reglab/housing_qa huggingface dataset:
ID Code § 41-605 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-605 - LIABILITIES, IN GENERAL.

41-605. LIABILITIES, IN GENERAL. In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: (1) The amount of its capital stock outstanding, if any. (2) The amount, estimated consistent with the provisions of this code, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof. (3) With reference to life and disability insurance and annuity contracts: (a) The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this code which are applicable thereto. (b) Reserves for disability benefits, for both active and disabled lives. (c) Reserves for accidental death benefits. (d) Any additional reserves which may be required by the director consistent with applicable customary and general practice in insurance accounting. (4) With reference to insurance other than specified in subsection (3) of this section, and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter. (5) Taxes, expenses and other obligations due or accrued at the date of the statement.  History: [41-605, added 1961, ch. 330, sec. 126, p. 645.]
ID Code § 41-606 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-606 - UNEARNED PREMIUM RESERVE.

41-606. UNEARNED PREMIUM RESERVE. (1) As to insurance against loss or damage to property (except as provided in section 41-607), and as to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. (2) The director may require that such reserves shall be equal to the unearned portions of the gross premiums in force after deducting applicable reinsurance in solvent insurers as computed on each respective risk from the policy’s date of issue. If the director does not so require, the portions of the gross premium in force, less applicable reinsurance in solvent insurers, to be held as an unearned premium reserve, shall be computed according to the following table:       Term for which policy was written     Reserve for unearned premium     1 year or less     1/2     2 years   1st year   3/4       2nd year   1/4     3 years   1st year   5/6       2nd year   1/2       3rd year   1/6     4 years   1st year   7/8       2nd year   5/8       3rd year   3/8       4th year   1/8     5 years   1st year   9/10       2nd year   7/10       3rd year   1/2       4th year   3/10       5th year   1/10     Over 5 years   pro rata         (3) In lieu of computation according to the foregoing table, the insurer at its option may compute all of such reserves on a monthly or more frequent pro rata basis. (4) After adopting a method for computing such reserve, an insurer shall not change methods without approval of the insurance supervisory official of the insurer’s domicile. (5) This section does not apply to title insurance.  History: [41-606, added 1961, ch. 330, sec. 127, p. 645.]
ID Code § 41-607 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-607 - UNEARNED PREMIUM RESERVE FOR MARINE AND TRANSPORTATION INSURANCE.

41-607. UNEARNED PREMIUM RESERVE FOR MARINE AND TRANSPORTATION INSURANCE. As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the director may require the insurer to carry a reserve equal to one hundred per cent (100%) of premiums on trip risks written during the month ended as of the date of statement.  History: [41-607, added 1961, ch. 330, sec. 128, p. 645.]
ID Code § 41-608 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-608 - RESERVE FOR DISABILITY INSURANCE.

41-608. RESERVE FOR DISABILITY INSURANCE. For all disability insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the reserve according to appropriate standards set forth in regulations issued by the director and, in no event, less in the aggregate than the pro rata gross unearned premiums for such policies.  History: [41-608, added 1961, ch. 330, sec. 129, p. 645.]
ID Code § 41-609 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-609 - LOSS RESERVES, LIABILITY INSURANCE AND WORKER’S COMPENSATION.

41-609. LOSS RESERVES, LIABILITY INSURANCE AND WORKER’S COMPENSATION. Where called for by the form of annual statement required of the insurer, the reserve for outstanding losses under insurance against loss or damage from accident to or injuries suffered by an employee or other person and for which the insured is liable, shall be computed in accordance with the annual statement instructions and the accounting and procedures manual adopted by the national association of insurance commissioners, as provided in section 41-335, Idaho Code.  History: [41-609, added 1961, ch. 330, sec. 130, p. 645; am. 1993, ch. 194, sec. 4, p. 498.]
ID Code § 41-610 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-610 - INCREASE OF INADEQUATE LOSS RESERVES.

41-610. INCREASE OF INADEQUATE LOSS RESERVES. If loss experience shows that an insurer’s loss reserves, however computed or estimated, are inadequate, the director shall require the insurer to maintain loss reserves in such additional amount as is needed to make them adequate. This section does not apply as to life insurance.  History: [41-610, added 1961, ch. 330, sec. 131, p. 645.]
ID Code § 41-611A (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-611A - MORTGAGE GUARANTY INSURANCE — CONTINGENCY RESERVE.

