT

Current through August 31, 2023
The ultimate controlling person of an insurer will file an
				enterprise risk report per Section
				41-3809(12),
				Idaho Code, on Form F. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.027 - EXTRAORDINARY DIVIDENDS AND OTHER DISTRIBUTIONS

Current through August 31, 2023
01.
Request for Approval
. Requests to approve extraordinary dividends
			 or other extraordinary distribution to shareholders will include the following:
			 (4-6-23)
a. The amount of the proposed
			 dividend; (4-6-23)
b. The date
			 established for payment; (4-6-23)
c. Whether the dividend is in cash or other
			 property. If property, a description thereof, its cost, its fair market value,
			 and an explanation of the valuation basis; (4-6-23)
d. Calculations showing the proposed dividend
			 is extraordinary, which includes: (4-6-23)
i.
			 The amounts, dates, and form of payment of all distributions (including regular
			 dividends but excluding distributions of the insurer's own securities) paid
			 within twelve (12) consecutive months ending on the date fixed for payment of
			 the proposed dividend for which approval is sought; (4-6-23)
ii. Surplus as regards policyholders (total
			 capital and surplus) as of the preceding December 31st; (4-6-23)
iii. If the insurer is a life insurer, the
			 net gain from operations for the twelve (12) months ending the preceding
			 December 31st; and (4-6-23)
iv. If
			 the insurer is not a life insurer, the net income less net realized capital
			 gains for the twelve (12) months ending the preceding December 31st.
			 (4-6-23)
e. A balance
			 sheet and income statement for the period since the last annual statement filed
			 with the Director and the end of the month before the month in which the
			 request for dividend approval is submitted; and (4-6-23)
f. The proposed distribution's effect on the
			 insurer's surplus and the reasonableness of surplus in relation to the
			 insurer's outstanding liabilities and the adequacy of surplus relative to the
			 insurer's financial needs. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.028 - ADEQUACY OF SURPLUS

Current through August 31, 2023
Besides the factors in Section
				41-3811, Idaho Code, the Director
				may consider other factors bearing on the insurer's financial condition. No one
				(1) factor is controlling. Comparing other insurers' surplus, the Director will
				consider the extent to which each factor varies among companies. When
				determining the quality and liquidity of an insurer's investments in
				subsidiaries the Director will include a consideration of the individual
				subsidiary and may discount or disallow its valuation as individual investments
				warrant. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.051 - MHC APPLICATION - CONTENT - PROCESS

Current through August 31, 2023
01.
Designating Application as Limited or Standard
. Applications are
			 designated as limited or standard. Filing a limited application does not
			 preclude later filing a standard application. (4-6-23)
02.
Application Information
.
			 Applications are filed in duplicate and will include: (4-6-23)
a. Designation as limited or standard;
			 (4-6-23)
b. A Plan of
			 Reorganization; (4-6-23)
c. A plan
			 for policyholder approval in accordance with the applicant's articles of
			 incorporation and bylaws, with at least twenty (20) day notice to the
			 policyholders; (4-6-23)
d. A copy
			 of the MHC's proposed articles of incorporation and bylaws specifying all
			 membership rights; (4-6-23)
e. The
			 names, addresses and occupations of all corporate officers and members of the
			 MHC's board of directors; (4-6-23)
f. Information sufficient to demonstrate that
			 reorganization will not diminish the applicant's financial condition;
			 (4-6-23)
g. A copy of the proposed
			 articles of incorporation and bylaws for any insurance company subsidiary or
			 intermediate holding company subsidiary; (4-6-23)
h. Form A; (4-6-23)
i. An application index; and
			 (4-6-23)
j. Any other information
			 requested by the Director. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.052 - HEARING NOTICE

