Idaho Admin. Code r. 18.06.05.011

Current through September 2, 2024
Section 18.06.05.011 - NOTICE PROVISIONS
01.Notice by MGA. Upon licensure and, thereafter, on or before July 1 of each year, any person, firm, association or corporation acting in the state of Idaho in the capacity of an MGA as defined in Section 41-1502(3), Idaho Code, provides notice to the Director of the Department which includes:
a. A certified copy of the surety bond prescribed by Subsection 013.01.
b. Proof of insurance coverage as prescribed by Subsection 013.02.
c. The appropriate nonrefundable designation fee prescribed by IDAPA 18.01.02.
d. A list of all names and addresses of insurers doing business in the State of Idaho or Idaho domestic insurers with which the MGA has a contract and a verified statement on a form provided by the Department that the contract(s) contain the provisions prescribed by Section 41-1504, Idaho Code.
02.Notice by Insurer. In addition to those items specified in 41-1505(5), notice by the insurer will include:
a. The name and address of the MGA;
b. Proof that the MGA has met the bonding and insurance requirements of Section 013;
c. Procedures and timetable for conducting an onsite review of the underwriting and claims processing operation of the MGA as prescribed by Section 41-1505(3), Idaho Code; and
d. The name of an officer of the insurer responsible for the contract.

Idaho Admin. Code r. 18.06.05.011

Effective March 31, 2022