41-4710. APPLICATION TO BECOME A RISK-ASSUMING CARRIER. (1) A small employer carrier may apply to become a risk-assuming carrier by filing an application with the director in a form and manner prescribed by the director.
(2) The director shall consider the following factors in evaluating an application filed under the provisions of subsection (1) of this section:
(a) The carrier’s financial condition;
(b) The carrier’s history of rating and underwriting small employer groups;
(c) The carrier’s commitment to market fairly to all small employers in the state or its established geographic service area, as applicable;
(d) The carrier’s experience with managing the risk of small employer groups; and
(e) The extent to which a carrier has and will be able to maintain reinsurance pursuant to the provisions of subsection (4)(c) of section 41-4704, Idaho Code.
(3) The director shall provide public notice of an application by a small employer carrier to be a risk-assuming carrier and shall provide at least a sixty (60) day period for public comment prior to making a decision on the application. If the application is not acted upon within ninety (90) days of the receipt of the application by the director, the carrier may request a hearing.
(4) The director may rescind the approval granted to a risk-assuming carrier under the provisions of this section if the director finds that:
(a) The carrier’s financial condition will no longer support the assumption of risk from issuing coverage to small employers in compliance with the provisions of section 41-4708, Idaho Code, without the protection afforded by the program;
(b) The carrier has failed to market fairly to all small employers in the state or its established geographic service area, as applicable; or
(c) The carrier has failed to provide coverage to eligible small employers as required in section 41-4708, Idaho Code.
(5) A small employer carrier electing to be a risk-assuming carrier shall not be subject to the provisions of section 41-4711, Idaho Code, except to the extent such small employer carrier is subject to assessment for additional funding pursuant to the provisions of subsection (12)(c) of section 41-4711, Idaho Code.
History:
[41-4710, added 1993, ch. 176, sec. 1, p. 447.]