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IdahoH 00382025 regular legislative sessionHouseWALLET

INSURANCE – Amends existing law to revise provisions of the Idaho Life and Health Insurance Guaranty Association Act.

Sponsored By: BUSINESS COMMITTEE

Signed by Governor

INSURANCE

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 2 costs, 0 mixed.

Health benefits keep insurer failure protection

Beginning July 1, 2025, Idaho's guaranty association exempts long-term-care and other health benefits from its high-return exclusion. This includes benefits added through policy riders and preserves protection when an insurer is impaired or insolvent. For other policy portions, the pre-failure benchmark is Moody's four-year average corporate bond yield minus 2 percentage points. On and after impairment or insolvency, the benchmark is the latest available average minus 3 percentage points. Other coverage limits and exclusions still apply.

Sold settlement payments lose insurance backup

Beginning July 1, 2025, Idaho's insurance guaranty association excludes structured settlement payment rights acquired through a factoring transaction. These are deals that transfer rights to future settlement payments. The exclusion also covers settlement annuity benefits that a payee or beneficiary transferred through such a deal. It applies whether the deal happened before or after the referenced federal factoring law took effect.

Insurers lose cap on administrative assessments

Beginning July 1, 2025, Idaho's guaranty association board sets Class A assessments for administrative and other expenses. It can divide these charges proportionally among member insurers or use a different allocation. The law removes the former $300 yearly cap per insurer on assessments that are not proportional. Member insurers can face higher charges; any effect on household costs is indirect and not quantified.

Sponsors & Cosponsors

Sponsor

  • BUSINESS COMMITTEE

    Affiliation unavailable

Cosponsors

  • Jeff Ehlers

    Republican • House

  • Todd M. Lakey

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 66 • No: 36

Senate vote • 3/5/2025

Senate Floor Vote

Yes: 20 • No: 13

House vote • 2/12/2025

House Floor Vote

Yes: 46 • No: 23

Actions Timeline

  1. Reported Signed by Governor on March 13, 2025 Session Law Chapter 60 Effective: 07/01/2025

    3/14/2025

  2. Delivered to Governor at 8:10 a.m. on March 11, 2025

    3/11/2025

  3. Returned Signed by the President; Ordered Transmitted to Governor

    3/10/2025Senate

  4. Signed by President; returned to House

    3/10/2025Senate

  5. Received from the House enrolled/signed by Speaker

    3/10/2025Senate

  6. Reported Enrolled; Signed by Speaker; Transmitted to Senate

    3/7/2025House

  7. Returned from Senate Passed; to JRA for Enrolling

    3/6/2025House

  8. Read third time in full – PASSED - 20-13-2

    3/5/2025Senate

  9. Read second time; filed for Third Reading

    2/24/2025Senate

  10. Reported out of Committee with Do Pass Recommendation; Filed for second reading

    2/21/2025Senate

  11. Introduced, read first time; referred to: Commerce & Human Resources

    2/13/2025Senate

  12. Received from the House passed; filed for first reading

    2/13/2025Senate

  13. Read Third Time in Full – PASSED - 46-23-1

    2/12/2025House

  14. Read second time; Filed for Third Reading

    2/11/2025House

  15. Reported out of Committee with Do Pass Recommendation, Filed for Second Reading

    2/10/2025House

  16. Reported Printed and Referred to Business

    1/23/2025House

  17. Introduced, read first time, referred to JRA for Printing

    1/22/2025House

Bill Text

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