reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-802 - PURPOSE OF DEPOSIT.

41-802. PURPOSE OF DEPOSIT. Such deposits shall be held for purposes as follows:
(1) Deposits made in this state under sections 41-316, Idaho Code, (foreign and alien insurance deposit requirements), and 41-316A, Idaho Code, (domestic insurance deposit requirements), shall be held for the purposes stated in the respective sections.
(2) A deposit made in this state by a domestic insurer transacting insurance in another state, province or country, and as required by the laws of such state, province or country, shall be held for the purpose or purposes specified pursuant to such laws.
(3) Deposits of foreign insurers required pursuant to the retaliatory provision, section 41-340, Idaho Code, shall be held for such purposes as are required by such law, and as specified by the director’s order by which the deposit is required.
History:
[41-802, added 1961, ch. 330, sec. 171, p. 645; am. 1994, ch. 240, sec. 8, p. 756; am. 2004, ch. 90, sec. 4, p. 328.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-803 - SECURITIES ELIGIBLE FOR DEPOSIT.

41-803. SECURITIES ELIGIBLE FOR DEPOSIT. (1) All such deposits required under sections 41-316 and 41-316A, Idaho Code, for authority to transact insurance in this state shall consist of certificates of deposit issued by solvent banks, or any combination of securities the market value of which is readily ascertainable and, if negotiable by delivery or assignment, of the kinds described in the following sections:
(a) Section 41-707 (public obligations);
(b) Section 41-708 (securities of certain federal agencies);
(c) Section 41-709 (irrigation district obligations);
(d) Section 41-710 (international bank);
(e) Section 41-711 (corporate obligations);
(f) Section 41-717 (equipment trust obligations); and
(g) Section 41-720 (savings and share accounts).
(2) Except that the director shall accept as a security eligible for deposit and recognize as part of the deposit any particular valid and enforceable real estate mortgage already lawfully so on deposit at the effective date of this code, so long as the mortgage continues to qualify for investment of the insurer’s funds therein as under chapter 7 of this code and is not in default in any particular.
(3) All such deposits required of a domestic insurer pursuant to the laws of another state, province or country shall be comprised of securities, if negotiable by delivery or assignment, of the kind or kinds required or permitted by the laws of such state, province or country, except stocks, mortgages of any kind and real estate.
(4) Deposits of foreign insurers made in this state under the retaliatory provision, section 41-340, Idaho Code, shall consist of such securities or assets as are required by the director pursuant to such provision.
History:
[41-803, added 1961, ch. 330, sec. 172, p. 645; am. 1994, ch. 240, sec. 9, p. 756; am. 2004, ch. 90, sec. 5, p. 328.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-804 - CUSTODIAL ARRANGEMENTS FOR DEPOSITS.

41-804. CUSTODIAL ARRANGEMENTS FOR DEPOSITS. (1) All deposits of insurers made in this state under this code shall be made through the director.
(2) The deposits shall be made with and held by the trust department of an established bank located in Idaho, approved by the director for the purpose, and under custodial arrangements likewise approved by him. All such custodial arrangements shall comply in substance with the requirements of this code as to the amount, purposes, maintenance, initial amounts, release and withdrawal of such a deposit, and as to the rights of the insurer therein.
(3) The securities qualified for deposit under this chapter may be deposited with a clearing corporation or held in the federal reserve book-entry system. Securities deposited with a clearing corporation or held in the federal reserve book-entry system and used to meet the deposit requirements set forth in this chapter shall be under the control of the director of the department of insurance and shall not be withdrawn by the insurer without the approval of the director. Any insurer holding securities in such manner shall provide evidence satisfactory to the director, issued by its custodian or member bank through which such insurer has deposited such securities in a clearing corporation or through which such securities are held in the federal reserve book-entry system, respectively, in order to establish that the securities are actually recorded in an account in the name of the custodian or other direct participant or member bank, and that the records of the custodian, other participant or member bank reflect that such securities are held subject to the order of the director. Definitions contained in section 41-2870, Idaho Code, shall apply to this subsection (3).
(4) The cost of any such custodial arrangements shall be borne by the insurer. The state of Idaho shall have no responsibility for the safekeeping of the deposit.
History:
[41-804, added 1961, ch. 330, sec. 173, p. 645; am. 1969, ch. 214, sec. 28, p. 625; am. 1981, ch. 174, sec. 3, p. 308; am. 2004, ch. 90, sec. 6, p. 329.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-805 - RECORDS — CERTIFICATE OF DEPOSIT.

