reglab/housing_qa huggingface dataset:
ID Code § 41-1931 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1931 - INDEBTEDNESS DEDUCTED FROM PROCEEDS.

41-1931. INDEBTEDNESS DEDUCTED FROM PROCEEDS. In determining the amount due under any life insurance policy heretofore or hereafter issued, deduction may be made of: (1) Any unpaid premiums or instalments thereof for the current policy year due under the terms of the policy, and of (2) The amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid.  History: [41-1931, added 1961, ch. 330, sec. 462, p. 645.]
ID Code § 41-1932 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1932 - PARTICIPATING AND NONPARTICIPATING POLICIES — RIGHT TO ISSUE.

41-1932. PARTICIPATING AND NONPARTICIPATING POLICIES — RIGHT TO ISSUE. A life insurer may issue policies on either the participating basis or the nonparticipating basis, or on both bases, if the right or absence of right of participation is reasonably related to the premium charged and the insurer is otherwise not in violation of sections 41-1313 (unfair discrimination–life insurance, annuities, and disability insurance) or 41-1314 (rebates, illegal inducements).  History: [41-1932, added 1961, ch. 330, sec. 463, p. 645.]
ID Code § 41-1933 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1933 - PARTICIPATING AND NONPARTICIPATING POLICIES — ACCOUNTING.

41-1933. PARTICIPATING AND NONPARTICIPATING POLICIES — ACCOUNTING. (1) A life insurer issuing both participating and nonparticipating policies shall maintain a system of accounting which segregates the participating from the nonparticipating business and clearly shows the profits and losses upon each such category of business. The insurer’s annual statement as filed with the director under section 41-335 shall provide such information with respect to such categories as is called for in connection therewith. (2) For the purposes of such accounting the insurer shall make a reasonable allocation as between the respective such categories of the expenses of such general operations or functions as are jointly shared. Any allocation of expense as between the respective categories shall be made upon a reasonable basis, to the end that each category shall bear a just portion of joint expense involved in the administration of the business of such category. (3) No policy hereafter shall provide for, and no life insurer or representative shall hereafter knowingly offer or promise payment, credit, or distribution of participating "dividends", "earnings", "profits" or "savings", by whatever name called, to participating policies out of such profits, earnings or savings on nonparticipating policies. This provision shall not be deemed to restrict the generality of section 41-1314 (rebates, illegal inducements).  History: [41-1933, added 1961, ch. 330, sec. 464, p. 645.]
ID Code § 41-1935 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1935 - LIFE INSURANCE AND ANNUITIES — TWENTY DAY FREE EXAMINATION.

41-1935. LIFE INSURANCE AND ANNUITIES — TWENTY DAY FREE EXAMINATION. (1) Every life insurance policy to which the provisions of section 41-1927, Idaho Code, apply and every annuity contract shall contain a provision therein or in a separate rider attached thereto when delivered, stating in substance that the person to whom the life insurance policy or annuity contract is issued shall be permitted to return the life insurance policy or annuity within twenty (20) days of its delivery to such person, and to have a refund of the premium paid if after examination of the policy the purchaser is not satisfied with it for any reason. The provision shall be set forth in the policy or contract under appropriate caption, and if not so printed on the face page of the policy or contract adequate notice of the provision shall be printed or stamped conspicuously on the face page. (2) The policy or contract may be so returned to the insurer at its home or branch office or to the agent through whom it was applied for, and thereupon shall be void as from the beginning and as if the policy or contract had not been issued.  History: [41-1935, added 1992, ch. 162, sec. 1, p. 518.]
ID Code § 41-1937 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1937 - VARIABLE CONTRACTS — STATEMENT OF ESSENTIAL FEATURES.

41-1937. VARIABLE CONTRACTS — STATEMENT OF ESSENTIAL FEATURES. (1) Any variable contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis. (2) Variable annuity contracts delivered or issued for delivery in this state may include as an incidental benefit provision for payment on death during the deferred period of an amount not in excess of the greater of the sum of the premiums or stipulated payments paid under the contract or the value of the contract at time of death. Any such provision shall not be deemed to be life insurance and shall not be subject to the provisions of this code governing life insurance contracts. A provision for any other benefit on death during the deferred period shall be subject to such life insurance provisions.  History: [I.C., sec. 41-1937, as added by 1969, ch. 214, sec. 52, p. 625; am. 1971, ch. 272, sec. 3, p. 1078.]
ID Code § 41-1938 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1938 - VARIABLE CONTRACTS — AUTHORITY OF INSURER TO ISSUE.