41-611A. MORTGAGE GUARANTY INSURANCE — CONTINGENCY RESERVE. In addition to reserves for unearned premiums and losses, as to mortgage guaranty insurance transacted by it an insurer shall establish and maintain a contingency reserve out of net premiums (gross premiums less premiums returned to policy holders) remaining after establishment of the unearned premium reserve. To the contingency reserve the insurer shall contribute an amount equal to fifty per cent (50%) of such remaining premiums. The annual contributions to the contingency reserve made during each calendar year shall be maintained for a period of one hundred twenty (120) months; except that in any year in which incurred losses of the insurer under mortgage guaranty insurance policies exceed thirty-five per cent (35%) of the corresponding earned premiums, the insurer may withdraw from the contingency reserve an amount equal to not more than the amount of such excess.  History: [I.C., sec. 41-611A, as added by 1972, ch. 79, sec. 2, p. 159.]
ID Code § 41-613 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-613 - VALUATION OF BONDS.

41-613. VALUATION OF BONDS. (1) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows: (a) If purchased at par, at the par value. (b) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made, or in lieu of such method, according to such generally accepted method of valuation elected by the insurer and approved by the director. (c) Purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage or express charges paid in the acquisition of such securities. (d) Unless otherwise provided by valuation established or approved by the director, no such security shall be carried at above the call price for the entire issue during any period within which the security may be so called. (2) The director shall have full discretion in determining the method of calculating values according to the rules set forth in this section, but no such method or valuation shall be inconsistent with any applicable valuation method used by insurers in general, or any such method then currently formulated or approved by the national association of insurance commissioners or its successor organization.  History: [41-613, added 1961, ch. 330, sec. 134, p. 645; am. 1993, ch. 194, sec. 5, p. 499.]
ID Code § 41-614 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-614 - VALUATION OF OTHER SECURITIES.

41-614. VALUATION OF OTHER SECURITIES. (1) Securities, other than those referred to in section 41-613, Idaho Code, held by an insurer may be valued, in the discretion of the director: (a) At their market value if market value can be reasonably ascertained, or (b) If the issuer is an insurer, at their unadjusted book value as determined by the issuer’s convention form financial statement filed with insurance public supervisory officials, or (c) Any other value which the insurer can substantiate to the satisfaction of the director. In addition to other applicable bases of valuation, the director shall give due consideration to valuation based upon: (i) The net worth of the issuer as shown by financial statements acceptable to the director. (ii) The acquisition cost of the security to the insurer, adjusted in accordance with generally accepted accounting principles to reflect changes since such acquisition in the issuer’s financial condition and business. (2) Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, according to a generally accepted method of computation approved by the director. (3) Stock of a subsidiary corporation of an insurer shall not be valued at an amount in excess of the net value thereof as based upon those assets only of the subsidiary which would be eligible under chapter 7, title 41, Idaho Code, for investment of the funds of the insurer directly. (4) No valuations under this section shall be inconsistent with any applicable valuation or method then currently formulated or approved by the national association of insurance commissioners or its successor organization.  History: [41-614, added 1961, ch. 330, sec. 135, p. 645; am. 1971, ch. 122, sec. 3, p. 408; am. 1972, ch. 369, sec. 7, p. 1072; am. 1993, ch. 194, sec. 6, p. 499.]
ID Code § 41-615 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-615 - VALUATION OF PROPERTY.

41-615. VALUATION OF PROPERTY. (1) Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the director to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property. (2) Other real property held by an insurer shall not be valued at an amount in excess of fair value as determined by recent appraisal. If valuation is based on an appraisal more than three years old, the director may at his discretion call for and require a new appraisal in order to determine fair value.  History: [41-615, added 1961, ch. 330, sec. 136, p. 645.]
ID Code § 41-616 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 6 - ASSETS AND LIABILITIES|Section 41-616 - VALUATION OF PURCHASE MONEY MORTGAGES.

41-616. VALUATION OF PURCHASE MONEY MORTGAGES. Purchase money mortgages on real property referred to in subsection (1) of section 41-615 of this chapter shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or ninety per cent (90%) of the fair value of such real property, whichever is less.  History: [41-616, added 1961, ch. 330, sec. 137, p. 645.]
ID Code § 41-701 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 7 - INVESTMENTS|Section 41-701 - INVESTMENTS.