41-805. RECORDS — CERTIFICATE OF DEPOSIT. (1) The director shall maintain complete record of all securities deposited through him under this chapter, and of all transactions involving any such deposit.
(2) Upon request of the insurer and payment of the fee therefor required under section 41-401 (fee schedule), the director shall furnish to the insurer his certificate under his official seal certifying as to any deposit of the insurer held by him under this code, and as to the amount, composition, and purposes of the deposit.
History:
[41-805, added 1961, ch. 330, sec. 174, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-806 - ASSIGNMENT OF SECURITIES.

41-806. ASSIGNMENT OF SECURITIES. (1) The insurer shall duly assign to the director and his successors in office in trust all securities being deposited through him under this code which are not negotiable by delivery; or, in lieu of such assignment, the insurer may give the director an irrevocable power of attorney authorizing him to transfer the securities or any part thereof for any purpose within the scope of this chapter.
(2) Upon release to the insurer, or other person entitled thereto, of any such security the director shall reassign the same to such insurer or person; or, in the case of power of attorney given pursuant to subsection (1) above, he shall deliver the power of attorney, together with the securities covered thereby, to the insurer or person entitled thereto.
History:
[41-806, added 1961, ch. 330, sec. 175, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-807 - APPRAISAL.

41-807. APPRAISAL. The director may, in his discretion, prior to acceptance for deposit of any particular asset or security, or at any time thereafter while so deposited, have the same appraised or valued by competent appraisers. The reasonable costs of any such appraisal or valuation shall be borne by the insurer.
History:
[41-807, added 1961, ch. 330, sec. 176, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-808 - EXCESS DEPOSITS.

41-808. EXCESS DEPOSITS. (1) If securities or assets deposited by an insurer under this chapter are subject to material fluctuations in market value, the director may, in his discretion, require the insurer to deposit and maintain on deposit additional securities or assets in such amount as may be reasonably necessary to assure that the deposit will at all times have a market value of not less than the amount specified under or pursuant to the law by which the deposit is required.
(2) If not so required by the director, an insurer may at its option so deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under this code by not more than twenty per cent (20%) of such required or permitted deposit, or twenty thousand dollars ($20,000), whichever is the larger amount, for the purpose of absorbing fluctuations in the value of securities and assets deposited, and to facilitate the exchange and substitution of such securities and assets. During the solvency of the insurer any such excess shall be released to the insurer upon its request. During the insolvency of the insurer, such excess deposit shall be released only as provided in section 41-812(2)(e)[, Idaho Code].
History:
[41-808, added 1961, ch. 330, sec. 177, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-809 - RIGHTS OF INSURER DURING SOLVENCY.

41-809. RIGHTS OF INSURER DURING SOLVENCY. So long as the insurer remains solvent and is in compliance with this code it may:
(1) Demand, receive, sue for and recover the income from the securities or assets deposited;
(2) Exchange and substitute for the deposited securities or assets, or any part thereof, other eligible securities and assets of equivalent or greater value; and
(3) At any reasonable time inspect any such deposit.
History:
[41-809, added 1961, ch. 330, sec. 178, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-811 - DEFICIENCY OF DEPOSIT.

41-811. DEFICIENCY OF DEPOSIT. (1) For the purpose of determining the sufficiency of its deposit in this state the assets and securities of the insurer on deposit shall be valued at current market value.
(2) If for any reason the current market value of such assets and securities falls below the amount of deposit required of the insurer under this code, the insurer shall promptly deposit other or additional assets or securities eligible for deposit and in amount sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within thirty (30) days after receipt of notice thereof by registered or certified mail from the director, the director shall forthwith without further notice revoke the insurer’s certificate of authority.
History:
[41-811, added 1961, ch. 330, sec. 180, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-812 - DURATION AND RELEASE OF DEPOSIT.

