reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4901 - SHORT TITLE.

41-4901. SHORT TITLE. This chapter shall be known and may be cited as the "Idaho Petroleum Clean Water Trust Fund Act."
History:
[41-4901, added 1990, ch. 119, sec. 1, p. 267.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4902 - LEGISLATIVE FINDINGS AND INTENT.

41-4902. LEGISLATIVE FINDINGS AND INTENT. (1) The legislature finds that significant quantities of petroleum and petroleum products are being stored in tanks in Idaho to meet the needs of its citizens, foster economic growth and development and the overall quality of life in the state. While most storage tanks are being operated and managed responsibly, there are occasions when releases occur, threatening the public health and safety, and the environment. It is to the benefit of Idaho’s citizens to correct any such threats to the public health and safety or environment as quickly and completely as possible. Significant financial resources must be available to investigate and remedy any release. However, reasonably affordable petroleum liability insurance coverage is unavailable to pay for such corrective and cleanup measures. Thus, creation of a fund for corrective actions for petroleum releases would be beneficial to the state and would provide a method for Idaho petroleum storage tank owners or operators to satisfy the financial responsibility requirements imposed on them by the federal environmental protection agency. Such a fund would be created by the imposition of a "transfer fee" of one cent ($.01) per gallon on the delivery or storage of petroleum products within the state of Idaho. Such a fund would provide moneys for the immediate protection of the public health and safety and the environment, while helping avoid catastrophic losses to the owners and operators which could result in negative impacts on Idaho’s economy.
(2) Therefore, it is hereby declared that the intent of the legislature in the passage of this chapter is to create and regulate in the public interest the formation and operation of a liability insurance trust fund that will make contracts of liability insurance available to owners and operators of petroleum storage tanks as defined herein through fair and equitable insurance contracts issued by a state-licensed nonprofit organization meeting reasonable standards as to its administration, reserves, financial soundness and the prompt and fair payment of claims arising out of the legal liability of the public and private entities protected and insured by these contracts, which will also provide for swift corrective action for releases of petroleum or petroleum products from leaking storage tanks. While the release of petroleum from any storage tank in the state may be a threat to public health and safety and the environment, this fund shall only be available for costs incurred as to those tanks which are covered by a contract of insurance between the owner or operator and the trust fund.
History:
[41-4902, added 1990, ch. 119, sec. 1, p. 267; am. 1991, ch. 59, sec. 1, p. 115.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4904 - BOARD OF TRUSTEES OF THE FUND.

41-4904. BOARD OF TRUSTEES OF THE FUND. (1) The governor shall appoint seven (7) persons to be the board of trustees of the Idaho petroleum clean water trust fund. One (1) member shall be a member of the state senate, one (1) member shall be a member of the state house of representatives, one (1) member shall be a representative of the financial community with expertise in the area of insurance, accounting or finance, one (1) member shall be an engineer, geologist or similarly trained scientist with experience in environmental remediation and three (3) members shall be wholesale distributors of petroleum products. The governor shall appoint a chairman from the seven (7) members. The members shall be appointed for terms of four (4) years, except that all vacancies shall be filled for the unexpired term, provided that the first two (2) appointments the governor makes after the effective date of this act shall serve a term of two (2) years and the other five (5) members shall serve a term of four (4) years. Thereafter, a member shall serve a term of four (4) years. A certificate of appointment shall be filed in the office of the secretary of state. A majority of the members shall constitute a quorum for the transaction of all business or the exercise of any power or function of the Idaho petroleum clean water trust fund. Members of the board of trustees shall receive a compensation for service as prescribed in section 59-509(n), Idaho Code.
(2) The administrator of the fund shall be the state insurance fund unless replaced by the board of trustees with another person. The administrator shall serve at the pleasure of the board of trustees. The board of trustees may appoint and employ such other persons as may be required by the board and shall prescribe the duties and compensation of each such person.
(3) It shall be the duty of the board of trustees to direct the policies and operation of the fund to assure that it is run as an efficient insurance company, remains actuarially sound and maintains the public purposes for which the Idaho petroleum clean water trust fund was created.
History:
[41-4904, added 2003, ch. 96, sec. 4, p. 289; am. 2004, ch. 175, sec. 1, p. 553; am. 2006, ch. 140, sec. 2, p. 402; am. 2018, ch. 21, sec. 1, p. 33.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4906 - LIMITS OF LIABILITY FOR CONTRACTS OF INSURANCE ISSUED BY THE ADMINISTRATOR.