41-701. INVESTMENTS. (1) Funds of a domestic insurer shall be invested, reinvested and used in the manner and subject to the conditions, restrictions and limitations set forth in this chapter. (2) Investments of a foreign or alien insurer which would be authorized for a like domestic insurer shall be allowed as assets in any determination of its financial condition. Other investments of a foreign or alien insurer which are authorized by the laws of its domicile may be so allowed at the discretion of the director. (3) The director may adopt rules establishing standards and limitations for investments by insurers that are not otherwise specifically permitted or prohibited in this chapter. In the absence of a rule prohibiting such, all assets shall be valued according to rules promulgated by the national association of insurance commissioners (NAIC), NAIC’s valuation of securities office or by NAIC’s financial condition subcommittee.  History: [41-701, added 1961, ch. 330, sec. 138, p. 645; am. 1994, ch. 240, sec. 5, p. 755.]
ID Code § 41-702 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 7 - INVESTMENTS|Section 41-702 - ELIGIBLE INVESTMENTS.

41-702. ELIGIBLE INVESTMENTS. (1) Insurers shall invest in or lend their funds on the security of, and shall hold as invested assets, only cash and eligible investments as prescribed in this chapter. (2) Any particular investment held by an insurer on the effective date of this code, and which was a legal investment at the time it was made, and which the insurer was legally entitled to possess immediately prior to such effective date, shall be deemed to be an eligible investment. (3) Eligibility of an investment shall be determined as of the date of its making or acquisition, except as stated in subsection (2) above. (4) Any investment limitation based upon the amount of the insurer’s assets or particular funds shall relate to such assets or funds as shown by the insurer’s annual statement as of the December 31 next preceding date of making or acquisition of the investment by the insurer, or as shown by a current financial statement.  History: [41-702, added 1961, ch. 330, sec. 139, p. 645.]
ID Code § 41-703 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 7 - INVESTMENTS|Section 41-703 - GENERAL QUALIFICATIONS.

41-703. GENERAL QUALIFICATIONS. (1) No security or investment (other than real and personal property acquired under section 41-728, Idaho Code, real property owned) shall be eligible for acquisition unless it is interest bearing or interest accruing or by its character entitled to receive dividends or income when declared or paid, including discounted and zero interest certificates of accrual on public and corporate obligations, is not then in default in any respect, and the insurer is entitled to receive for its exclusive account and benefit the interest or income accruing thereon. (2) No security or investment shall be eligible for purchase at a price above its market value. (3) No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investment so acquired which is not otherwise eligible under this chapter shall be disposed of pursuant to section 41-730, Idaho Code, if personal property or securities, or pursuant to section 41-729, Idaho Code, if real property.  History: [41-703, added 1961, ch. 330, sec. 140, p. 645; am. 1969, ch. 214, sec. 16, p. 625; am. 1985, ch. 231, sec. 1, p. 551.]
ID Code § 41-704 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 7 - INVESTMENTS|Section 41-704 - AUTHORIZATION OF INVESTMENTS.

41-704. AUTHORIZATION OF INVESTMENTS. An insurer shall not make, sell, or exchange any investment or loan, except as to the policy loans or annuity contract loans of a life insurer, unless the same is authorized or approved by its board of directors or by a committee charged by the board of directors or the by-laws with the duty of making such investment, loan, sale or exchange. The minutes of any such committee shall be recorded and reports thereof shall be submitted to the board of directors for approval or disapproval.  History: [41-704, added 1961, ch. 330, sec. 141, p. 645.]
ID Code § 41-705 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 7 - INVESTMENTS|Section 41-705 - RECORD OF INVESTMENTS.

41-705. RECORD OF INVESTMENTS. (1) The insurer shall make a written record in permanent form showing the authorization as to each investment or loan of its funds, which record shall be signed by an officer of the insurer or by the chairman of the committee authorizing or approving the investment or loan. (2) As to each such investment or loan, the insurer’s record shall contain: (a) In the case of loans: The name of the borrower; the location of the property; a physical description and the appraised value of the security; the amount of the loan, rate of interest and terms of repayment. (b) In the case of securities: The name of the obligor; a description of the security; the amount invested, the rate of interest or dividend, the maturity and yield based upon the purchase price. (c) In the case of real estate: The location and legal description of the property; a physical description and the appraised value; the purchase price and terms. (d) In the case of all investments: (i) The amount of expenses and commissions directly incurred on account of any investment or loan and by whom and to whom payable if not covered by contracts with mortgage loan representatives or correspondents which are part of the insurer’s records. (ii) The name of any officer or director of the insurer with an interest in the investment and the nature of the interest. For purposes of this subparagraph, an officer or a director of an insurer has an interest in an investment if:  1. The insurer acquires or sells the investment directly or indirectly from or to the officer or director; or 2. The officer or director holds a direct, an indirect, or a contingent interest in the securities or loan representing the investment or in the assets of the person in whose behalf the investment or loan is made. This paragraph shall not apply to an investment by an officer or a director in common stock, preferred stock, or bonds of a United States publicly traded corporation if the director or officer’s interest in such publicly traded corporation constitutes less than one percent (1%) of the corporation’s total outstanding stock or bonds, in exchange-traded common stock funds or bond funds if listed on a United States regulated exchange, or in mutual funds registered with the securities and exchange commission.  History: [41-705, added 1961, ch. 330, sec. 142, p. 645; am. 1983, ch. 189, sec. 1, p. 510; am. 2019, ch. 112, sec. 1, p. 369.]
ID Code § 41-706 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 7 - INVESTMENTS|Section 41-706 - DIVERSIFICATION OF INVESTMENTS.

