Idaho Administrative Code
Title IDAPA 18 - Insurance, Department of
Rule 18.04.05 - SELF-FUNDED HEALTH CARE PLANS RULE
Section 18.04.05.027 - BONDING

Universal Citation: ID Admin Code 18.04.05.027

Current through August 31, 2023

01. Certified Copy of Bond. The plan will submit to the Director a certified copy of the fidelity bond or equivalent coverage, as prescribed under Section 41-4014(3), Idaho Code. (3-31-22)

02. Scope of Coverage. The fidelity bond or equivalent coverage will cover every trustee, officer, director, and employee of the plan. (3-31-22)

03. Cancellation of Bond Requirements. The fidelity bond or equivalent coverage needs to contain language stating that it is noncancellable except upon not less than thirty (30) days advance notice in writing to the trustee and the Director. A copy of any notice cancelling a bond prescribed under Title 41, Chapter 40, Idaho Code, is to be forwarded to the Director by the surety at the same time it is forwarded to the trustee. (3-31-22)

04. Third Party Administrator. Any party that provides any one of the following services to the plan needs to be licensed as a third party administrator: (3-31-22)

a. Directly or indirectly underwrites; (3-31-22)

b. Collects or handles charges or contributions; or (3-31-22)

c. Adjusts or settles claims on members or beneficiaries of the plan. (3-31-22)

Disclaimer: These regulations may not be the most recent version. Idaho may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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