Insurance Department Updates Minimum Premium

The Idaho Insurance Department announced that minimum premium shall not exceed $400 for workers’ compensation policies issued on or after Jan. 1. The department said the change follows the enactment of House Bill 78, which repealed statutory language prohibiting policies from having a minimum premium greater than $300 or less than $150. The bill also eliminated language that requires using an annual salary of $13,000 when setting premiums for partnerships and sole proprietorships. After working with the National Council on Compensation Insurance to evaluate the impacts of the changes, ...