41-4906. LIMITS OF LIABILITY FOR CONTRACTS OF INSURANCE ISSUED BY THE ADMINISTRATOR. (1) Contracts of insurance issued by the administrator shall contain the following per occurrence and annual aggregate limits of liability for paying the costs of corrective action and compensating third parties who are legally entitled to receive compensation for bodily injury and property damage arising out of accidental releases from covered petroleum storage tanks:
(a) For owners or operators of heating tanks, farm tanks or residential tanks, no more than one hundred thousand dollars ($100,000) per occurrence and no more than one hundred thousand dollars ($100,000) annual aggregate;
(b) For nonmarketers of petroleum products who are owners or operators of above ground and underground storage tanks and who consume ten thousand (10,000) gallons or less of petroleum products each month, no more than five hundred thousand dollars ($500,000) per occurrence and no more than one million dollars ($1,000,000) annual aggregate;
(c) For owners or operators of one (1) to one hundred (100) covered underground petroleum storage tanks, no more than one million dollars ($1,000,000) per occurrence and no more than one million dollars ($1,000,000) annual aggregate;
(d) For owners or operators of one hundred and one (101) or more covered underground petroleum storage tanks, no more than one million dollars ($1,000,000) per occurrence and no more than two million dollars ($2,000,000) annual aggregate; and
(e) For owners or operators of covered above ground petroleum storage tanks, no more than one million dollars ($1,000,000) per occurrence and no more than one million dollars ($1,000,000) annual aggregate.
(2) Legal defense costs shall be disregarded for purposes of determining whether the limits specified in subsection (1) of this section have been reached.
(3) Benefits provided by the trust fund shall be primary and shall not be construed to be excess over and above any other valid and collectible insurance.
(4) If an owner or operator owns or operates more than one (1) of the types of petroleum storage tanks listed in subsection (1) of this section, then the limit of liability applicable to the type of petroleum storage tank from which the accidental release occurred shall apply. In no event shall any of the limits of liability in subsection (1) of this section be combined to exceed the highest per occurrence and annual aggregate limits of liability for any single category in subsections (1)(a) through (1)(e) of this section applicable to an insured owner or operator.
History:
[(41-4906) 41-4905, added 1990, ch. 119, sec. 1, p. 273; am. 1991, ch. 59, sec. 4, p. 122; am. & redesig. 2003, ch. 96, sec. 5, p. 290.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4907 - OWNER OR OPERATOR FINANCIAL RESPONSIBILITY.

41-4907. OWNER OR OPERATOR FINANCIAL RESPONSIBILITY. (1) The owner or operator shall reimburse the trust fund for all dollars expended, excluding legal defense costs, up to but not exceeding the following amounts:
(a) With respect to a heating tank – one hundred dollars ($100) per annum;
(b) With respect to a farm tank or residential tank – two thousand dollars ($2,000) per annum;
(c) With respect to an above ground storage tank or underground storage tank, as defined in section 41-4903, Idaho Code – ten thousand dollars ($10,000) per annum.
(2) Payments by the trust fund shall not be made contingent on prior payment of the reimbursement herein required.
History:
[(41-4907) 41-4906, added 1990, ch. 119, sec. 1, p. 274; am. & redesig. 2003, ch. 96, sec. 6, p. 291.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4908 - EXCLUSIVENESS OF REMEDY.

41-4908. EXCLUSIVENESS OF REMEDY. If compensation is made from the trust fund to a third party for property damage or personal injury, then that third party shall not recover again for the damage actually compensated by the trust fund pursuant to the collateral source doctrine or any other rule of law permitting duplicate recovery.
History:
[(41-4908) 41-4907, added 1990, ch. 119, sec. 1, p. 274; am. & redesig. 2003, ch. 96, sec. 7, p. 291.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4910A - APPORTIONMENT OF MONEYS TRANSFERRED TO THE STATE HIGHWAY ACCOUNT FROM THE IDAHO PETROLEUM CLEAN WATER TRUST FUND SUSPENSE ACCOUNT ON APRIL 1, 1997.

41-4910A. APPORTIONMENT OF MONEYS TRANSFERRED TO THE STATE HIGHWAY ACCOUNT FROM THE IDAHO PETROLEUM CLEAN WATER TRUST FUND SUSPENSE ACCOUNT ON APRIL 1, 1997. Of the moneys transferred to the state highway account pursuant to the distribution in section 41-4910(4)(c)(i), Idaho Code, an amount not to exceed six million dollars ($6,000,000) shall be administered by the Idaho transportation department for use as the state and local match for federal highway administration (FHWA) and federal emergency management agency (FEMA) road and bridge projects. Such moneys shall be used exclusively for repair and restoration of local and state roads and bridges damaged by the 1996, 1997 and 1998 natural disasters in the counties of Adams, Benewah, Bingham, Boise, Bonner, Bonneville, Boundary, Butte, Clearwater, Custer, Elmore, Fremont, Gem, Idaho, Jefferson, Kootenai, Latah, Lemhi, Lewis, Madison, Nez Perce, Owyhee, Payette, Shoshone, Valley and Washington. When apportionment of moneys under this section is sufficient to meet the purposes for which the moneys are designated, but not to exceed six million dollars ($6,000,000), any remaining amounts shall be returned to the highway distribution account established in section 40-701, Idaho Code.
History:
[(41-4910A) 41-4909A, added 1997, ch. 398, sec. 2, p. 1261; am. 1998, ch. 181, sec. 2, p. 669; am. 1999, ch. 195, sec. 2, p. 506; am. 1999, ch. 320, sec. 3, p. 817; am. & redesig. 2003, ch. 96, sec. 10, p. 294.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4911 - ISSUANCE OF CONTRACTS OF INSURANCE BY THE ADMINISTRATOR OF THE IDAHO PETROLEUM CLEAN WATER TRUST FUND — DEFERRAL.