Current through August 31, 2023
01.
Scheduling
. A hearing will be held after the Director has received
			 and reviewed the application. (4-6-23)
02.
Evidence Presented at
			 Hearing
. The applicant will provide evidence that the application is
			 complete, complies with Idaho law, and the requirements for reorganization have
			 been fulfilled. (4-6-23)
03.
Notice of Hearing
. The Department will notify known interested
			 parties about the hearing at least twenty (20) days before it occurs.
			 (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.053 - PLAN OF REORGANIZATION

Current through August 31, 2023
01.
Plan of
			 Reorganization
. The plan of reorganization or "Plan" needs to preserve
			 the applicant's property, be fair and equitable to policyholders and protect
			 their interests, and not diminish the applicant's financial condition.
			 (4-6-23)
02.
Limited
			 Application
. A limited application Plan will include: (4-6-23)
a. Establishing a MHC with at least one (1)
			 stock insurance company subsidiary or one (1) intermediary stock holding
			 company with a stock insurance company subsidiary, the share of which is held
			 exclusively by the mutual insurance holding company; (4-6-23)
b. Protection of existing policyholders'
			 interests; (4-6-23)
c. Providing
			 existing and future policyholder membership in the MHC; (4-6-23)
d. The number of policyholder members of the
			 board of directors of the MHC; (4-6-23)
e. Demonstrating that, if there are
			 proceedings under Title 41, Chapter 33, Idaho Code, involving a stock insurance
			 company subsidiary of the MHC, the assets of the MHC will be available to
			 satisfy the policyholder obligations of the stock insurance company;
			 (4-6-23)
f. How any accumulation or
			 prospective accumulation of earnings by the MHC in excess of that determined by
			 the board of directors to be necessary will inure to the exclusive benefit of
			 the MHC's member policyholders; (4-6-23)
g. The nature and content of the annual
			 report and financial statement sent to each member; and (4-6-23)
h. Other matters the applicant deems
			 appropriate. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.054 - DUTIES OF THE DIRECTOR

Current through August 31, 2023
01.
Jurisdiction
. The Director retains jurisdiction over the MHC and
			 any intermediate holding company subsidiaries with stock insurance company
			 subsidiaries. (4-6-23)
02.
Approval or Denial of Application
. The Director will, by order,
			 approve, conditionally approve, or deny an application. (4-6-23)
a. Modifications. The Director may prescribe
			 modifications to the proposed Plan. Prescribed modifications are accepted by
			 filing amendments to the proposed Plan with the Director within thirty (30)
			 days after the Director's order is issued. The Application will be denied if
			 the prescribed amendments are not filed. (4-6-23)
b. Expiration. An approval or conditional
			 approval of a Plan expires if the reorganization is not completed within one
			 hundred eighty (180) days unless extended by the Director for good cause.
			 (4-6-23)
c. Revoking approval. The
			 Director may revoke a Plan's approval or conditional approval if the Director
			 finds the applicant has not complied with the Plan. The Director may compel the
			 applicant to complete a Plan unless the applicant has wholly abandoned the Plan
			 consistent with the applicant's governance provisions. The Director retains
			 jurisdiction over the applicant until the Plan is completed. (4-6-23)
d. Completion notice. Upon completing the
			 Plan, the applicant files a notice of completion with the Director.
			 (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.055 - REGULATION - COMPLIANCE

Current through August 31, 2023
01.
Wavier of
			 Compliance
. No regulatory standards are waived during the pendency of a
			 Plan application. (4-6-23)
02.
Merger or Acquisition
. MHC mergers and acquisitions are subject to
			 Director approval. If a MHC is to acquire more than fifty percent (50%) of a
			 stock insurance company, then the applicant files a plan describing the
			 insurer's policyholders' membership interests in the MHC. (4-6-23)
03.
Annual Financial Statement
.
			 A MHC will annually file a financial statement by June 1 including: (4-6-23)
a. An income statement; (4-6-23)
b. A balance sheet; (4-6-23)
c. A cash flow statement; (4-6-23)
d. The status of any closed block formed
			 because of the Plan; (4-6-23)
e. An
			 asset investment plan; and (4-6-23)
f. A statement disclosing any intention to
			 pledge, borrow against, alienate, hypothecate, or otherwise encumber MHC
			 assets. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.056 - REORGANIZATION OF MUTUAL INSURER WITH MUTUAL INSURANCE HOLDING COMPANY