41-812. DURATION AND RELEASE OF DEPOSIT. (1) Every deposit made in this state by an insurer pursuant to this code shall be so held as long as there is outstanding any liability of the insurer as to which the deposit was required; or, if the deposit was required under the retaliatory provision, section 41-340, Idaho Code, the deposit shall be held for so long as the basis of such retaliation exists.
(2) Except for good cause found by the director after a hearing thereon, any such deposit shall be released and returned:
(a) To the insurer upon extinguishment by reinsurance or otherwise of all liability of the insurer for the security of which the deposit is held. If by reinsurance, the assuming insurer shall be one authorized to transact such insurance in this state.
(b) To the insurer, during solvency, to the extent such deposit is in excess of the amount required.
(c) To a depositing foreign or alien insurer, during its solvency, which has made a similar deposit in another state and has filed with the director the certificate or evidence thereof, under the conditions provided for in section 41-316(2)(b) or 41-316(2)(c), Idaho Code.
(d) To the resulting or surviving corporation or to such person as it may designate for the purpose, upon effectuation of a merger or consolidation of the depositing insurer, and upon the resulting or surviving corporation being or becoming authorized to transact insurance in this state.
(e) Upon order of a court of competent jurisdiction, to the receiver, conservator, rehabilitator, or liquidator of the insurer, or to any other properly designated official or officials who succeed to the management and control of the insurer’s assets pursuant to delinquency proceedings brought against the insurer under chapter 33 of this code.
(3) Notwithstanding the provisions of subsections (1) and (2) of this section, the director, in his discretion, may release a deposit made in this state by an insurer pursuant to this code if the insurance regulatory body in the insurer’s state has been appointed the liquidator of the insurer by a court in that state and either of the following applies:
(a) The director has no information or belief that there are any outstanding claims against the insurer by policyholders or creditors of the insurer in Idaho; or
(b) The director believes that any claims by Idaho policyholders or creditors will be adequately protected pursuant to the liquidation proceedings in the insurer’s domestic state.
History:
[41-812, added 1961, ch. 330, sec. 181, p. 645; am. 1995, ch. 289, sec. 4, p. 973.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 8 - ADMINISTRATION OF DEPOSITS › Section 41-813 - PROOFS FOR RELEASE OF DEPOSIT TO INSURER — DIRECTOR’S RESPONSIBILITY.

41-813. PROOFS FOR RELEASE OF DEPOSIT TO INSURER — DIRECTOR’S RESPONSIBILITY. (1) Before authorizing or permitting the release of any deposit or excess portion thereof to the insurer, as provided in section 41-812, Idaho Code, the director shall require the insurer, the applicable insurance regulatory official in the insurer’s domestic state, or other appropriate entity to file with him a written statement in such form and with such verification as he deems advisable setting forth the facts upon which it bases its entitlement to such release.
(2) If release of the deposit is claimed by the insurer upon the ground that all its liabilities, as to which the deposit was held, have been assumed by another insurer authorized to transact insurance in this state, the insurer shall file with the director a copy of the contract or agreement of such reinsurance duly attested under the oath of an officer of each of the insurers parties thereto.
(3) If release of the deposit is claimed by a domestic insurer upon the ground that all its liabilities, as to which the deposit was held, have been terminated other than by reinsurance, the director shall make an examination of the affairs of the insurer for determination of the actuality of such termination.
(4) Upon being satisfied by such statement and reinsurance contract, or examination of the insurer if required under subsection (3) above, and by such other examination if any, of the affairs of the insurer as he deems advisable to make, that the insurer is entitled to the release of its deposit or excess portion thereof as provided in section 41-812, Idaho Code, the director shall release the deposit or excess portion thereof to the insurer or its authorized representative.
(5) If the director wilfully fails faithfully to keep, deposit, account for or surrender any such assets or securities deposited through him, in the manner as authorized or required under this chapter, he shall be liable therefor upon his official bond, and suit may be brought upon the bond by any person injured by such failure. The director shall not, however, have any liability as to any assets or securities of an insurer released by him in good faith pursuant to the authority vested in him under this chapter.
History:
[41-813, added 1961, ch. 330, sec. 182, p. 645; am. 1995, ch. 289, sec. 5, p. 974.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-902 - WRITTEN AGREEMENT NECESSARY.

41-902. WRITTEN AGREEMENT NECESSARY. (1) No administrator shall act as such without a written agreement between the administrator and the insurer, and the written agreement shall be retained as part of the official records of both the insurer and the administrator for the duration of the agreement and for five (5) years thereafter. The agreement shall be consistent with the provisions of this chapter and shall contain all provisions required in this chapter, except insofar as those requirements do not apply to the functions performed by the administrator.
(2) The written agreement shall include a statement of duties that the administrator is expected to perform on behalf of the insurer and the lines, classes or types of insurance for which the administrator is to be authorized to administer. The agreement shall make provision with respect to underwriting or other standards pertaining to the business underwritten by the insurer.
(3) The insurer or administrator may, with written notice to the other party and the director, terminate the written agreement as provided in the agreement. The insurer may suspend the underwriting authority of the administrator during the pendency of any dispute regarding the termination of the written agreement. The insurer shall fulfill any lawful obligations with respect to policies affected by the written agreement regardless of any dispute between the insurer and the administrator.
History:
[41-902, added 2010, ch. 31, sec. 2, p. 52.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-903 - PAYMENT TO ADMINISTRATOR.