41-4911. ISSUANCE OF CONTRACTS OF INSURANCE BY THE ADMINISTRATOR OF THE IDAHO PETROLEUM CLEAN WATER TRUST FUND — DEFERRAL. (1) The administrator may issue a contract of insurance to an owner or operator of a petroleum storage tank that, based upon a consideration of the owner or operator’s application for insurance and appropriate investigation by the administrator, meets the eligibility provisions of this chapter and the underwriting requirements established by the administrator.
(2) The administrator may defer issuing contracts of insurance to certain categories of petroleum storage tank owners or operators if necessary for the sound operation of the trust fund.
(3) The administrator shall consider the following factors in determining whether to defer the issuance of contracts of insurance to any category of petroleum storage tank owners or operators:
(a) The underwriting capacity of the trust fund;
(b) Any requirement of federal or state law or regulation imposed on any category of petroleum storage tank owners or operators to demonstrate financial responsibility for corrective action and compensation to third parties for bodily injury and property damage arising from accidental releases from petroleum storage tanks;
(c) The ability of the administrator to process insurance applications from different categories of petroleum storage tank owners or operators.
(4) Any decision by the administrator to defer issuing contracts of insurance to any category of petroleum storage tank owners or operators shall be documented in the plan of operation, or an amendment thereto, submitted to the director of the department of insurance pursuant to sections 41-4925 or 41-4925A, Idaho Code, and subject to the director’s approval.
(5) The administrator may issue contracts of insurance to deferred categories of petroleum storage tank owners or operators when the need for deferral documented in subsection (4) of this section no longer exists, as demonstrated by an amendment to the plan of operation submitted to and approved by the director of the department of insurance pursuant to section 41-4925A, Idaho Code.
History:
[(41-4911) 41-4910, added 1990, ch. 119, sec. 1, p. 277; am. 1991, ch. 59, sec. 7, p. 125; am. & redesig. 2003, ch. 96, sec. 11, p. 295.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4911A - PROVISIONS OF CONTRACTS OF INSURANCE — RENEWAL.

41-4911A. PROVISIONS OF CONTRACTS OF INSURANCE — RENEWAL. (1) The contracts of insurance issued by the administrator shall meet the requirements of this chapter. To the extent consistent with this chapter, the contracts of insurance shall also satisfy the provisions of any requirement imposed by federal or state law or regulation on any category of petroleum storage tank owners or operators to demonstrate financial responsibility for corrective action and compensation to third parties for bodily injury and property damage arising from accidental releases from petroleum storage tanks.
(2) Upon receipt of an annual application fee not exceeding twenty-five dollars ($25.00) for each aboveground tank, underground tank, farm tank or residential tank, or not to exceed five dollars ($5.00) for each heating tank covered by a contract of insurance, and upon receipt of evidence that the petroleum storage tanks continue to meet the eligibility provisions of this chapter and the underwriting requirements established by the administrator, the administrator shall issue an annual renewal of the contract of insurance to the owner or operator of said petroleum storage tanks.
History:
[(41-4911A) 41-4910A, added 1991, ch. 59, sec. 8, p. 126; am. & redesig. 2003, ch. 96, sec. 12, p. 295.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4912 - STORAGE TANKS ELIGIBLE FOR INSURANCE.

41-4912. STORAGE TANKS ELIGIBLE FOR INSURANCE. (1) Eligible storage tanks are those tanks that meet all of the following criteria:
(a) Appropriate fees required in section 41-4909, Idaho Code, or section 41-4911A, Idaho Code, have been paid;
(b) The tank, if an underground storage tank, is in compliance with applicable federal and state underground storage tank rules and regulations;
(c) The tank is used only for storage of petroleum products;
(d) The tank, if an underground storage tank, passes a tank tightness test;
(e) The tank, if an aboveground storage tank, is in compliance with state and federal rules and regulations including the international fire code. If an aboveground tank is exempt from state or federal rules and regulations and/or the international fire code by virtue of its being installed prior to the effective date of such rules and regulations or the international fire code, such tank is not eligible unless it passes a tank tightness test;
(f) The tank, if a farm tank or residential tank, is in compliance with any applicable state or federal rules and regulations;
(g) Any contamination caused by or released by or from the tank has been cleaned up, or a plan for cleanup or removal approved by the Idaho department of environmental quality, is being implemented; provided, however, that the trust fund shall not pay for any costs associated with prior contamination.
(2) Any tank which is a part of a refiner’s terminal or a tank directly supplied by a pipeline shall not be eligible.
History:
[(41-4912) 41-4911, added 1990, ch. 119, sec. 1, p. 277; am. 1991, ch. 59, sec. 9, p. 127; am. 1996, ch. 425, sec. 1, p. 1452; am. 2001, ch. 103, sec. 77, p. 317; am. 2002, ch. 86, sec. 10, p. 203; am. & redesig. 2003, ch. 96, sec. 13, p. 296.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4912A - STORAGE TANKS LOCATED ON SITES WHERE CONTAMINATION IS PRESENT.

