reglab/housing_qa huggingface dataset:
ID Code § 41-2844 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2844 - DIVIDENDS TO POLICY HOLDERS.

41-2844. DIVIDENDS TO POLICY HOLDERS. (1) The directors of a domestic mutual insurer may from time to time apportion any pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings, net realized earnings, and net realized capital gains, all in excess of the surplus required by law to be maintained by the insurer. (2) A dividend otherwise proper may be payable out of such savings, earnings, and gains even though the insurer’s total surplus is then less than the aggregate of contributed surplus remaining unpaid by the insurer. (3) A domestic stock insurer may pay dividends to holders of its participating policies out of any available surplus funds. (4) No dividend shall be paid which is inequitable, or which unfairly discriminates as between classifications of policies or policies within the same classification. (5) This section is subject to section 41-1933(3) (provision, etc. of dividends out of earnings on nonparticipating policies).  History: [41-2844, added 1961, ch. 330, sec. 612, p. 645.]
ID Code § 41-2845 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2845 - ILLEGAL DIVIDENDS — PENALTY.

41-2845. ILLEGAL DIVIDENDS — PENALTY. (1) Any director of a domestic stock insurer or domestic mutual insurer who knowingly votes for or concurs in declaration or payment of a dividend to stockholders or policyholders other than as authorized under sections 41-2843 or 41-2844 shall upon conviction thereof be subject to the penalties provided by section 41-117 (general penalty), and shall be jointly and severally liable, together with other such directors likewise voting for or concurring, for any loss thereby sustained by creditors of the insurer to the extent of such dividend. (2) Any stockholder receiving such an illegal dividend shall be liable in the amount thereof to the insurer. (3) The director may revoke or suspend the certificate of authority of any insurer which has declared or paid such an illegal dividend.  History: [41-2845, added 1961, ch. 330, sec. 613, p. 645.]
ID Code § 41-2846 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2846 - CONTINGENT LIABILITY OF MUTUAL MEMBERS.

41-2846. CONTINGENT LIABILITY OF MUTUAL MEMBERS. (1) Except as provided otherwise in section 41-2849 with respect to nonassessable policies, each member of a domestic mutual insurer shall have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be in such maximum amount as is specified in the insurer’s articles of incorporation consistent with section 41-2804(3)(a)(v). (2) Every policy issued by the insurer shall contain a statement of the contingent liability. (3) Termination of the policy of any such member shall not relieve the member of contingent liability for his proportion of the obligations of the insurer which accrued while the policy was in force as provided in section 41-2847. (4) Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.  History: [41-2846, added 1961, ch. 330, sec. 614, p. 645.]
ID Code § 41-2847 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2847 - LEVY OF CONTINGENT LIABILITY.

41-2847. LEVY OF CONTINGENT LIABILITY. (1) If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it under this code for authority to transact the kinds of insurance being transacted, and the deficiency is not cured from other sources, its directors may, if the same is approved by the director, levy an assessment only on its members who held the policies providing for contingent liability at any time within the twelve (12) months next preceding the date the levy was authorized by the board of directors, and such members shall be liable to the insurer for the amount so assessed. (2) The levy of assessment shall be for such an amount, subject to the director’s approval, as is required to cure such deficiency and to provide a reasonable amount of working funds above such minimum amount of surplus, but such working funds so provided shall not exceed five per cent (5%) of the sum of the insurer’s liabilities and such minimum required surplus as of the date of the levy. (3) As to the respective policies subject to the levy, the assessment shall be computed upon such reasonable basis as may be approved by the director in writing in advance of the levy. (4) No member shall have an offset against any assessment for which he is liable, on account of any claim for unearned premium or loss payable. (5) As to life insurance, any part of such assessment upon a member which remains unpaid following notice of assessment, demand for payment, and lapse of a reasonable waiting period as specified in such notice, may, if approved by the director as being in the best interests of the insurer and its members, be secured by placing a lien upon the cash surrender values and accumulated dividends held by the insurer to the credit of the member.  History: [41-2847, added 1961, ch. 330, sec. 615, p. 645.]
ID Code § 41-2848 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2848 - ENFORCEMENT OF CONTINGENT LIABILITY.

