Idaho Insurance Resources

Idaho Insurance Resources

To learn everything possible pertaining to Idaho insurance, your best resources is through the Idaho Department of Insurance.  This regulatory agency was formed as a means of regulating insurance in the state of Idaho, regardless of the coverage type.  Although first established in 1901, the Idaho Department was reorganized, becoming one of the 21 primary departments under the state of
Idaho’s executive branch in 1974.  Today, this agency continues to play a vital role in helping consumers and insurance companies.

After 1901 when insurance companies were popping up throughout the state of Idaho, regulations for Idaho insurance fell under the State’s general corporation law.  However, once Idaho was named an official state within the United States, the governing body changed to the Department of Treasury.  In initially, this entity of the government had the responsibility of administering new insurance laws and creating an annual report for the Commissioner.  With this industry flourishing, the number of agencies and companies selling Idaho insurance skyrocketed.

Shortly after the Idaho Department of insurance was founded, the Governor signed into law House Bill 115, which was officially called “An Act to Provide for an Insurance Commissioner, Defining his Duties, and Regulating his Compensation, and to Regulate License Insurance in this State, and to Repeal Existing Laws in Relation thereto.”  The purpose of this law for Idaho insurance was to allow the Commissioner of the insurance industry to monitor set regulations.  Then, with the Insurance Commissioner reporting directly to the Governor, advice and information was provided.

Over the years, Idaho insurance changed, which included a number of new laws being signed.  Some of the laws were beneficial for consumers looking to purchase
Idaho insurance while others only lasted a few years and then disappeared from radar.  However, in 1947 one particular law was passed, which was the creation of the Office of Commissioner of Insurance.  With this new department created, all regulatory power was shifted.

The Idaho Department of Insurance is still an important part of the government specific to insurance.  On this organization’s website, sections are set up for consumers and for insurers.  For instance, if you were interested in buying an insurance policy of any kind, some of the areas of this organization that would likely be most helpful include company or agent lookup, insurance company complaints, consumer alerts for Idaho insurance, and gathering education.

On the other hand, if you are an agent or work for an Idaho insurance company, this organization would be just as beneficial.  Some of the primary categories established specifically for insurance professionals include long-term care partnership information, bulletin, newsletter, and other publication notifications, legislative news, new laws and rules, and investigation and fraud.

With so much information for both sides for Idaho insurance, you can be sure to find answers needed.  Of course, if you needed guidance or information for something not included on the organization’s website, you could contact one of the professional staff members for assistance.