Current through August 31, 2023
Domestic mutual insurance companies may merge their
				policyholders' interests into a MHC by filing a compliant joint application
				with the MHC. This also applies to foreign mutual insurance companies or a
				foreign health service corporation, which, if a domestic corporation, would be
				organized under Title 41, Chapter 28, Idaho Code. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.057 - MERGERS OF MUTUAL INSURANCE HOLDING COMPANIES

Current through August 31, 2023
Two (2) or more MHCs may merge by filing a compliant merger
				plan. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.058 - STOCK OFFERINGS

Current through August 31, 2023
01.
Prior
			 Approval
. A stock offering by a MHC, or by any of its direct or indirect
			 insurance company or intermediate holding company subsidiaries, is subject to
			 the Director's prior approval through this section's application and hearing
			 process. (4-6-23)
02.
Application for Stock Offering Contents
. (4-6-23)
a. A description of the stock the applicant
			 would offer, and of all shareholder rights; (4-6-23)
b. The total number of shares authorized to
			 be issued, the estimated number requested to offer, and the intended date or
			 range of dates for the offer; (4-6-23)
c. A justification for a uniform planned
			 offering price, or of the method by which the offering price will be
			 determined; (4-6-23)
d. The name or
			 names of any underwriter, syndicate member or placement agent involved and the
			 known names of each entity, person, or group of persons to whom the stock
			 offering is to be made who will control at least five percent (5%) of the total
			 outstanding class of shares, and the manner in which the offer is to be
			 tendered. If the entity or person is a corporation or business organization,
			 the name of each member of its board of directors or equivalent management will
			 be provided with the name. Copies of Securities and Exchange Commission filings
			 disclosing intended stock acquisitions will be included; (4-6-23)
e. A description of stock subscription rights
			 afforded to MHC members in conjunction with the stock offering;
			 (4-6-23)
f. A detailed description
			 of all expenses to be incurred in the stock offering; (4-6-23)
g. How funds raised by the stock offering
			 will be used; and (4-6-23)
h. Any
			 other information the Director requests. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.059 - BANNED MHC - PRACTICES

Current through August 31, 2023
01.
Borrowing
			 Funds
. Borrowing funds from the MHC, or its subsidiaries and affiliates,
			 to finance the purchase of any part of a stock offering. (4-6-23)
02.
Paying Commissions
. Paying
			 commissions, "special fees" or other special payments or extraordinary
			 compensation to officers, directors, or interested persons and affiliates, for
			 arranging, promoting, aiding or assisting in reorganization or for arranging
			 promoting, aiding assisting or participating in the structuring and placement
			 of a stock offering. (4-6-23)
03.
Avoiding This Chapter
. Transferring legal or beneficial ownership
			 of stock to another person in avoidance of this chapter. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.060 - REGULATING HOLDING COMPANY SYSTEM

Current through August 31, 2023
All material transactions between subsidiaries and affiliates
				of the MHC need to be approved by a majority of the directors of the MHC as
				fair and reasonable, on terms and conditions not less favorable than those
				available from unaffiliated third parties. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES › Section 18.07.01.061 - REPORTING STOCK OWNERSHIP AND TRANSACTIONS

