STATEMENT OF PURPOSE
RS29325 / H0534
This bill relates to the Idaho State Insurance Fund (SIF). The Fund is managed by a board, appointed by
the Governor, and a CEO, hired by the board, and referred to in statue as “The Manager.” Like private
insurance carriers, SIF is regulated by the Department of Insurance and Industrial Commission and is audited
by independent insurance audit specialists. SIF provides workers' compensation insurance coverage to both
private entities and public agencies in Idaho and is funded by policy holder premiums – it receives no tax
dollars. SIF’s purpose is to ensure a reliable and stable source of workers' compensation insurance for Idaho’s
economy and its workers' compensation system. To meet this mission SIF must modernize its banking and
service practices to better meet the needs of its stakeholders. This legislation allows SIF to transition out of
state vacation and sick leave programs and adopt Paid Time Off (PTO) and holidays more consistent with the
private sector. This bill also allows SIF to digitize its financial transaction offerings through mobile service
applications and online banking, without the need to go through the State Controller's Office and Treasurer’s
office. SIF will continue to report its expenditures, including payroll, to the State Controller’s Office for
inclusion in Transparent Idaho. These updates will allow SIF to better serve its stakeholders.
FISCAL NOTE
Because the Idaho State Insurance Fund (SIF) is fully funded by policy holder premiums, and receives no state
tax dollars, it is not anticipated that the legislation will have any fiscal impact to the State of Idaho or local
government.
Contact:
Representative Terry Gestrin
(208) 332-1000
Senator Todd Lakey
(208) 332-1328
DISCLAIMER: This statement of purpose and fiscal note are a mere attachment to this bill and prepared by a proponent
of the bill. It is neither intended as an expression of legislative intent nor intended for any use outside of the legislative
process, including judicial review (Joint Rule 18).
Statement of Purpose / Fiscal Note Bill SOP/FN INTRODUCED: 02/03/2022, 3:30 PM


Statutes affected:
Bill Text: 67-5333, 72-910, 72-912, 72-927