41-903. PAYMENT TO ADMINISTRATOR. If an insurer utilizes the services of an administrator, the payment to the administrator of any premiums or charges for insurance by or on behalf of the insured shall be deemed to have been received by the insurer and the payment of return premiums or claims forwarded by the insurer to the administrator shall not be deemed payment to the insured or claimant until the payments are received by the insured or claimant. Nothing in this chapter limits any right of the insurer against the administrator resulting from the failure of the administrator to make payments to the insurer, insured parties or claimants.
History:
[41-903, added 2010, ch. 31, sec. 2, p. 53.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-904 - MAINTENANCE OF INFORMATION.

41-904. MAINTENANCE OF INFORMATION. (1) Every administrator shall maintain and make available to the insurer complete books and records of all transactions performed on behalf of the insurer. The books and records shall be maintained in accordance with prudent standards of insurance recordkeeping and shall be maintained for a period of not less than five (5) years from the date of their creation.
(2) The director shall have access to books and records maintained by an administrator for the purposes of examination, audit and inspection.
(3) The insurer shall own the records generated by the administrator pertaining to the insurer; however, the administrator shall retain the right to continuing access to books and records to permit the administrator to fulfill all of its contractual obligations to insured parties, claimants and the insurer, and its obligations to maintain records available to the director.
(4) In the event the insurer and the administrator cancel their agreement, notwithstanding the provisions of subsection (1) of this section, the administrator may, by written agreement with the insurer, transfer all records to a new administrator rather than retain them for five (5) years. In such cases, the new administrator shall acknowledge, in writing, that it is responsible for retaining the records of the prior administrator as required in subsection (1) of this section.
History:
[41-904, added 2010, ch. 31, sec. 2, p. 53.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-905 - ADVERTISING — APPROVAL.

41-905. ADVERTISING — APPROVAL. An administrator may use only advertising pertaining to the business underwritten by an insurer that has been approved in writing by the insurer in advance of its use. Prior to approving the use of advertising by an administrator, the insurer shall first file the advertising with the director along with a certification in a form prescribed by the director that the advertising complies with Idaho law. The director may disapprove the use of the advertising on any of the grounds set forth in section 41-1813, Idaho Code.
History:
[41-905, added 2010, ch. 31, sec. 2, p. 53.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-906 - PREMIUM COLLECTION AND PAYMENT OF CLAIMS.

41-906. PREMIUM COLLECTION AND PAYMENT OF CLAIMS. (1) All insurance charges or premiums collected by an administrator on behalf of or for an insurer, and the return of premiums received from that insurer, shall be held by the administrator in a fiduciary capacity. The funds shall be immediately remitted to the person entitled to them or shall be deposited promptly in a fiduciary account established and maintained by the administrator in a federally or state insured financial institution. The written agreement between the administrator and the insurer shall provide for the administrator to periodically render an accounting to the insurer detailing all transactions performed by the administrator pertaining to the business underwritten by the insurer.
(2) All such funds, including charges, fees or premiums, shall be used to establish the premium tax under section 41-402, Idaho Code.
(3) If charges or premiums deposited in a fiduciary account have been collected on behalf of one (1) or more insurers, the administrator shall keep records clearly recording the deposits in and withdrawals from the account on behalf of each insurer. The administrator shall keep copies of all the records and, upon request of an insurer, shall furnish the insurer with copies of such records pertaining to deposits and withdrawals associated with the insurer.
(4) The administrator shall not pay any claim by withdrawals from a fiduciary account in which premiums or charges are deposited. Withdrawals from the account shall be made as provided in the written agreement between the administrator and the insurer. The written agreement shall address, but not be limited to, the following:
(a) Remittance to an insurer entitled to remittance;
(b) Deposit in an account maintained in the name of the insurer;
(c) Transfer to and deposit in a claims-paying account with claims to be paid as provided for in subsection (5) of this section;
(d) Payment to a group policyholder for remittance to the insurer entitled to such remittance;
(e) Payment to the administrator of its commission, fees or charges; and
(f) Remittance of return premiums to the person or persons entitled to such return premiums.
(5) All claims paid by the administrator from funds collected on behalf of or for an insurer shall be paid only on drafts or checks of and as authorized by the insurer.
History:
[41-906, added 2010, ch. 31, sec. 2, p. 53.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-907 - DELIVERY OF MATERIALS TO COVERED INDIVIDUALS.

41-907. DELIVERY OF MATERIALS TO COVERED INDIVIDUALS. Any policies, certificates, booklets, termination notices or other written communications delivered by the insurer to the administrator for delivery to insured parties or covered individuals shall be delivered by the administrator promptly after receipt of instructions from the insurer to deliver them.
History:
[41-907, added 2010, ch. 31, sec. 2, p. 54.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-908 - COMPENSATION TO THE ADMINISTRATOR.