41-4912A. STORAGE TANKS LOCATED ON SITES WHERE CONTAMINATION IS PRESENT. (1) Notwithstanding the provisions of section 41-4912(1)(g), Idaho Code, an owner or operator of a petroleum storage tank or tanks located on a site where contamination is present may be eligible for insurance covering the petroleum storage tanks located on that site if the contamination does not pose a threat to public health, safety or the environment, or was not caused by or released by or from the tank, or if multiple tanks are present on the site, any one (1) of the tanks, for which insurance coverage is sought; provided, however, that the trust fund shall not pay for any corrective action costs or compensation to third parties for bodily injury or property damage arising from the prior contamination present at the site.
(2) Any contamination caused by or released by or from the tank or tanks which may migrate off-site; contaminate ground water; exceed federal or state standards, guidelines, criteria or contaminant levels for ground water or drinking water; or pose a fire, explosion or safety hazard may be deemed by the administrator to present a threat to public health, safety or the environment. An owner or operator of such petroleum storage tank or tanks will not be eligible for insurance covering the petroleum storage tanks located on that site unless the contamination has been cleaned up or a plan for cleanup or removal approved pursuant to section 41-4912(1)(g), Idaho Code, is being implemented.
(3) Contracts of insurance issued to an owner or operator of a petroleum storage tank located on a site where contamination is present and where the administrator has determined that the contamination does not pose a threat to public health, safety or the environment, or was not caused by or released by or from the tank or tanks shall exclude from coverage corrective action costs and compensation to third parties for bodily injury or property damage arising out of the prior contamination present at the site.
History:
[(41-4912A) 41-4911A, added 1991, ch. 59, sec. 10, p. 127; am. 1996, ch. 425, sec. 2, p. 1453; am. & redesig. 2003, ch. 96, sec. 14, p. 296.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4913 - STATE TREASURER CUSTODIAN OF TRUST FUND — DUTIES.

41-4913. STATE TREASURER CUSTODIAN OF TRUST FUND — DUTIES. The state treasurer shall be the custodian of the trust fund balance.
History:
[(41-4913) 41-4912, added 1990, ch. 119, sec. 1, p. 277; am. & redesig. 2003, ch. 96, sec. 15, p. 297.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4914 - DEPOSIT AND INVESTMENT OF FUNDS — INTEREST.

41-4914. DEPOSIT AND INVESTMENT OF FUNDS — INTEREST. The state treasurer shall deposit or, on order of the board of trustees of the trust fund, invest any portion of the Idaho petroleum clean water trust fund not needed for immediate or currently anticipated use, in the manner provided by law. Interest earned by such invested portion of the trust fund shall be collected by the state treasurer and placed to the credit of the trust fund.
History:
[(41-4914) 41-4913, added 1990, ch. 119, sec. 1, p. 278; am. & redesig. 2003, ch. 96, sec. 16, p. 297; am. 2007, ch. 194, sec. 2, p. 572.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4915 - PERPETUAL APPROPRIATION.

41-4915. PERPETUAL APPROPRIATION. All moneys which may come into the Idaho petroleum clean water trust fund are hereby perpetually appropriated to the trust fund for the purposes of this chapter.
History:
[(41-4915) 41-4914, added 1990, ch. 119, sec. 1, p. 278; am. & redesig. 2003, ch. 96, sec. 17, p. 297.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4916 - ENROLLED SUBSCRIBERS’ LIABILITY ON JUDGMENT.

41-4916. ENROLLED SUBSCRIBERS’ LIABILITY ON JUDGMENT. (1) No action shall lie against any owner or operator of a tank insured by the Idaho petroleum clean water trust fund upon any obligation claimed against this trust fund until a final judgment has been obtained against this trust fund and remains unsatisfied for thirty (30) days.
(2) Any such judgment shall be binding upon each owner or operator only in such proportion as his interests may appear and in an amount not exceeding his contingent liability, if any, in excess of the amount of insurance provided by the trust fund.
History:
[(41-4916) 41-4915, added 1990, ch. 119, sec. 1, p. 278; am. 1991, ch. 59, sec. 11, p. 128; am. & redesig. 2003, ch. 96, sec. 18, p. 297.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4917 - ACTIONS FOR COLLECTION IN CASE OF DEFAULT — PENALTY — CANCELLATION OF INSURANCE CONTRACT.

41-4917. ACTIONS FOR COLLECTION IN CASE OF DEFAULT — PENALTY — CANCELLATION OF INSURANCE CONTRACT. (1) If an insured owner or operator of a storage tank shall default in any reimbursement required to be made by the insured to the trust fund under section 41-4907, Idaho Code, the amount due from the insured may be collected by civil action against him in the name of the administrator, and the same, when collected by the administrator shall be paid into the trust fund, and such insured’s compliance with the provisions of this chapter requiring payment to be made to the trust fund shall date from the time the money is collected by the administrator.
(2) The contract of insurance held by an insured owner or operator of a storage tank which fails to comply with section 41-4912, Idaho Code, or who is in default in his enrollment fees for more than thirty (30) days may be canceled at the discretion of the administrator.
History:
[(41-4917) 41-4916, added 1990, ch. 119, sec. 1, p. 278; am. 1991, ch. 59, sec. 12, p. 128; am. & redesig. 2003, ch. 96, sec. 19, p. 298.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4918 - CANCELLATION OF INSURANCE.

