Idaho Code 41-4709 – Notice of Intent to Operate as a Risk-Assuming Carrier or a Reinsuring Carrier
Current as of: 2023 | Check for updates
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(1) (a) Each small employer carrier shall notify the director within thirty (30) days of the effective date of this chapter of the carrier’s intention to operate as a risk-assuming carrier or a reinsuring carrier. A small employer carrier seeking to operate as a risk-assuming carrier shall make an application pursuant to the provisions of section 41-4710, Idaho Code.
(b) The decision shall be binding for a five (5) year period except that the initial decision shall be binding for two (2) years. The director may permit a carrier to modify its decision at any time for good cause shown.
(c) The director shall establish an application process for small employer carriers seeking to change their status under the provisions of this subsection.
(2) A reinsuring carrier that applies and is approved to operate as a risk-assuming carrier shall not be permitted to continue to reinsure any health benefit plan with the program. Such a carrier shall pay a prorated assessment based upon business issued as a reinsuring carrier for any portion of the year that the business was reinsured.
Terms Used In Idaho Code 41-4709
- Carrier: means any entity that provides, or is authorized to provide, health insurance in this state. See Idaho Code 41-4703
- Director: means the director of the department of insurance of the state of Idaho. See Idaho Code 41-4703
- Health benefit plan: means any hospital or medical policy or certificate, any subscriber contract provided by a hospital or professional service corporation, or managed care organization subscriber contract. See Idaho Code 41-4703
- Program: means the Idaho small employer reinsurance program created in section 41-4711, Idaho Code. See Idaho Code 41-4703
- Reinsuring carrier: means a small employer carrier participating in the reinsurance program pursuant to section 41-4711, Idaho Code. See Idaho Code 41-4703
- Risk-assuming carrier: means a small employer carrier whose application is approved by the director pursuant to section 41-4710, Idaho Code. See Idaho Code 41-4703
- Small employer: means any person, firm, corporation, partnership or association that is actively engaged in business that employed an average of at least two (2) but no more than fifty (50) eligible employees on business days during the preceding calendar year and that employs at least two (2) but no more than fifty (50) eligible employees on the first day of the plan year, the majority of whom were and are employed within this state. See Idaho Code 41-4703
- Small employer carrier: means a carrier that offers health benefit plans covering eligible employees of one (1) or more small employers in this state. See Idaho Code 41-4703