41-908. COMPENSATION TO THE ADMINISTRATOR. (1) An administrator shall not enter into an agreement or understanding with an insurer in which the effect is to make the amount of the administrator’s commissions, fees or charges contingent upon savings effected by the adjustment, settlement and payment of losses covered by the insurer’s obligations. This provision shall not prohibit an administrator from receiving performance-based compensation for providing hospital or other auditing services.
(2) The provisions of this section shall not prevent the compensation of an administrator from being based on premiums or charges collected or the number of claims paid or processed.
History:
[41-908, added 2010, ch. 31, sec. 2, p. 54.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-909 - NOTICE TO COVERED INDIVIDUALS — DISCLOSURE OF CHARGES AND FEES.

41-909. NOTICE TO COVERED INDIVIDUALS — DISCLOSURE OF CHARGES AND FEES. (1) Where the services of an administrator are utilized, the administrator shall provide a written notice approved by the insurer to covered individuals advising them of the identity of and relationship among the administrator, the policyholder and the insurer.
(2) Where an administrator collects funds, the reason for collection of each item shall be identified to the insured party and each item shall be shown separately from any premium. Additional charges may not be made for services to the extent the services have been paid for by the insurer.
(3) The administrator shall disclose to the insurer all charges, fees and commissions received from all services in connection with the provision of administrative services for the insurer, including any fees or commissions paid by insurers providing reinsurance.
History:
[41-909, added 2010, ch. 31, sec. 2, p. 54.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-910 - REGISTRATION REQUIREMENT.

41-910. REGISTRATION REQUIREMENT. A person who directly or indirectly underwrites, collects charges or premiums from or adjusts or settles claims on residents of this state in connection with life, annuity or health coverage provided by a self-funded plan not regulated under title 41, Idaho Code, shall register with the director biennially on a form prescribed by the director, verifying its status as herein described.
History:
[41-910, added 2010, ch. 31, sec. 2, p. 55.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-912 - NONRESIDENT ADMINISTRATOR LICENSE.

41-912. NONRESIDENT ADMINISTRATOR LICENSE. (1) Unless an administrator has obtained a home state license in this state, any administrator who performs administrator duties in this state shall obtain a nonresident administrator license in accordance with the provisions of this section by filing with the director the uniform application, accompanied by a letter of certification. In lieu of requiring an administrator to file a letter of certification with the uniform application, the director may verify the nonresident administrator’s home state certificate of authority or license status through an electronic database maintained by the NAIC, its affiliates or subsidiaries.
(2) An administrator shall not be eligible for a nonresident administrator license under the provisions of this section if it does not hold a license in a home state that has adopted under the provisions of this chapter or a substantially similar law governing administrators.
(3) Except as provided in subsections (2) and (8) of this section, the director shall issue to the administrator a nonresident administrator license promptly upon receipt of a complete application.
(4) Each nonresident administrator shall file biennially, as a part of its application for renewal of its license, a statement that its home state administrator license remains in force and has not been revoked or suspended by its home state during the preceding years.
(5) At the time of filing the application for licensing required under the provisions of this section the nonresident administrator shall pay a license application fee as provided for by rule.
(6) An administrator licensed or applying for licensure under the provisions of this section shall produce its accounts, records and files for examination, and make its officers available to give information with respect to its affairs, as often as reasonably required by the director.
(7) A nonresident administrator is not required to hold a nonresident administrator license in this state if the administrator is licensed in its home state and the administrator’s duties in this state are limited to:
(a) The administration of a group policy or plan and no more than a total of twenty percent (20%) of covered persons, for all plans the administrator services, reside in this state; and
(b) The total number of covered persons residing in this state is less than one hundred (100).
(8) The director may refuse to issue a nonresident administrator license, or delay the issuance of a nonresident administrator license, if the director determines that, due to events or information obtained subsequent to the home state’s licensure of the administrator, the nonresident administrator cannot satisfy the requirements of this chapter or that grounds exist for the home state’s revocation or suspension of the administrator’s home state certificate of authority or license.
History:
[41-912, added 2010, ch. 31, sec. 2, p. 56.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-913 - EXPIRATION AND RENEWAL OF ADMINISTRATOR LICENSE.

41-913. EXPIRATION AND RENEWAL OF ADMINISTRATOR LICENSE. (1) A license issued pursuant to this chapter shall expire on December 31 of the year following its issuance, but may be renewed for a period of two (2) years commencing January 1 upon filing a renewal form prescribed by the director accompanied by a fee as provided for by rule. The renewal form shall be filed on or before December 31. Any renewal form postmarked or submitted electronically after December 31 shall be accompanied by an additional late filing fee in the amount of double the unpaid renewal fee. Any renewal postmarked after January 31 must be submitted as a new application with supporting documents and accompanied by the full application fee as provided for by rule.
(2) The license shall be renewed by the director unless the director determines that the administrator is not competent, trustworthy or financially responsible, or has had an insurance license denied, revoked or suspended for cause by any state, or otherwise does not meet the qualifications for licensure as set forth in this chapter.
History:
[41-913, added 2010, ch. 31, sec. 2, p. 57.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-914 - ANNUAL REPORT.

