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Idaho Statutes Title 41. Insurance § 41-3431. Annual adjustment of service payments--Disposition of excess funds

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) Annually on or before March 1 every service corporation shall make a special accounting, at which time any prorated settlements for any bills submitted by participant licensees or hospitals, for services rendered during the preceding calendar year shall be adjusted, and any deficits thereon made up on a uniform basis as to all such participants to the extent of funds available therefor.

(2) Any funds of the service corporation remaining after such annual accounting, and after adequate provision for all its liabilities and reserves, and for the surplus fund required under section 41-3422, Idaho Code, may be used by the corporation, upon express authorization by its board of directors, for any of the following purposes:

(a) To liquidate on a uniform and prorata basis any charges for services by participant licensees or participant hospitals not paid in full upon the settlement of bills in previous years;

(b) To pay off any part or the whole of any outstanding contribution of working capital to the corporation, any such payment to be prorated on a uniform basis among all such outstanding contributions; or

(c) To reduce the rates thereafter to be charged subscribers, or to expand the services or benefits thereafter to be provided under subscription contracts.

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Cite this article: FindLaw.com - Idaho Statutes Title 41. Insurance § 41-3431. Annual adjustment of service payments--Disposition of excess funds - last updated January 01, 2024 | https://codes.findlaw.com/id/title-41-insurance/id-st-sect-41-3431/

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