41-1938. VARIABLE CONTRACTS — AUTHORITY OF INSURER TO ISSUE. No insurer shall deliver or issue for delivery in this state contracts authorized under section 41-1936, Idaho Code, unless it is authorized or organized to do a life insurance or annuity business in this state, and the director is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the director shall consider among other things: (1) The history and financial condition of the insurer; (2) The character, responsibility and fitness of the officers and directors of the insurer; and (3) The law and regulation under which the insurer is authorized in the state of domicile to issue variable contracts.  History: [41-1938, added 1969, ch. 214, sec. 53, p. 625; am. 1999, ch. 95, sec. 1, p. 297.]
ID Code § 41-1939 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1939 - VARIABLE CONTRACTS — REGULATION THEREOF.

41-1939. VARIABLE CONTRACTS — REGULATION THEREOF. (1) Notwithstanding any other provision of law, the director shall have sole and exclusive authority to regulate the issuance and sale of variable contracts and to provide for licensing of persons selling such contracts, and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this section. (2) The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees. (3) The director, by regulation, may require that any individual variable contract, delivered or issued for delivery in this state, shall contain provisions as to policy loans, payment of premiums, payment of claims, indebtedness and nonforfeiture benefits appropriate to a variable contract.  History: [I.C., sec. 41-1939, as added by 1969, ch. 214, sec. 54, p. 625.]
ID Code § 41-1940D (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1940D - ANNUITY CONSUMER PROTECTION — COMPLIANCE MITIGATION.

41-1940D. ANNUITY CONSUMER PROTECTION — COMPLIANCE MITIGATION. An insurer is responsible for compliance with the annuity consumer protections act. If a violation occurs, either because of the action or inaction of the insurer or its producer, the director may order: (1) An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this regulation by the insurer, by an entity contracted to perform the insurer’s supervisory duties, or by the producer; (2) A general agency, an independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer’s violation of this regulation; and (3) Appropriate penalties and sanctions.  History: [41-1940D, added 2021, ch. 41, sec. 6, p. 120.]
ID Code § 41-1940E (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1940E - ANNUITY CONSUMER PROTECTION — RECORDKEEPING.

41-1940E. ANNUITY CONSUMER PROTECTION — RECORDKEEPING. (1) Insurers, general agents, independent agencies, and producers shall maintain or be able to make available to the director records of the information collected from the consumer, disclosures made to the consumer including summaries of oral disclosures, and other information used in making the recommendations that were the basis for insurance transactions for five (5) years after the natural life of the contract. An insurer is permitted but shall not be required to maintain documentation on behalf of a producer. (2) Records required to be maintained by the annuity consumer protections act may be maintained in paper, photographic, micro-process, magnetic, mechanical, or electronic media or by any process that accurately reproduces the actual document.  History: [41-1940E, added 2021, ch. 41, sec. 7, p. 120.]
ID Code § 41-1942 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1942 - ADVERTISEMENT OF INTEREST-INDEXED ANNUITIES.

41-1942. ADVERTISEMENT OF INTEREST-INDEXED ANNUITIES. No issuer of interest-indexed annuity contracts shall advertise interest-indexed annuity contracts, regardless of the advertising medium, without prior approval of such advertisement from the director. For purposes of this section, "interest-indexed annuity" means a type of annuity whose credited interest is linked to an external reference at any time during the term of the contract and shall include contracts, application forms where written application is required and is to be made a part of the contract, printed riders, endorsements, and renewal certificates.  History: [41-1942, added 2020, ch. 290, sec. 2, p. 839; am. 2021, ch. 41, sec. 9, p. 123.]
ID Code § 41-1943 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1943 - STANDARDS FOR POLICY PROVISIONS FOR ANNUITIES.

41-1943. STANDARDS FOR POLICY PROVISIONS FOR ANNUITIES. No annuity shall be delivered or issued for delivery in this state that contains: (1) Surrender charges that persist past ten (10) years from the time of deposit; or (2) Surrender charges that exceed ten percent (10%) in the first year and decrease one percent (1%) per year in subsequent years.  History: [41-1943, added 2020, ch. 290, sec. 3, p. 840.]
ID Code § 41-1950 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1950 - SHORT TITLE AND SCOPE.