41-914. ANNUAL REPORT. (1) Each administrator licensed under the provisions of this chapter shall file an annual report for the preceding calendar year with the director on or before July 1 of each year, or within such extension of time as the director for good cause may grant. The annual report shall include:
(a) An audited financial statement attested to by an independent certified public accountant. An audited annual financial report prepared on a consolidated basis shall include a columnar consolidating or combining worksheet that shall be filed with the report and include the following:
(i) Amounts shown on the consolidated audited financial report shall be shown on the worksheet;
(ii) Amounts for each entity shall be stated separately; and
(iii) Explanations of consolidating and eliminating entries shall be included.
(b) In lieu of submitting an audited financial statement, and upon written application by an administrator and good cause shown, the director may grant a hardship exemption from filing audited financial statements and allow the submission of unaudited financial statements. Acceptable formats for unaudited financial statements, which shall include notes, are:
(i) Reports compiled or reviewed by a certified public accountant; or
(ii) Internal financial reports prepared in accordance with GAAP, certified by at least two (2) officers, owners or directors of the administrator.
If unaudited financial statements are submitted, the administrator must secure and maintain a surety bond in a form prescribed by the director for the use and benefit of the director to be held in trust for the benefit and protection of covered persons and any insurer or self-funded plan against loss by reason of acts of fraud or dishonesty, for the greater of ten percent (10%) of funds handled for the benefit of Idaho residents or twenty thousand dollars ($20,000).
(2) The annual report shall be in the form and contain such matters as the director prescribes and shall be verified by at least two (2) officers, owners or directors of the administrator.
(3) The annual report shall include the complete names and addresses of all insurers and for self-funded plans, all employers and trusts, with which the administrator had agreements during the preceding fiscal year. The report shall also include the number of Idaho residents covered by each of the plans.
History:
[41-914, added 2010, ch. 31, sec. 2, p. 57; am. 2012, ch. 156, sec. 2, p. 432.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-916 - REPORTING OF ACTIONS.

41-916. REPORTING OF ACTIONS. (1) An administrator shall report to the director any administrative action taken against the administrator in another jurisdiction or by another governmental agency within thirty (30) days of the final disposition of the matter. The report shall include a copy of the order, consent order or other relevant legal documents.
(2) Within thirty (30) days of the initial pretrial hearing date, an administrator shall report to the director any criminal prosecution of the administrator or an individual responsible for the conduct of its affairs taken in any jurisdiction. The report shall include a copy of the initial complaint filed, the order resulting from the hearing and any other relevant legal documents.
History:
[41-916, added 2010, ch. 31, sec. 2, p. 59.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 9 - INSURANCE ADMINISTRATORS › Section 41-917 - PROVISIONS NOT LIMITING.

41-917. PROVISIONS NOT LIMITING. The requirements of this chapter are not a waiver or limitation of provisions of this title or other laws of this state but are additional requirements.
History:
[41-917, added 2010, ch. 31, sec. 2, p. 59.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1001 - PURPOSE AND SCOPE.

41-1001. PURPOSE AND SCOPE. (1) This chapter governs the qualifications and procedures for the licensing of insurance producers. It simplifies and organizes statutory language to improve efficiency, permits the use of new technology and reduces costs associated with issuing and renewing insurance licenses.
(2) This chapter applies to adjusters to the extent provided in section 41-1108, Idaho Code, and to surplus lines brokers to the extent provided in sections 41-1223 and 41-1224, Idaho Code. Except where expressly made applicable, this chapter does not apply to title insurance under chapter 27, title 41, Idaho Code.
History:
[41-1001, added 2001, ch. 296, sec. 3, p. 1047.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1002 - TERMS CONSTRUED.

41-1002. TERMS CONSTRUED. Wherever the terms "agent" or "broker" appear in title 41, Idaho Code, or in the rules of the department, they shall be understood and construed to mean "producer" as defined in section 41-1003(8), Idaho Code, except as used in section 41-1018, Idaho Code, and any other sections where it is apparent from the language that the terms should not be so construed.
History:
[41-1002, added 2001, ch. 296, sec. 3, p. 1047; am. 2002, ch. 281, sec. 1, p. 823.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1004 - LICENSE REQUIRED.

