Current through September 2, 2024
Section 18.06.05.011 - NOTICE PROVISIONS01.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; andd. The name of an officer of the insurer responsible for the contract.Idaho Admin. Code r. 18.06.05.011