Current through August 31, 2023
01.
Acquiring Ownership Interest
. Any director or officer of an MHC or
			 its direct or indirect subsidiaries or affiliates, who directly or indirectly
			 acquires the beneficial ownership of any security issued by any member of the
			 MHC system will, within fifteen (15) days following the transaction, file a
			 statement of the transaction in a format prescribed by the Director.
			 (4-6-23)
02.
Filing SEC
			 Forms
. A MHC and its direct or indirect subsidiaries and affiliates,
			 will file with the Director copies of Form 3, Form 4 and Schedule 13D, or any
			 equivalent filings, made under the Securities and Exchange Act of 1934, as
			 amended, within fifteen (15) days of receipt thereof. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.02 - RESERVE LIABILITIES AND MINIMUM VALUATIONS FOR ANNUITIES AND PURE ENDOWMENT CONTRACTS › Section 18.07.02.000 - LEGAL AUTHORITY

Current through August 31, 2023
Title 41, Chapters 2 and 6, Sections
				41-211 and
				41-612, Idaho Code.
				(4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.02 - RESERVE LIABILITIES AND MINIMUM VALUATIONS FOR ANNUITIES AND PURE ENDOWMENT CONTRACTS › Section 18.07.02.001 - SCOPE

Current through August 31, 2023
To determine minimum standard valuation for annuity and pure
				endowment contracts. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.02 - RESERVE LIABILITIES AND MINIMUM VALUATIONS FOR ANNUITIES AND PURE ENDOWMENT CONTRACTS › Section 18.07.02.010 - DEFINITIONS

Current through August 31, 2023
01.
1983 Table 'a'
. The
			 mortality table developed by the Society of Actuaries (SOA) Committee for
			 Individual Annuity Valuation in 1981 and in June 1982 by the National
			 Association of Insurance Commissioners (NAIC). (4-6-23)
02.
1983 GAM Table
. The
			 mortality, table developed by the SOA Committee on Annuities and adopted as a
			 recognized mortality table for annuities in December 1983 by the NAIC.
			 (4-6-23)
03.
1994 GAR
			 Table
. The mortality table developed by the (SOA) Group Annuity
			 Valuation Table Task Force and shown on pages
			 866-867 of Volume 47 of the
			 Transactions of Society of Actuaries 1995. (4-6-23)
04.
2012 Individual Annuity Mortality
			 Period Life (2012 IAM Period) Table
. The Period Table loaded mortality
			 rates for calendar year 2012. This table contains rates,
			 qx2012, developed by the (SOA) Committee on Life
			 Insurance Research. (4-6-23)
05.
2012 Individual Annuity Reserving (2012 IAR) Table
. The
			 generational mortality table developed by the (SOA) Committee on Life Insurance
			 Research and containing rates, qx2012+n derived from
			 a combination of the 2012 IAM Period Table and Scale G2, using the method
			 Section 014.
			 (4-6-23)
06.
Annuity 2000
			 Mortality Table
. The mortality table developed by the (SOA) Committee on
			 Life Insurance Research. (4-6-23)
07.
Generational Mortality
			 Table
. A mortality table with mortality rates that decrease for a given
			 age from one year to the next based on a combination of a Period Table and a
			 projection scale containing mortality improvement rates. (4-6-23)
08.
Period Table
. A table of
			 mortality rates applying to a given calendar year (the Period).
			 (4-6-23)
09.
Projection Scale
			 G2 (Scale G2)
. A table of annual rates, G2x, of mortality improvement by
			 age for projecting future mortality rates beyond calendar year 2012. This table
			 was developed by the (SOA) Committee on Life Insurance Research.
			 (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.02 - RESERVE LIABILITIES AND MINIMUM VALUATIONS FOR ANNUITIES AND PURE ENDOWMENT CONTRACTS › Section 18.07.02.011 - INDIVIDUAL ANNUITY OR PURE ENDOWMENT CONTRACTS