41-4918. CANCELLATION OF INSURANCE. Any insured owner or operator of a storage tank may cancel his insurance by returning his insurance contract to the administrator for cancellation. There shall be no refund of any application fees paid to the trust fund as all such fees shall be deemed fully earned when an insurance contract is issued or renewed.
History:
[(41-4918) 41-4917, added 1990, ch. 119, sec. 1, p. 278; am. 1991, ch. 59, sec. 13, p. 129; am. & redesig. 2003, ch. 96, sec. 20, p. 298.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4919 - REINSURANCE.

41-4919. REINSURANCE. (1) The administrator of the trust fund may reinsure any risk, or any part thereof, and may enter into agreements of reinsurance in the same way and to the same extent as other insurance carriers, the cost of which shall be paid out of the trust fund balance.
(2) Such reinsurance contracts may be on a specific excess basis for each liability loss sustained, or on a quota share basis of each liability loss sustained, or on a treaty basis wherein a line of credit is available to pay losses in excess of a given amount with the money obtained from such a loan arrangement to be paid back only from expendable surplus funds, or on a facultative basis with one (1) or more reinsurers whereby successive portions of the loss are paid on a given share basis, and/or on a net annual aggregate stop loss basis whereby the reinsurer must contribute to all losses when such losses exceed a given amount in any policy year, or any other reinsurance agreement found to be necessary, prudent and reasonable by competent actuaries.
History:
[(41-4919) 41-4918, added 1990, ch. 119, sec. 1, p. 278; am. & redesig. 2003, ch. 96, sec. 21, p. 298.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4920 - PAYMENTS FROM THE TRUST FUND BY STATE TREASURER.

41-4920. PAYMENTS FROM THE TRUST FUND BY STATE TREASURER. The administrator of the trust fund shall submit each month to the state board of examiners an estimate of the amount necessary to meet the current disbursements for liability insurance losses to be paid in behalf of insured owners or operators of the trust fund during each succeeding calendar month, and when such estimate shall be approved by the state board of examiners, the state treasurer is authorized to pay the same out of the fund upon sight drafts drawn by the administrator. At the end of each calendar month the administrator shall account to the state board of examiners and the board for all money so received, furnishing proper vouchers therefor.
History:
[(41-4920) 41-4919, added 1990, ch. 119, sec. 1, p. 279; am. 1991, ch. 59, sec. 14, p. 129; am. & redesig. 2003, ch. 96, sec. 22, p. 298.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4921 - RESERVE FUNDS.

41-4921. RESERVE FUNDS. The Idaho petroleum clean water trust fund shall establish and maintain the following reserves or financial resources, which shall constitute liabilities in any determination of the financial condition of the trust fund:
(1) An amount sufficient for the payment of all claims made against the trust fund, which shall include reasonable estimates for claim adjustment expense, legal fees and other claim settlement costs, and including claims reported and not yet paid and claims incurred but not reported to the trust fund but only to the extent that a reasonable estimate can be made based on prior statistical evidence and the condition of storage tanks insured by the trust fund.
(2) An amount adequate under reasonable estimates for the payment of any unpaid contractual obligations, taxes and any other services and expenses incurred but not paid.
History:
[(41-4921) 41-4920, added 1990, ch. 119, sec. 1, p. 279; am. & redesig. 2003, ch. 96, sec. 23, p. 299.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4922 - PLAN OF OPERATION.

41-4922. PLAN OF OPERATION. The administrator shall establish a plan of operation to be approved by the director of the department of insurance for the state of Idaho.
History:
[(41-4922) 41-4921, added 1990, ch. 119, sec. 1, p. 279; am. 1991, ch. 59, sec. 15, p. 129; am. & redesig. 2003, ch. 96, sec. 24, p. 299.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4923 - REGISTRATION OF THE TRUST FUND.

41-4923. REGISTRATION OF THE TRUST FUND. The trust fund established pursuant to the provisions of this chapter shall be registered with the director as set out in this chapter.
History:
[(41-4923) 41-4922, added 1990, ch. 119, sec. 1, p. 279; am. & redesig. 2003, ch. 96, sec. 25, p. 299.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4924 - QUALIFICATIONS FOR REGISTRATION.

41-4924. QUALIFICATIONS FOR REGISTRATION. The director shall not register the trust fund if it is not qualified therefor. To be qualified, the trust fund:
(1) Shall require all application fees to be paid in advance and to be deposited in and disbursed from the trust fund duly created under this chapter.
(2) Shall have, or provide for, a trustworthy and responsible administrator for competent administration of the trust fund and plan.
(3) Shall provide that the administrator furnish to each insured owner or operator a contract of insurance adequately and clearly stating all rights and obligations of the insured owner or operator, together with all applicable restrictions, limitations and exclusions, and the procedure for filing a claim.
(4) Shall be actuarially sound; that is, assets, income and other financial resources of the trust fund must be adequate under reasonable estimates for payment of all claims, claims adjustment expenses, taxes, expenses and other obligations.
(5) Shall otherwise be in compliance with the provisions of this chapter.
History:
[(41-4924) 41-4923, added 1990, ch. 119, sec. 1, p. 279; am. 1991, ch. 59, sec. 16, p. 129; am. & redesig. 2003, ch. 96, sec. 26, p. 299.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4925 - APPLICATION FOR REGISTRATION — FEE.