41-1950. SHORT TITLE AND SCOPE. (1) Sections 41-1950 through 41-1965, Idaho Code, may be cited as the "Life Settlements Act." (2) Nothing contained herein is intended to abrogate or conflict with the Idaho uniform securities act contained in chapter 14, title 30, Idaho Code, or supersede the duty of persons to comply with that or any other applicable law. Given the combined interest and regulation of life settlements by the department and the department of finance, the director and the director of the department of finance should cooperate in the exercise of discretionary acts and enforcement of the applicable laws within their respective authority and responsibility. (3) Unless clearly inapplicable, other provisions and chapters of title 41, Idaho Code, apply to licensees and persons subject to sections 41-1950 through 41-1965, Idaho Code, including, but not limited to, chapters 1 through 5, 10, 13, 18 and 19, title 41, Idaho Code. Specifically, section 41-220, Idaho Code, applies to licensees under sections 41-1950 through 41-1965, Idaho Code.  History: [41-1950, added 2009, ch. 69, sec. 1, p. 192.]
ID Code § 41-1952 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1952 - LICENSE REQUIREMENT.

41-1952. LICENSE REQUIREMENT. (1) A person shall not act as a life settlement provider or life settlement broker where the owner of the life insurance policy is a resident of this state without first obtaining a license from the director as a life insurance producer under chapter 10, title 41, Idaho Code, and complying with the additional requirements set forth in sections 41-1950 through 41-1965, Idaho Code. (2) Not later than ten (10) days from the first day of operating as a life settlement broker or provider, and thereafter upon renewal of the life insurance producer license, the life insurance producer shall notify the director that he or she is acting as a life settlement broker or provider on a form prescribed by the director, and shall pay any applicable fee to be determined by the director specified by rule pursuant to section 41-401, Idaho Code. Notification shall include an acknowledgment by the life insurance producer that he or she will operate as a life settlement broker in accordance with sections 41-1950 through 41-1965, Idaho Code. (3) The insurer that issued the policy being settled shall not be responsible for any act or omission of a life settlement broker or life settlement provider arising out of or in connection with the life settlement transaction, unless the insurer receives compensation for the placement of a life settlement contract from the life settlement provider or life settlement broker in connection with the life settlement contract.  History: [41-1952, added 2009, ch. 69, sec. 1, p. 196.]
ID Code § 41-1953 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1953 - FILING OF LIFE SETTLEMENT CONTRACTS AND DISCLOSURE STATEMENTS.

41-1953. FILING OF LIFE SETTLEMENT CONTRACTS AND DISCLOSURE STATEMENTS. A person shall not use a life settlement contract form or provide to an owner a disclosure statement form in this state unless first filed with the director accompanied by a certification that the form is in compliance with sections 41-1950 through 41-1965, Idaho Code. The director may disapprove a life settlement contract form or disclosure statement form if, in the director’s opinion, the contract or provisions contained therein fail to meet the requirements of sections 41-1950 through 41-1965, Idaho Code, or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the owner. At the director’s discretion, the director may require the submission of advertising material.  History: [41-1953, added 2009, ch. 69, sec. 1, p. 197.]
ID Code § 41-1954 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1954 - REPORTING REQUIREMENTS AND PRIVACY.

41-1954. REPORTING REQUIREMENTS AND PRIVACY. (1) Each life settlement provider shall file with the director, on or before March 1 of each year, an annual statement containing such information on a form prescribed by the director or as prescribed by rule. Such information shall be limited to only those transactions where the owner is a resident of this state.  (2) Except as otherwise allowed or required by law, a life settlement provider, life settlement broker, insurance company, insurance producer, information bureau, rating agency or company, or any other person with actual knowledge of an insured’s identity, shall not disclose that identity as an insured, or the insured’s financial or medical information to any other person unless the disclosure is: (a) Necessary to effect a life settlement between the owner and a life settlement provider and the owner and insured have provided prior written consent to the disclosure; (b) Provided in response to an investigation or examination by the director or any other governmental officer or agency; (c) A term of or condition to the transfer of a policy by one (1) life settlement provider to another life settlement provider;  (d) Necessary to permit a financing entity, related provider trust or special purpose entity to finance the purchase of policies by a life settlement provider and the owner and insured have provided prior written consent to the disclosure; (e) Necessary to allow the life settlement provider or life settlement broker or their authorized representatives to make contacts for the purpose of determining health status; (f) Required to purchase stop loss coverage or financial guaranty insurance; or (g) Permitted by any other provision of applicable law.  History: [41-1954, added 2009, ch. 69, sec. 1, p. 197.]
ID Code § 41-1955 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1955 - EXAMINATION AND RECORDS.