Current through August 31, 2023
01.
Individual Annuity Mortality Table
. Except as stated in
			 Subsections 011.02, the 1983 Table 'a' is
			 approved as an individual annuity mortality table for valuation, and, a company
			 may use it to determine the minimum standard of valuation for any individual
			 annuity or pure endowment contract issued on or after July 1, 1982.
			 (4-6-23)
02.
Minimum Standard
			 of Valuation
. Except as stated in Subsection
			 011.03, either the 1983 Table
			 'a' or the Annuity 2000 Mortality Table is used to determine the minimum
			 standard of valuation for an individual annuity or pure endowment contract
			 issued on or after January 1, 1987. (4-6-23)
03.
The Annuity 2000 Mortality
			 Table
. Except as stated in Subsection
			 011.04, the Annuity 2000
			 Mortality Table is used to determine the minimum standard of valuation for an
			 individual annuity or pure endowment contract issued on or after March 29,
			 2012. (4-6-23)
04.
The 2012
			 IAR Mortality Table
. Except as stated in Subsection
			 011.05, the 2012 IAR Mortality
			 Table is used to determine the minimum standard of valuation for any individual
			 annuity or pure endowment contract issued on or after January 1, 2015.
			 (4-6-23)
05.
The 1983 Table
			 'a.'
The 1983 Table 'a' without projection is used to determine the
			 minimum standard of valuation for an individual annuity or pure endowment
			 contract issued on or after March 29, 2012, solely when the contract is based
			 on life contingencies and issued to fund periodic benefits arising from:
			 (4-6-23)
a. Settlements of claims pertaining
			 to court settlements or out of court settlements from tort actions;
			 (4-6-23)
b. Settlements involving
			 similar actions like workers' compensation claims; or (4-6-23)
c. Settlements of long-term disability claims
			 where a temporary or life annuity is used in lieu of continuing disability
			 payments. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.02 - RESERVE LIABILITIES AND MINIMUM VALUATIONS FOR ANNUITIES AND PURE ENDOWMENT CONTRACTS › Section 18.07.02.012 - GROUP ANNUITY OR PURE ENDOWMENT CONTRACTS

Current through August 31, 2023
01.
Group Annuity Mortality Tables
. Except as stated in Subsections
			 012.02, the 1983 GAM Table, the
			 1983 Table 'a' and the 1994 GAR Table are approved as group annuity mortality
			 tables for valuation and, at the option of the company, any one (1) of these
			 tables may be used for purposes of valuation for any annuity or pure endowment
			 purchased on or after July 1, 1982, under a group annuity or pure endowment
			 contract. (4-6-23)
02.
Minimum Standard of Valuation
. Except as stated in Subsection
			 012.03, either the 1983 GAM
			 Table or the 1994 GAR Table is used to determine the minimum standard of
			 valuation for an annuity or pure endowment purchased on or after January 1,
			 1987, under a group annuity or pure endowment contract. (4-6-23)
03
1994 GAR Table
. The 1994 GAR
			 Table is used to determine the minimum standard of valuation for an annuity or
			 pure endowment purchased on or after March 29, 2012, under a group annuity or
			 pure endowment contract. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.03 - VALUATION OF LIFE INSURANCE POLICIES INCLUDING THE USE OF SELECT MORTALITY FACTORS › Section 18.07.03.000 - LEGAL AUTHORITY

Current through August 31, 2023
Title 41, Chapters 2 and 6, Sections
				41-211 and 612, Idaho Code.
				(4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.03 - VALUATION OF LIFE INSURANCE POLICIES INCLUDING THE USE OF SELECT MORTALITY FACTORS › Section 18.07.03.001 - SCOPE

Current through August 31, 2023
01.
Scope
. Provides Tables of
			 select mortality factors and minimum standards for plan valuations with:
			 (4-6-23)
a. Nonlevel premiums or benefits; or
			 (4-6-23)
b. Secondary guarantees.
			 (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.03 - VALUATION OF LIFE INSURANCE POLICIES INCLUDING THE USE OF SELECT MORTALITY FACTORS › Section 18.07.03.002 - INCORPORATION BY REFERENCE