41-4925. APPLICATION FOR REGISTRATION — FEE. (1) Application for registration of the trust fund shall be made to the director, on forms furnished and designed by him for the purpose of eliciting information as to whether the trust fund is qualified for registration. The application shall be signed and verified by the board.
(2) The application shall be accompanied by:
(a) A copy of the bylaws of the trust fund referred to in section 41-4927, Idaho Code;
(b) A copy of the proposed contract of insurance;
(c) A written plan of operation that outlines the reasonably projected income and disbursements of the trust fund for the twelve (12) month period commencing with date of application and showing also the amount reserved and financial resources available as of the end of such period for claims incurred and not paid or incurred and not reported;
(d) A current certified audited financial statement;
(e) Such other relevant documentation and information as the director may reasonably require.
(3) A nonrefundable filing fee of twenty-five dollars ($25.00) shall be paid to the director at the time the application is filed.
History:
[(41-4925) 41-4924, added 1990, ch. 119, sec. 1, p. 280; am. 1991, ch. 59, sec. 17, p. 130; am. & redesig. 2003, ch. 96, sec. 27, p. 300.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4925A - AMENDMENTS TO PLAN OF OPERATION.

41-4925A. AMENDMENTS TO PLAN OF OPERATION. (1) Any amendment to the plan of operation prepared by the administrator for the purpose of deferring the issuance of contracts of insurance to any category of petroleum storage tank owners or operators or for issuing contracts of insurance to any deferred category of petroleum storage tank owners or operators shall be submitted to the director of the department of insurance.
(2) The director shall review the amendment and shall, with all reasonable promptness, approve, approve as modified, or disapprove of the amendment to the plan of operation. If the amendment is approved, the administrator may issue contracts of insurance and otherwise operate the trust fund in a manner consistent with the amended plan of operation. If the amendment is disapproved, the administrator must operate the trust fund in a manner consistent with the provisions of the plan of operation as submitted to the director in the trust fund’s application for registration under section 41-4925, Idaho Code.
(3) The director may request such relevant documentation and information, including an actuarial analysis of the underwriting capacity of the trust fund, as is reasonably necessary to evaluate the proposed amendment to the plan of operation.
(4) All procedures and policies concerning the approval, modification or disapproval of any amendment to the plan of operation are subject to the provisions of chapter 52, title 67, Idaho Code, as well as the rules of practice and procedure of the department of insurance.
History:
[(41-4925A) 41-4924A, added 1991, ch. 59, sec. 18, p. 130; am. & redesig. 2003, ch. 96, sec. 28, p. 300.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4926 - GRANT OR DENIAL OF REGISTRATION.

41-4926. GRANT OR DENIAL OF REGISTRATION. (1) The director shall act upon an application for registration of the trust fund with all reasonable promptness. He may make such investigation of the proposal as he deems advisable. If the director finds that the application is complete and that the plan meets the qualifications stated in section 41-4924, Idaho Code, he shall issue and deliver a certificate of registration in appropriate form to the applicant; otherwise, the director shall refuse to register the plan and shall give written notice of such refusal to the applicant, stating the reasons therefor.
(2) All procedures and policies concerning the grant or denial of registration of the trust fund are subject to the provisions of chapter 52, title 67, Idaho Code, as well as the rules of practice and procedure of the department of insurance.
History:
[(41-4926) 41-4925, added 1990, ch. 119, sec. 1, p. 280; am. 1991, ch. 59, sec. 19, p. 131; am. & redesig. 2003, ch. 96, sec. 30, p. 301.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4927 - BYLAWS OF THE FUND.

41-4927. BYLAWS OF THE FUND. The board shall adopt bylaws subject to the approval of the director, who shall grant his approval only after his determination that the provisions in the bylaws are not inconsistent nor contrary to the applicable provisions of title 41, Idaho Code, as amended in this chapter. These bylaws shall outline the organizational structure of the trust fund, its operational methods of complying with the provisions of this chapter, including the deposit, custody, disbursement and accounting for the moneys in the trust fund, fidelity bonds, if any, required of the administrator, the essential elements of the managerial contract with the administrator, the powers and duties of the administrator of the trust fund, the rights, privileges and responsibilities of insured owners or operators of storage tanks, the manner in which annual and special meetings of the board shall be conducted, and such other matters as may be customary, necessary or convenient for the management and operation of the trust fund.
History:
[(41-4927) 41-4930, added 1990, ch. 119, sec. 1, p. 282; am. 1991, ch. 59, sec. 21, p. 131; am. & redesig. 2003, ch. 96, sec. 31, p. 301.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4928 - RECORDS AND ACCOUNTS — ANNUAL STATEMENT.

