Amends and adds to existing law to establish provisions regarding reciprocal jurisdictions and credit for reinsurance procedures.

This legislation is based on 2019 amendments to the National Association of Insurance Commissioners (NAIC) Credit for Reinsurance Model Law (#785) and Credit for Reinsurance Model Regulation (#786). The goal is to provide more flexibility and option for insurance companies looking to purchase reinsurance on insurance policies for Idaho policyholders and this reinsurance coverage frequently comes from the international market. These amendments allow insurance companies to continue to receive credit for reinsurance on its financial statements from a larger potential market of reinsurance companies. These model law amendments are also required for accreditation of the Idaho Department of Insurance by the NAIC. Accreditation is important to the maintain for consistent, streamlined, and fair regulation of insurance companies.