Current through August 31, 2023
The tables of select mortality factors are incorporated by
				reference the Appendix to NAIC Model 830, published October 2009 and available
				on the Department's website, and are the bases to which the respective
				percentage of Paragraphs 011.01.b., 011.02.b., and 011.02.c. are applied.
				(4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.03 - VALUATION OF LIFE INSURANCE POLICIES INCLUDING THE USE OF SELECT MORTALITY FACTORS › Section 18.07.03.010 - DEFINITIONS

Current through August 31, 2023
01.
Basic Reserves
. Reserves
			 calculated per Section
			 41-612(5), Idaho
			 Code. (4-6-23)
02.
Contract
			 Segmentation Method
. Method of dividing the period from issue to
			 mandatory expiration of a policy into successive segments, where each segment's
			 length is the period from the end of the prior segment (from policy inception,
			 for the first segment) to the end of the latest policy year as determined
			 below. All calculations are made using the 1980 CSO Valuation Tables, and, if
			 elected, the optional minimum mortality standard for deficiency reserves set
			 forth in Subsection 011.02.
			 (4-6-23)
03.
Deficiency
			 Reserves
. Excess, if greater than zero (0), of (4-6-23)
a. Minimum reserves calculated per Section
			 41-612(10), Idaho
			 Code, over (4-6-23)
b. Basic
			 reserves. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.03 - VALUATION OF LIFE INSURANCE POLICIES INCLUDING THE USE OF SELECT MORTALITY FACTORS › Section 18.07.03.011 - GENERAL CALCULATION REQUIREMENTS FOR BASIC RESERVES AND PREMIUM DEFICIENCY RESERVES

Current through August 31, 2023
01.
Basic
			 Reserves
. At the company's election for any one (1) or more specified
			 plans of life insurance, the minimum mortality standard for basic reserves may
			 be calculated using the 1980 CSO valuation tables with select mortality
			 factors. If select mortality factors are elected, they may be: (4-6-23)
a. The "ten year select factors";
			 (4-6-23)
b. The select mortality
			 factors in the tables referenced in Section
			 002. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.03 - VALUATION OF LIFE INSURANCE POLICIES INCLUDING THE USE OF SELECT MORTALITY FACTORS › Section 18.07.03.012 - CALCULATING MINIMUM VALUATION STANDARD FOR POLICIES WITH GUARANTEED NONLEVEL GROSS PREMIUMS OR GUARANTEED NONLEVEL BENEFITS (BESIDES UNIVERSAL LIFE POLICIES)

Current through August 31, 2023
01.
Basic
			 Reserves
. Basic reserves are calculated as the greater of the segmented
			 reserves and the unitary reserves. Both the segmented reserves and the unitary
			 reserves for any policy will use the same valuation mortality table and
			 selection factors. An insurer may make either of these adjustments when
			 calculating segmented reserves and net premiums: (4-6-23)
a. Treat the unitary reserve, if greater than
			 zero (0), applicable at the end of each segment as a pure endowment and
			 subtract the unitary reserve, if greater than zero (0), applicable at the start
			 of each segment from the present value of guaranteed life insurance and
			 endowment benefits for each segment; or (4-6-23)
b. Treat the guaranteed cash surrender value,
			 if greater than zero (0), applicable at the end of each segment as a pure
			 endowment; and subtract the guaranteed cash surrender value, if greater than
			 zero (0), applicable at the start of each segment from the present value of
			 guaranteed life insurance and endowment benefits for each segment.
			 (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.03 - VALUATION OF LIFE INSURANCE POLICIES INCLUDING THE USE OF SELECT MORTALITY FACTORS › Section 18.07.03.013 - CALCULATING MINIMUM VALUATION STANDARD FOR FLEXIBLE PREMIUM AND FIXED PREMIUM UNIVERSAL LIFE INSURANCE POLICIES THAT CONTAIN PROVISIONS RESULTING IN THE ABILITY OF A POLICY OWNER TO KEEP A POLICY IN FORCE OVER A SECONDARY GUARANTEE PERIOD