41-1004. LICENSE REQUIRED. (1) A person shall not sell, solicit or negotiate insurance in this state for any class or classes of insurance unless the person is licensed as a producer for that line of authority in accordance with this chapter.
(2) A person shall not, for a fee, engage in the business of offering any advice, counsel, opinion or service with respect to the benefits, advantages or disadvantages under any policy of insurance that could be issued in Idaho unless that person is:
(a) A licensed insurance producer offering advice concerning a class of insurance as to which the producer is licensed to transact business in this state;
(b) An attorney rendering services in the performance of the duties of an attorney;
(c) A certified public accountant rendering services in the performance of the duties of a certified public accountant, as authorized by law;
(d) An actuary rendering actuarial services if such actuary is a member of an organization determined by the director as establishing standards for the actuarial profession;
(e) A person providing services to producers or authorized insurers only;
(f) A person rendering services as an expert pursuant to the Idaho rules of evidence;
(g) An investment adviser, investment adviser representative or federally covered investment adviser as defined in section 30-14-102, Idaho Code; or
(h) A person rendering such services pursuant to a license issued in accordance with sections 41-1081 through 41-1089 of this chapter [, Idaho Code].
History:
[41-1004, added 2001, ch. 296, sec. 3, p. 1048; am. 2002, ch. 282, sec. 1, p. 825; am. 2004, ch. 45, sec. 6, p. 227; am. 2012, ch. 226, sec. 2, p. 620.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1006 - APPLICATION FOR EXAMINATION.

41-1006. APPLICATION FOR EXAMINATION. (1) A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to section 41-1008(4) or 41-1012, Idaho Code. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer and the insurance laws and rules of this state. Examinations required by this section shall be developed and conducted under rules prescribed by the director of the department of insurance.
(2) Each individual applying for an examination shall remit a nonrefundable fee as promulgated by the director pursuant to section 41-401, Idaho Code.
(3) An individual who fails to appear for the examination as scheduled or who fails to pass the examination shall reapply for an examination and remit all required fees and forms before being rescheduled for another examination.
(4) Applications for licensure not received by the department within one hundred eighty (180) days of the successful completion of the examination shall be denied.
History:
[41-1006, added 2001, ch. 296, sec. 3, p. 1050; am. 2002, ch. 281, sec. 2, p. 823.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1007 - APPLICATION FOR PRODUCER LICENSE.

41-1007. APPLICATION FOR PRODUCER LICENSE. (1) A person applying for a resident insurance producer license shall make application to the director on the uniform application and declare under penalty of refusal, suspension or revocation of the license that the statements made in the application are true, correct and complete to the best of the applicant’s knowledge and belief. Before approving the application, the director shall find that the applicant:
(a) Is at least eighteen (18) years of age;
(b) Has submitted the applicant’s fingerprints as may be required by the director;
(c) Has not committed any act that is a ground for denial, suspension or revocation of the license as set forth in title 41, Idaho Code;
(d) Has paid the fees prescribed by the director pursuant to section 41-401, Idaho Code; and
(e) Has successfully passed the examinations for the lines of authority for which the applicant has applied.
(2) A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the uniform business entity application. Before approving the application, the director shall find that:
(a) The business entity has paid the fees prescribed by the director pursuant to section 41-401, Idaho Code; and
(b) The business entity has designated a licensed producer, who is an individual responsible for the business entity’s compliance with the insurance laws and rules of this state.
(3) The director may require any documents which are reasonably necessary to verify the information contained in an application.
(4) Each insurer that sells, solicits or negotiates any form of limited line insurance shall provide to each individual whose duties will include selling, soliciting or negotiating limited lines insurance a program of instruction that may be required to be approved by the director. If acceptable to the director, and as stated by rule, the program of instruction may be administered in place of the examination as required in section 41-1006, Idaho Code. In addition, such course of instruction may be administered in place of any continuing education requirements pursuant to section 41-1013, Idaho Code.
History:
[41-1007, added 2001, ch. 296, sec. 3, p. 1050.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1009 - NONRESIDENT PRODUCER LICENSE.