41-4928. RECORDS AND ACCOUNTS — ANNUAL STATEMENT. (1) The administrator shall cause full and accurate records and accounts to be entered and maintained covering all financial transactions and affairs of the trust fund.
(2) Within sixty (60) days after the close of each calendar year, the administrator shall make an annual statement in writing summarizing the financial transactions of the trust fund for such prior calendar year and its financial condition at the end of such year in accordance with this chapter and generally accepted and applicable accounting principles. The statement shall otherwise be in the form prescribed and shall provide the information required by the director of the department of insurance of the state of Idaho, and the financial information contained therein shall be certified by the accountant by whom such information was prepared and audited.
(3) On or before the expiration of such sixty (60) day period the administrator shall cause an original of the annual statement to be filed with the director, and shall pay any filing fee required by the director or any other state agency having jurisdiction. At an appropriate time, consistent with the usual practices of the director, the director shall declare the annual statement to be open to the scrutiny of all interested parties and the public in general.
History:
[(41-4928) 41-4931, added 1990, ch. 119, sec. 1, p. 283; am. & redesig. 2003, ch. 96, sec. 32, p. 302.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4929 - MANAGEMENT CONTRACT WITH THE ADMINISTRATOR — MANDATORY PROVISIONS.

41-4929. MANAGEMENT CONTRACT WITH THE ADMINISTRATOR — MANDATORY PROVISIONS. (1) The management contract entered into between the administrator and the board as required in this chapter, shall not become effective unless the contract is filed with and approved by the director. The contract shall be deemed approved unless disapproved by the director within twenty (20) days after date of filing, subject to such reasonable extension of time as the director may require by notice given within the twenty (20) day period. Any disapproval shall be delivered to the administrator in writing, stating the grounds therefor.
(2) Any such contract, or contract holder, shall provide that the administrator shall, within ninety (90) days after expiration of each calendar year, furnish the director a written statement of amounts received under or on account of the contract and amounts expended thereunder during such calendar year, including the emoluments received therefrom by the principal management personnel of the administrator involved with the affairs of the trust fund, and with such classification of items and further detail as the director may reasonably require.
(3) The director shall disapprove any such contract if he finds that it:
(a) Subjects the trust fund to unreasonable or excessive charges; or
(b) Does not contain fair and adequate standards of performance; or
(c) Contains other inequitable provisions which impair the proper interests of the owners or operators insured by the trust fund.
(4) The director may, after a hearing held thereon, withdraw his approval of any such contract theretofore approved by him, if he finds that the basis of his original approval no longer exists, or that the contract has, in actual operation, shown itself to be subject to disapproval on any of the grounds referred to in subsection (3) of this section.
History:
[(41-4929) 41-4932, added 1990, ch. 119, sec. 1, p. 283; am. 1991, ch. 59, sec. 22, p. 132; am. & redesig. 2003, ch. 96, sec. 33, p. 302.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4930 - EXISTING INSURANCE LAWS TO APPLY TO THE TRUST FUND WITH CERTAIN EXCEPTIONS.

41-4930. EXISTING INSURANCE LAWS TO APPLY TO THE TRUST FUND WITH CERTAIN EXCEPTIONS. The trust fund shall comply with all of the applicable provisions of title 41, Idaho Code, with certain exceptions as follows:
(1) The creation of the trust fund by act of the legislature shall not be deemed to be an ownership, control or operation of an insurer by a governmental entity, as referred to in section 41-309, Idaho Code, and the surplus funds of the trust fund shall be considered to be dedicated and held in reserve for the purpose of providing funds for the payment of claims arising out of the discharge of petroleum products from tanks covered by a contract of insurance issued to the tank owner or operator by the trust fund as provided for in section 41-4906, Idaho Code. The absolute control of the trust fund shall be vested in the board.
(2) The provisions of this chapter shall be construed to be contained in the document of organization and bylaws of the trust fund for purposes of sections 41-319, 41-320 and 41-322, Idaho Code, and the director shall issue a certificate of registration to and in the name of the trust fund upon his finding that it has met all other appropriate provisions of the Idaho Code, including sections 41-313, 41-316 and 41-316A, Idaho Code.
(3) Section 41-337, Idaho Code, shall not apply to contracts of insurance issued by the trust fund.
(4) Sections 41-1004 and 41-1022, Idaho Code, shall not apply to employees of the state insurance fund or the trust fund.
(5) Section 41-1103, Idaho Code, shall not apply to employees of the state insurance fund or the trust fund, provided the employees restrict their claims adjusting and investigation operations only to those contracts issued by the trust fund.
(6) Except as otherwise provided in this chapter, chapter 28, title 41, Idaho Code, and chapter 14, title 30, Idaho Code, shall not apply to the trust fund nor shall this trust fund be construed to be a domestic mutual insurer, nor a reciprocal insurer, nor any other type of insurer currently regulated by title 41, Idaho Code, and the only organizational requirements of this trust fund shall be those enumerated in this chapter.
History:
[(41-4930) 41-4933, added 1990, ch. 119, sec. 1, p. 284; am. 1991, ch. 59, sec. 23, p. 132; am. 1994, ch. 240, sec. 12, p. 759; am. 2001, ch. 296, sec. 9, p. 1068; am. & redesig. 2003, ch. 96, sec. 34, p. 303.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4931 - TAXES.

41-4931. TAXES. (1) The trust fund shall not be subject to chapter 4, title 41, Idaho Code, as it pertains to premium tax.
(2) The state of Idaho hereby preempts the field of imposing excise, privilege, franchise, income, license and similar taxes, licenses and fees upon the trust fund; and no county, city, municipality, district, school district, or other political subdivision or agency of Idaho shall levy upon this trust fund any such tax, license or fee.
History:
[(41-4931) 41-4934, added 1990, ch. 119, sec. 1, p. 284; am. & redesig. 2003, ch. 96, sec. 35, p. 304.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4932 - EXAMINATION OF BOOKS, RECORDS AND ACCOUNTS.