Current through August 31, 2023
01.
General
. (4-6-23)
a. Policies
			 with a secondary guarantee include: (4-6-23)
i. A policy with a guarantee that the policy
			 will remain in force at the original schedule of benefits, subject only to
			 paying specified premiums; (4-6-23)
ii. A policy in which the minimum premium at
			 any duration is less than the corresponding one (1) year valuation premium,
			 calculated using the maximum valuation interest rate and the 1980 CSO valuation
			 tables with or without "ten year select factors;" or (4-6-23)
iii. A policy with any combination of
			 Subparagraphs 013.01.a.i. and 013.01.a.ii. (4-6-23)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.04 - ANNUAL FINANCIAL REPORTING › Section 18.07.04.001 - TITLE AND SCOPE

Current through August 31, 2023
01.
Title
. IDAPA 18.07.04, "Annual Financial Reporting."
			 (3-31-22)
02.
Scope
.
			 To improve the Department's surveillance of the financial condition of insurers
			 by requiring:
(1) an annual audit of the
			 financial statements reporting the financial position and the results of
			 operations of insurers by independent certified public accountants;
(2) Communication of Internal Control Related
			 Matters Noted in an Audit; and
(3)
			 Management's Report of Internal Control over Financial Reporting. Insurers
			 having direct premiums written in this state of less than one million dollars
			 ($1,000,000) in any calendar year and less than one thousand (1,000)
			 policyholders or certificate holders of direct written policies nationwide at
			 the end of such calendar year are exempt from this rule for such year (unless
			 the Director makes a specific finding that compliance is necessary for the
			 Director to carry out statutory responsibilities) except that insurers having
			 assumed premiums pursuant to contracts or treaties of reinsurance of one
			 million dollars ($1,000,000) or more, or both, will not be exempt. Foreign or
			 alien insurers filing the audited financial report in another state, pursuant
			 to that other state's requirement for filing of audited financial reports found
			 by the Director to be substantially similar to the requirements herein, are
			 exempt from Section 011 through
			 Section 020 of this
			 rule if conditions of Subsection
			 001.02.a. or 001.02.b., of
			 this rule apply: (3-31-22)
a. A copy of the
			 Audited financial report, Communication of Internal Control Related Matters
			 Noted in an Audit, and the Accountant's Letter of Qualifications that are filed
			 with the other state are filed with the Director in accordance with the filing
			 dates in Sections 011,
			 018, and
			 019 respectively (Canadian insurers
			 may submit accountants' reports as filed with the Office of the Superintendent
			 of Financial Institutions, Canada). (3-31-22)
b. A copy of any Notification of Adverse
			 Financial Condition Report filed with the other state is filed with the
			 Director pursuant to Section
			 017. (3-31-22)
c. Foreign or alien insurers need to file
			 Management's Report of Internal Control over Financial Reporting in another
			 state are exempt from filing the Report in this state provided the other state
			 has substantially similar reporting requirements and the Report is filed with
			 the Director of the other state within the time specified. (3-31-22)
d. This rule does not prohibit, preclude or
			 in any way limit the Director from ordering, conducting or performing
			 examinations of insurers pursuant to the provisions of Title 41, Idaho Code,
			 and the rules, practices and procedures of the Department.
			 (3-31-22)
Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.04 - ANNUAL FINANCIAL REPORTING › Section 18.07.04.002 - INCORPORATION BY REFERENCE

Current through August 31, 2023
This rule incorporates by reference the full text of the
				National Association of Insurance Commissioners Financial Condition Examiners
				Handbook and the National Association of Insurance Commissioners Annual
				Statement Instructions and Accounting Practices and Procedures Manual, pursuant
				to Sections
				41-223 and
				47-335, Idaho Code.
				(3-31-22)