- Idaho maintains a list of eligible surplus lines insurers (see Other Comments section #1).
- Idaho does have a Surplus Lines Association (see Other Comments section #2).
- Idaho does have an Export List (see Other Comments section #3).
- Idaho does not have an industrial insured exemption but does recognize the exempt commercial purchaser exemption under NRRA.
- Surplus lines tax: 1.5% (plus stamping fee of 0.50%), payable by broker.
- Idaho has not affiliated with any existing compact (HB 179).
Eligibility and Filing Requirements (All Insurers):
- Filing Fee: $500 with application, $500 renewal fee: due March 1.
- Annual Statement/Report (required with original application).
- Application or Letter of Intent listing types of business company wishes to write, agreeing to abide by Idaho Law and that the company will only accept business placed through Idaho licensed surplus lines brokers (required with original application).
- Designation of Legal Agent for Surplus Lines Companies (required with original application).
Eligibility and Filing Requirements (Alien Insurers Only):
A surplus lines broker may place insurance with an alien insurer if the insurer is listed on the Quarterly Listing of Alien Insurers maintained by the NAIC.
Eligibility and Filing Requirements (Foreign Insurers Only):
A surplus lines broker may place insurance with a foreign insurer if:
- The insurer is authorized to place that type of insurance in its domiciliary jurisdiction; and
- The insurer has capital and surplus, or its equivalent under the laws of its domiciliary jurisdiction, that is the greater of the minimum capital and surplus requirements under the laws of this state or $15 million.
The insurance commissioner may waive the minimum capital and surplus requirement for unauthorized foreign insurers if the commissioner makes an affirmative finding of acceptability after considering: quality of management, capital and surplus of a parent company, company underwriting profit and investment trends, market availability, and company record and reputation within the industry. § 41-1214(7). The commissioner may not make a finding of acceptability if the insurer’s capital and surplus is under $4.5 million. § 41-1214(7).
Types of Insurance Exempted from Surplus Lines Regulation:
- Ocean marine and foreign trade insurances.
- Insurance on subjects located, resident, or to be performed wholly outside of Idaho, or on vehicles or aircraft owned and principally garaged outside Idaho.
- Aircraft and cargo in interstate flight (property and liability).
- Insurance of aircraft owned or operated by manufacturers of aircraft, or of aircraft operated in commercial scheduled interstate flight, or cargo of such aircraft, or against liability, other than workers’ compensation and employers’ liability, arising out of the ownership, maintenance or use of such aircraft.
Other Comments or Requirements:
- Eligibility lists available on Idaho DOI website www.doi.idaho.gov. Go to “Industry,” then “Insurance Companies” then scroll down to “Surplus Lines Insurers” then “List of eligible surplus lines insurers”.
- Contact information for the Idaho Surplus Lines Association is as follows:
Wendy J. Tippetts
Surplus Lines Association of Idaho, Inc.
595 South 14th Street
Boise, Idaho 83702-6836
Tel.: (208) 336-2901
- Export list available on Idaho DOI website at www.doi.idaho.gov. Laws, Rules, Bulleting, DOI Rules, 18.01.18 Open Lines for Export –Surplus Lines, OR on the Idaho Surplus Lines Association website at www.Idahosurplusline.org (on homepage).
- Brokers placing exempted coverages above are required to keep a full and true record, for not less than five years, of each such be kept available in the state for examination by the Director of Insurance.
- Every insurance contract procured and delivered as a surplus lines coverage must have stamped upon it, in red ink with at least ten (10) point bold print, and bear the name of the surplus lines broker who procured it, the following:
THIS SURPLUS LINES CONTRACT IS ISSUED PURSUANT TO THE IDAHO INSURANCE LAWS BY AN INSURER NOT LICENSED BY THE IDAHO DEPARTMENT OF INSURANCE. THERE IS NO COVERAGE PROVIDED FOR SURPLUS LINE INSURANCE BY EITHER THE IDAHO INSURANCE GUARANTY ASSOCIATION OR BY THE IDAHO LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION._____________________
(Name of Broker & Lic #).