41-1009. NONRESIDENT PRODUCER LICENSE. (1) Unless denied licensure pursuant to section 41-1016, Idaho Code, a nonresident applicant shall receive a nonresident producer license if:
(a) The applicant is currently licensed as a resident and in good standing in his or her home state;
(b) The applicant has submitted the proper request for licensure and has paid the fees set forth by rule pursuant to section 41-401, Idaho Code;
(c) The applicant has submitted or transmitted to the director the application for licensure that the applicant submitted to his or her home state or, in lieu of such application, a completed uniform application;
(d) The applicant has submitted the applicant’s fingerprints, if required by the director, on a form as prescribed by the director; and
(e) The applicant’s home state awards nonresident producer licenses to residents of this state on the same basis.
(2) The director may verify the producer’s licensing status through the producer database maintained by the national association of insurance commissioners, its affiliates or subsidiaries, or by any other acceptable means.
(3) A nonresident producer who moves from one state to another state or a resident producer who moves from this state to another state shall file a change of address and provide certification from the new resident state within thirty (30) days of the change of legal residence. No fee or license application shall be required for filing the change of address.
(4) Notwithstanding any other provision of this chapter, a person licensed as a surplus lines broker in his or her home state shall receive a nonresident surplus lines broker license pursuant to subsection (1) of this section. Except as to subsection (1) of this section, nothing in this section otherwise amends or supersedes any provision of section 41-1223, Idaho Code.
(5) Notwithstanding any other provision of this chapter, a person licensed as a limited lines producer in his or her home state shall receive a nonresident limited lines producer license, pursuant to subsection (1) of this section, granting the same scope of authority as granted under the license issued by the producer’s home state. For the purposes of this subsection, limited lines insurance is any authority granted by the home state which restricts the authority of the license to less than the total authority prescribed in the associated major lines pursuant to section 41-1008(1)(a) through (g), Idaho Code.
History:
[41-1009, added 2001, ch. 296, sec. 3, p. 1052.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1010 - NONRESIDENT PRODUCERS — SERVICE OF PROCESS.

41-1010. NONRESIDENT PRODUCERS — SERVICE OF PROCESS. (1) Each person applying to be a nonresident producer shall, on a form prescribed by the director, appoint the director as his agent for purposes of receiving service of legal process issued against the producer in this state upon causes of action arising within this state out of transactions under the license. Service upon the director as an agent shall constitute effective legal service upon the producer.
(2) The appointment shall be irrevocable for as long as there could be any cause of action against the licensee arising out of his insurance transactions in or with respect to this state.
(3) Duplicate copies of such legal process against the licensee shall be served upon the director by a person competent to serve a summons. At the time of service the plaintiff shall pay the director an appropriate fee to be determined by rule and not exceeding thirty dollars ($30.00).
(4) Upon receiving such service, the director shall send one (1) copy of the process by registered or certified mail with return receipt requested to the defendant licensee at his last address of record with the director.
(5) The director shall keep a record of the day and hour of such service upon him. No proceedings shall be brought against the producer, and the producer shall not be required to appear, plead or answer until the expiration of thirty (30) days after the date of service upon the director.
History:
[41-1010, added 2001, ch. 296, sec. 3, p. 1053.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1011 - ISSUANCE — REFUSAL OF LICENSE.

41-1011. ISSUANCE — REFUSAL OF LICENSE. If after completion of application for a license, the taking and passing of any examination required under this chapter and, if required by the director, receipt of a report from the federal bureau of investigation based on the fingerprints of the applicant, the director finds that the applicant has fully met the requirements for a license, the director shall issue the license to the applicant; otherwise, the director shall refuse to issue the license and shall promptly notify the applicant and any appointing insurer or insurers of such refusal and state the grounds for the refusal. Pending the receipt of the report from the federal bureau of investigation, the director may, in his discretion, issue a temporary license if all other qualifications have been met.
History:
[41-1011, added 2001, ch. 296, sec. 3, p. 1053.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1012 - EXEMPTION FROM EXAMINATION.

41-1012. EXEMPTION FROM EXAMINATION. (1) An individual who applies for an insurance producer license in this state and who was previously licensed for the same lines of authority in another state shall not be required to complete any prelicensing examination if:
(a) The person is currently licensed in another state; or
(b) The application is received within ninety (90) days of the cancellation of the applicant’s previous license and the prior state issues a certification that:
(i) At the time of cancellation, the applicant was in good standing in that state; or
(ii) The state’s producer database records, as maintained by the national association of insurance commissioners or its affiliates or subsidiaries, indicate that the producer is or was licensed in good standing for the lines of authority requested.
(2) A person licensed as an insurance producer in another state who moves to this state shall make application within ninety (90) days of establishing legal residence to become a resident licensee pursuant to section 41-1006, Idaho Code. No examination shall be required of that person to obtain any line of authority previously held in the prior state unless the director provides otherwise by rule.
History:
[41-1012, added 2001, ch. 296, sec. 3, p. 1053.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 10 - PRODUCER LICENSING › Section 41-1014 - ASSUMED NAMES.

41-1014. ASSUMED NAMES. An insurance producer doing business under any name other than the producer’s legal name is required to notify the director in writing prior to using the assumed name.
History:
[41-1014, added 2001, ch. 296, sec. 3, p. 1055.]