41-2848. ENFORCEMENT OF CONTINGENT LIABILITY. (1) The insurer shall notify each member of the amount of the assessment to be paid by written notice mailed to the member’s address last of record with the insurer. Failure of the member to receive the notice so mailed, within the time specified therein for the payment of the assessment or at all, shall be no defense in any action to collect the assessment. (2) If a member fails to pay the assessment within the period specified in the notice, which period shall not be less than twenty (20) days after mailing, the insurer may institute suit to collect the same.  History: [41-2848, added 1961, ch. 330, sec. 616, p. 645.]
ID Code § 41-2849 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2849 - NONASSESSABLE POLICIES — MUTUAL INSURERS.

41-2849. NONASSESSABLE POLICIES — MUTUAL INSURERS. (1) A domestic mutual insurer while maintaining unimpaired surplus funds not less in amount than the minimum paid-in capital stock required of a domestic stock insurer formed under this code for authority to transact the same kind or kinds of insurance, may, upon receipt of the director’s order so authorizing, extinguish the contingent liability to assessment of its members as to all its policies in force and may omit provisions imposing contingent liability in all policies currently issued. (2) The director shall not authorize a domestic insurer to extinguish the contingent liability of any of its members or in any of its policies to be issued, unless it qualifies to and does extinguish such liability of all its members and in all such policies for all kinds of insurance transacted by it. (3) A foreign or alien mutual insurer may issue nonassessable policies to its members in this state pursuant to its charter and the laws of its domicile.  History: [41-2849, added 1961, ch. 330, sec. 617, p. 645.]
ID Code § 41-2850 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2850 - NONASSESSABLE POLICIES — REVOCATION OF AUTHORITY.

41-2850. NONASSESSABLE POLICIES — REVOCATION OF AUTHORITY. (1) The director shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if (a) At any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such authority, or (b) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked. (2) During the absence of such authority the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder, nor renew any policy which is then in force without endorsing the same to provide for such contingent liability.  History: [41-2850, added 1961, ch. 330, sec. 618, p. 645.]
ID Code § 41-2851 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2851 - SOLICITATIONS IN OTHER STATES.

41-2851. SOLICITATIONS IN OTHER STATES. (1) No domestic insurer shall knowingly solicit insurance business in any reciprocating state in which it is not then licensed as an authorized insurer. (2) This section shall not prohibit advertising through publications and radio, television and other broadcasts originating outside such reciprocating state, if the insurer is licensed in a majority of the states in which such advertising is disseminated, and if such advertising is not specifically directed to residents of such reciprocating state. (3) This section shall not prohibit insurance, covering persons or risks located in a reciprocating state, under contracts solicited and issued in states in which the insurer is then licensed. Nor shall it prohibit insurance effectuated by the insurer as an unauthorized insurer in accordance with the laws of the reciprocating state. (4) A "reciprocating" state, as used herein, is one under the laws of which a similar prohibition is imposed upon and enforced against insurers domiciled in that state. (5) The director shall suspend or revoke the certificate of authority of a domestic insurer found by him, after a hearing, to have violated this section.  History: [41-2851, added 1961, ch. 330, sec. 619, p. 645.]
ID Code § 41-2852 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2852 - IMPAIRMENT OF CAPITAL OR ASSETS.

41-2852. IMPAIRMENT OF CAPITAL OR ASSETS. (1) If the assets of a domestic insurer are less than its liabilities and the minimum amount of capital funds required to be maintained by it under section 41-313, Idaho Code, for authority to transact the kinds of insurance being transacted, the director shall at once determine the amount of deficiency and serve notice upon the insurer to cure the deficiency and file proof thereof with him within the period specified in the notice, which period shall be not less than thirty (30) nor more than ninety (90) days from the date of the notice. Such notice may be so served by delivery to the insurer, or by mailing to the insurer addressed to its registered office in this state. (2) The deficiency may be made good in cash or in assets eligible under chapter 7 (investments) for the investment of the insurer’s funds; or by amendment of the insurer’s certificate of authority to cover only such kind or kinds of insurance thereafter for which the insurer has sufficient paid-in capital stock (if a stock insurer) or surplus (if a mutual insurer) under this code; or, if a stock insurer, by reduction of the number of shares of the insurer’s authorized capital stock or the par value thereof through amendment of its articles of incorporation, to an amount of authorized and paid-in capital stock not below the minimum required for the kinds of insurance thereafter to be transacted. (3) After any such reduction of authorized capital stock the insurer shall require the surrender to it of outstanding stock certificates in exchange for new certificates to be issued in lieu thereof for such number and/or par value of shares as the respective stockholders are proportionately entitled to receive. (4) If the deficiency is not made good and proof thereof filed with the director within the period required by the notice as specified in subsection (1) above, the insurer shall be deemed insolvent and the director shall institute delinquency proceedings against it under chapter 33 of this code.  History: [41-2852, added 1961, ch. 330, sec. 620, p. 645; am. 1999, ch. 65, sec. 7, p. 172.]
ID Code § 41-2853 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2853 - ASSESSMENT OF STOCKHOLDERS OR MEMBERS.

