The bill proposes comprehensive amendments to Idaho's insurance laws, particularly focusing on small employer health benefit plans. It repeals several sections related to conversion plans and the small employer carrier reinsurance program, including Sections 41-2210D, 41-4708B, 41-4709, 41-4710, 41-4711, and 41-4712. The bill also updates definitions, such as "actuarial certification" and "small employer," to clarify eligibility criteria and ensure that the language reflects current practices. New definitions are introduced, including "new business premium rate," and the bill emphasizes that premium rates must be consistent and based on objective differences in plan design, while allowing for adjustments based on claims experience and health status.

Additionally, the bill outlines the conditions for the renewability of health benefit plans and mandates that carriers disclose how premium rates are established. It prohibits small employer carriers from writing new business in the small employer market for five years if they choose not to renew a health benefit plan. The bill also restructures the Idaho individual high risk reinsurance pool, removing references to the small employer health reinsurance program and clarifying terms related to health insurance. An independent public body will oversee the reinsurance pool, governed by a board of ten members representing various stakeholders. The act is set to take effect on July 1, 2025, due to an emergency declaration.

Statutes affected:
Bill Text: 41-2210D, 41-4703, 41-4706, 41-4707, 41-4708B, 41-4709, 41-4710, 41-4711, 41-4712, 41-4713, 41-5206, 41-5210, 41-5501, 41-5502