41-4932. EXAMINATION OF BOOKS, RECORDS AND ACCOUNTS. (1) The books, records, accounts and affairs of the trust fund shall be subject to examination by the director by competent examiners duly authorized by him in writing, at such times or intervals as the director deems advisable. The purposes of the examination shall be to determine compliance of the trust fund with applicable laws, the financial condition and actuarial adequacy of the trust fund, and other factors materially related to the trust fund’s management and operation.
(2) The administrator shall make the books, records and accounts of the trust fund available to the examiner and otherwise facilitate the examination.
(3) The examiner shall conduct the examination expeditiously, make his report of the examination in writing, and deliver a copy thereof to the administrator and the director. The administrator shall have two (2) weeks after receipt of the report within which to recommend to the director such corrections or changes therein as the administrator may deem appropriate. After making such corrections or changes, if any, as he deems proper, the director shall file the report in his office as a document open to public inspection, and deliver to the administrator a copy of the report as so corrected or changed.
(4) At the direction of the director, the costs of the examination shall be borne by the trust fund in accordance with section 41-228, Idaho Code.
History:
[(41-4932) 41-4935, added 1990, ch. 119, sec. 1, p. 284; am. 2001, ch. 85, sec. 13, p. 220; am. & redesig. 2003, ch. 96, sec. 36, p. 304.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4933 - ADMINISTRATOR — FIDELITY BONDS.

41-4933. ADMINISTRATOR — FIDELITY BONDS. The administrator shall cause all individuals handling receipts and disbursements for the trust fund to be bonded at all times under a fidelity bond issued by a surety insurer authorized to transact such insurance in this state. The bond shall be in favor of the trust fund and for such aggregate penalty amount, not less than twenty-five thousand dollars ($25,000), as the director may deem reasonably advisable in relation to the amount of funds to be so handled. The bond shall be noncancelable except upon not less than thirty (30) days advance notice in writing to the administrator and the director. The cost of the bond shall be borne by the trust fund.
History:
[(41-4933) 41-4936, added 1990, ch. 119, sec. 1, p. 285; am. & redesig. 2003, ch. 96, sec. 37, p. 304.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4934 - PROHIBITED PECUNIARY INTERESTS IN PLAN MANAGEMENT.

41-4934. PROHIBITED PECUNIARY INTERESTS IN PLAN MANAGEMENT. (1) Neither the administrator nor any other person having responsibility for the management of the trust fund or the investment or other handling of the trust fund moneys or assets shall:
(a) Receive directly or indirectly or be pecuniarily interested in any fee, commission, compensation or emolument, other than salary or other similar compensation regularly fixed and allowed for services regularly rendered to the trust fund, arising out of any transaction to which the trust fund is or is to be a party;
(b) Receive compensation as a consultant to the trust fund while also acting as a trustee or administrator, or as an employee of either;
(c) Have any direct or indirect material pecuniary interest in any loan or investment of the trust fund.
(2) The director may, after reasonable notice and a hearing, prohibit the administrator from employing or retaining or continuing to employ or retain any person in the administration of the trust fund upon finding that such employment or retention involves a conflict of interest not in the best interests of the trust fund or adversely affecting the interests of the owners or operators insured by the trust fund.
(3) Any conflict of interest or prohibited pecuniary interest involving the members of the board of trustees of the trust fund shall be governed solely by the conflict of interest provisions of the Idaho nonprofit corporation act as set forth in section 30-30-619, Idaho Code.
History:
[(41-4934) 41-4937, added 1990, ch. 119, sec. 1, p. 285; am. 1991, ch. 59, sec. 24, p. 133; am. and redesig. 2003, ch. 96, sec. 38, p. 305; am. 2004, ch. 175, sec. 2, p. 554; am. 2017, ch. 58, sec. 27, p. 122.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4935 - POLITICAL CONTRIBUTIONS PROHIBITED.

41-4935. POLITICAL CONTRIBUTIONS PROHIBITED. The administrator shall not make or knowingly permit the making, directly or indirectly, of any political contribution by or from the trust fund.
History:
[(41-4935) 41-4938, added 1990, ch. 119, sec. 1, p. 286; am. & redesig. 2003, ch. 96, sec. 39, p. 305.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT › Section 41-4936 - RECOVERY OF DEPLETED FUNDS.

41-4936. RECOVERY OF DEPLETED FUNDS. If after notice and hearing, the director finds that the trust fund has been depleted by reason of any wrongful or negligent act or omission of the board or any other person, he shall transmit a copy of his findings to the attorney general of this state, who may bring an action in the name of the people of this state, or intervene in any action brought by or on behalf of an insured owner or operator for the recovery of the amount of such depletion, for the benefit of the trust fund.
History:
[(41-4936) 41-4939, added 1990, ch. 119, sec. 1, p. 286; am. 1991, ch. 59, sec. 25, p. 134; am. & redesig. 2003, ch. 96, sec. 40, p. 305.]