41-2853. ASSESSMENT OF STOCKHOLDERS OR MEMBERS. (1) Any insurer receiving the director’s notice required in section 41-2852(1): (a) If a stock insurer and to the extent that stockholders are subject to assessment under the insurer’s articles of incorporation, by resolution of its board of directors the insurer may assess its stockholders for amounts necessary to cure the deficiency and provide the insurer with a reasonable amount of surplus in addition. If any stockholder fails to pay a lawful assessment after notice given to him in person, or by mail addressed to him at his address last of record with the insurer, or in such other manner as may be approved by the director, the insurer may require the return of the certificates of stock theretofore held by the stockholder, and in cancellation and in lieu thereof issue new certificates for such number of shares as the stockholder may then be entitled to, upon the basis of the stockholder’s proportionate interest in the amount of the insurer’s capital stock as determined by the director to be remaining unimpaired at the time of the determination of the amount of impairment under section 41-2852, after deducting from such proportionate interest the amount of such unpaid assessment. The insurer may pay for or issue fractional shares under this subsection. (b) If a mutual insurer, may levy an assessment upon members as is provided for under section 41-2847. (2) Neither this section nor section 41-2852 shall be deemed to prohibit the insurer from curing any such deficiency through any lawful means other than those referred to in such sections.  History: [41-2853, added 1961, ch. 330, sec. 621, p. 645.]
ID Code § 41-2854 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2854 - MUTUALIZATION OF STOCK INSURERS.

41-2854. MUTUALIZATION OF STOCK INSURERS. (1) A stock insurer other than a title insurer may become a mutual insurer under such plan and procedure as may be approved by the director after a hearing thereon. (2) The director shall not approve any such plan, procedure or mutualization unless: (a) It is equitable to stockholders and policyholders; (b) It is subject to approval by the holders of not less than a majority of the insurer’s outstanding capital stock having voting rights, and by not less than a majority of the insurer’s policyholders who vote on such plan in person, by proxy or by mail pursuant to such notice and procedure as may be approved by the director; (c) If a life insurer, the right to vote thereon is limited to holders of policies other than term or group policies, and whose policies have been in force for more than one (1) year; (d) Mutualization will result in retirement of shares of the insurer’s capital stock at a price not in excess of the fair market value thereof as determined by competent disinterested appraisers; (e) The plan provides for the purchase of the shares of any nonconsenting stockholder in the same manner and subject to the same applicable conditions as provided by the general corporation law of the state as to rights of nonconsenting stockholders, with respect to consolidation or merger of private corporations; (f) The plan provides for definite conditions to be fulfilled by a designated early date upon which such mutualization will be deemed effective; and (g) The mutualization leaves the insurer with surplus funds reasonably adequate for the security of its policyholders and to enable it to continue successfully in business in the states in which it is then authorized to transact insurance, and for the kinds of insurance included in its certificates of authority in such states. (3) No director, officer, agent or employee of the insurer, nor any other person, shall receive any fee, commission or other valuable consideration whatsoever for in any manner aiding, promoting, or assisting therein except as set forth in the plan of mutualization as approved by the director. (4) This section shall not apply to mutualization under order of court pursuant to rehabilitation or reorganization of an insurer under chapter 33.  History: [41-2854, added 1961, ch. 330, sec. 623, p. 645.]
ID Code § 41-2857 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2857 - MERGERS AND CONSOLIDATIONS OF MUTUAL INSURERS.