41-706. DIVERSIFICATION OF INVESTMENTS. An insurer shall invest in or hold as assets categories of investments within applicable limits as follows only: (1) One (1) person. An insurer shall not, except with the consent of the director, have at any one (1) time any combination of investments in or loans upon the security of the obligations, property, or securities of any one (1) person, institution, corporation, or municipal corporation, aggregating an amount exceeding ten percent (10%) of the insurer’s assets. This restriction shall not apply as to investments or deposits fully insured by the federal deposit insurance corporation or to general obligations of the United States of America or of any state or include policy or annuity contract loans made under section 41-718, Idaho Code, or to assets subject to section 41-715 or 41-3803, Idaho Code, or to any one (1) domestic reciprocal insurer which exclusively insures members who are political subdivisions, as defined by section 6-902 2., Idaho Code, provided that all such investments comply with the public depository laws. (2) Voting stock. An insurer shall not invest in or hold at any one (1) time more than ten percent (10%) of the outstanding voting stock of any corporation, except with the consent of the director given with respect to voting rights of preference stock during default of dividends. This provision does not apply as to stock of subsidiaries of the insurer or a companion company or companies under substantially the same management at the time of purchase, as referred to in section 41-715 or 41-3803, Idaho Code. (3) Minimum capital. An insurer (other than title insurer) shall invest and maintain invested funds not less in amount than the minimum paid-in capital stock required under this code of a domestic stock insurer transacting like kinds of insurance, only in cash and the securities provided for under the following sections of this chapter: section 41-707, Idaho Code, (public obligations), and section 41-721, Idaho Code, (real estate mortgages and contracts). (4) Life insurance reserves. A life insurer shall also invest and keep invested its funds in an amount not less than the reserves under its life insurance policies and annuity contracts in force, as prescribed by section 41-612, Idaho Code, in cash and/or the securities or investments allowed under this chapter, other than in common stocks, insurance stocks and stocks of subsidiaries of the insurer. (5) Other specific limits. Limits as to investments in the category of real estate shall be as provided in section 41-728, Idaho Code; and other specific limits shall apply as stated in the sections dealing with other respective kinds of investments.  History: [41-706, added 1961, ch. 330, sec. 143, p. 645; am. 1971, ch. 122, sec. 4, p. 408; am. 1974, ch. 91, sec. 1, p. 1187; am. 1978, ch. 89, sec. 1, p. 165; am. 1983, ch. 189, sec. 2, p. 511; am. 1993, ch. 194, sec. 7, p. 500; am. 1996, ch. 245, sec. 1, p. 776; am. 2013, ch. 266, sec. 3, p. 679.]
ID Code § 41-707 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 7 - INVESTMENTS|Section 41-707 - PUBLIC OBLIGATIONS.

41-707. PUBLIC OBLIGATIONS. An insurer may invest any of its funds in bonds or other evidences of debt, not in default as to principal or interest, which are valid and legally authorized obligations issued, assumed or guaranteed by the United States or by any state thereof or by any territory or possession of the United States or by the District of Columbia, or of the government of Canada or any provinces thereof, or by any county, city, town, village, municipality or district therein or by any political subdivision thereof or by any civil division or public instrumentality of one or more of the foregoing, if, by statutory or other legal requirements applicable thereto, such obligations are payable, as to both principal and interest, (1) from taxes levied or required to be levied upon all taxable property or all taxable income within the jurisdiction of such governmental unit or, (2) from adequate special revenues pledged or otherwise appropriated or by law required to be provided for the purpose of such payment, but not including any obligation payable solely out of special assessments on properties benefited by local improvements unless adequate security is evidenced by the ratio of assessment to the value of the property or the obligation is additionally secured by an adequate guaranty fund required by law.  History: [41-707, added 1961, ch. 330, sec. 144, p. 645; am. 1969, ch. 214, sec. 17, p. 625.]