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
Universal Citation: ID Admin Code 18.07.01.025
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)
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