41-2857. MERGERS AND CONSOLIDATIONS OF MUTUAL INSURERS. (1) Except as set forth in section 41-3824, Idaho Code, a domestic mutual insurer shall not merge or consolidate with a stock insurer. (2) A domestic mutual insurer may merge or consolidate with another mutual insurer under the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit, except as hereinbelow provided. (3) The plan and agreement for merger or consolidation shall be submitted to and approved by at least two-thirds (2/3) of the members of each mutual insurer voting thereon at meetings called for the purpose pursuant to such reasonable notice and procedure as has been approved by the director. If a life insurer, right to vote may be limited to members whose policies are other than term and group policies and have been in effect for more than one (1) year. (4) No such merger or consolidation shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the director and approved by him in writing after a hearing thereon. The director shall give such approval within a reasonable time after such filing unless he finds such plan or agreement: (a) Inequitable to the policyholders of any domestic insurer involved; or (b) Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this state and elsewhere; or (c) Is subject to other material and reasonable objections. (5) If the director does not approve such plan or agreement, he shall so notify the insurers in writing specifying his reasons therefor. (6) No director, officer, agent or employee of any insurer party to such merger or consolidation, nor any other person, shall receive any fee, commission or other valuable consideration whatsoever for in any manner aiding, promoting, or assisting therein except as set forth in the plan and agreement approved by the director.  History: [41-2857, added 1961, ch. 330, sec. 625, p. 645; am. 1998, ch. 303, sec. 2, p. 1001; am. 2013, ch. 266, sec. 11, p. 687.]
ID Code § 41-2858 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2858 - BULK REINSURANCE — MUTUAL INSURERS.

41-2858. BULK REINSURANCE — MUTUAL INSURERS. (1) A domestic mutual insurer may reinsure all or substantially all of its business in force, or all or substantially all of a major class thereof, with another insurer, stock or mutual, by an agreement of bulk reinsurance after compliance with this section. No such agreement shall become effective unless filed with the director and approved by him in writing. (2) The director shall approve such agreement within a reasonable time after filing if he finds it to be fair and equitable to each domestic insurer involved, and that such reinsurance if effectuated would not substantially reduce the protection or service to its policyholders. If the director does not so approve, he shall so notify each insurer involved in writing specifying his reasons therefor. (3) If for reinsurance of all or substantially all of its business in force, the plan and agreement for such reinsurance must be approved by vote of not less than two-thirds (2/3) of each domestic mutual insurer’s members voting thereon at meetings of members called for the purpose, pursuant to such reasonable notice and procedure as the director may approve. If a life insurer, right to vote may be limited to members whose policies are other than term or group policies, and have been in effect for more than one (1) year. (4) If for reinsurance in a stock insurer of all or substantially all of the insurance in force of a mutual insurer, the agreement must provide for payment in cash to each member of the insurer entitled thereto of his equity, if any, in the business reinsured as determined under a fair formula approved by the director, as based upon the reserves, assets (whether or not "admitted" assets) and surplus, if any, of the mutual insurer to be taken over by the stock insurer. (5) No director, officer, agent or employee of any insurer party to such reinsurance, nor any other person, shall receive any fee, commission or other valuable consideration whatsoever for in any manner aiding, promoting, or assisting therein except as set forth in the reinsurance agreement.  History: [41-2858, added 1961, ch. 330, sec. 626, p. 645.]
ID Code § 41-2859 (2021)
2021 Idaho Code|Title 41 - INSURANCE|Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS|Section 41-2859 - MUTUAL MEMBER’S SHARE OF ASSETS ON LIQUIDATION.

41-2859. MUTUAL MEMBER’S SHARE OF ASSETS ON LIQUIDATION. (1) Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration, shall be distributed to currently existing persons who had been members of the insurer for at least one year and who were its members at any time within thirty-six (36) months next preceding the date such liquidation was authorized or ordered, or date of last termination of the insurer’s certificate of authority whichever date is the earlier; except, that if the director has reason to believe that those in charge of the management of the insurer have caused or encouraged the reduction of the number of members of the insurer in anticipation of liquidation and for the purpose of reducing thereby the number of persons who may be entitled to share in distribution of the insurer’s assets, he may enlarge the thirty-six (36) month qualification period above provided for by such additional period as he may deem to be reasonable. (2) The insurer shall make a reasonable classification of its policies so held by such members, and a formula based upon such classification for determining the equitable distributive share of each such member. Such classification and formula shall be subject to the approval of the director.  History: [41-2859, added 1961, ch. 330, sec. 627, p. 645.]