41-1955. EXAMINATION AND RECORDS. (1) A person required to be licensed by sections 41-1950 through 41-1965, Idaho Code, is subject to examination as authorized in chapter 2, title 41, Idaho Code, and shall for five (5) years retain copies of all: (a) Proposed, offered and executed contracts, purchase agreements, underwriting documents, policy forms, executed disclosure statements and applications from the date of the proposal, offer or execution of the contract or purchase agreement, whichever is later;  (b) All checks, drafts or other evidence and documentation related to the payment, transfer, deposit or release of funds from the date of the transaction; and (c) All other records and documents related to the requirements of sections 41-1950 through 41-1965, Idaho Code. (2) The provisions of this section does not relieve a person of the obligation to produce these documents to the director after the retention period has expired if the person has retained the documents. (3) Records required to be retained by this section must be legible and complete and in accordance with section 28-50-107, Idaho Code, and may be retained in paper, photograph, microprocess, magnetic, mechanical, or electronic media, or by any process that accurately reproduces or forms a durable medium for the reproduction of a record.  History: [41-1955, added 2009, ch. 69, sec. 1, p. 197.]
ID Code § 41-1957 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1957 - DISCLOSURE TO OWNER BY PROVIDER UPON SETTLEMENT CONTRACT.

41-1957. DISCLOSURE TO OWNER BY PROVIDER UPON SETTLEMENT CONTRACT. A life settlement provider shall provide the owner with at least the following disclosures prior to the time the owner signs the life settlement contract. The disclosures shall be conspicuously displayed in the life settlement contract or in a separate document signed by the owner and shall provide the following information:  (1) The affiliation, if any, between the life settlement provider and the issuer of the insurance policy to be settled; (2) The name, business address and telephone number of the life settlement provider; (3) If an insurance policy to be settled has been issued as a joint policy or involves family riders or any coverage of a life other than the insured under the policy to be settled, the possible loss of coverage on the other lives under the policy and shall be advised to consult with his or her insurance producer or the insurer issuing the policy for advice on the proposed life settlement; (4) The dollar amount of the current death benefit payable under the policy or certificate. If known, the life settlement provider shall also disclose the availability of any additional guaranteed insurance benefits, the dollar amount of any accidental death and dismemberment benefits under the policy or certificate and the extent to which the owner’s interest in those benefits will be transferred as a result of the life settlement contract; and (5) The name, business address and telephone number of the independent third party escrow agent, and the fact that the owner may inspect or receive copies of the relevant escrow or trust agreements or documents.  History: [41-1957, added 2009, ch. 69, sec. 1, p. 199.]
ID Code § 41-1958 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1958 - DISCLOSURE TO OWNER BY BROKER UPON SETTLEMENT CONTRACT.

41-1958. DISCLOSURE TO OWNER BY BROKER UPON SETTLEMENT CONTRACT. A life settlement broker shall provide the owner with at least the following disclosures prior to the time the owner signs the life settlement contract. The disclosures shall be conspicuously displayed in the life settlement contract or in a separate document signed by the owner and provide the following information: (1) The name, business address and telephone number of the life settlement broker; (2) A full, complete and accurate description of all offers, counteroffers, acceptances and rejections relating to the proposed life settlement contract; (3) A written disclosure of any affiliations or contractual arrangements between the life settlement broker and any person making an offer in connection with the proposed life settlement contracts; (4) The amount and method of calculating the broker’s compensation, which term "compensation" includes anything of value to be paid or given to a life settlement broker for the placement of a policy; and (5) Where any portion of the life settlement broker’s compensation is taken from a proposed life settlement offer, the total amount of the life settlement offer and the percentage of the life settlement offer comprised by the life settlement broker’s compensation.  History: [41-1958, added 2009, ch. 69, sec. 1, p. 199.]
ID Code § 41-1959 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1959 - NOTICE OF CHANGE BY PROVIDER.

41-1959. NOTICE OF CHANGE BY PROVIDER. If the life settlement provider transfers ownership or changes the beneficiary of the insurance policy, the provider shall communicate in writing the change in ownership or beneficiary to the insured within twenty (20) days after the change.  History: [41-1959, added 2009, ch. 69, sec. 1, p. 200.]
ID Code § 41-1963 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS|Section 41-1963 - ADVERTISING FOR LIFE SETTLEMENTS.

41-1963. ADVERTISING FOR LIFE SETTLEMENTS. No person required to be licensed pursuant to sections 41-1950 through 41-1965, Idaho Code, shall engage in any false or misleading advertising, solicitation, or practice. In no case shall a life settlement broker or provider directly or indirectly market, advertise, solicit or otherwise promote the purchase of a new policy with the primary emphasis on settling the policy or use the words "free," "no cost" or words of similar import in the marketing, advertising, soliciting, or otherwise promoting of the purchase of a policy.  History: [41-1963, added 2009, ch. 69, sec. 1, p. 204.]