reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1929 - INCONTESTABILITY AND LIMITATION OF LIABILITY AFTER REINSTATEMENT.

41-1929. INCONTESTABILITY AND LIMITATION OF LIABILITY AFTER REINSTATEMENT. (1) A reinstated policy of life insurance or annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to contestability after original issuance.
(2) When any life insurance policy or annuity contract is reinstated, such reinstated policy or contract may exclude or restrict liability to the same extent that such liability could have been or was excluded or restricted when the policy or contract was originally issued, and such exclusion or restriction shall be effective from the date of reinstatement.
History:
[41-1929, added 1961, ch. 330, sec. 460, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1930 - POLICY SETTLEMENTS.

41-1930. POLICY SETTLEMENTS. Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets.
History:
[41-1930, added 1961, ch. 330, sec. 461, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1931 - INDEBTEDNESS DEDUCTED FROM PROCEEDS.

41-1931. INDEBTEDNESS DEDUCTED FROM PROCEEDS. In determining the amount due under any life insurance policy heretofore or hereafter issued, deduction may be made of:
(1) Any unpaid premiums or instalments thereof for the current policy year due under the terms of the policy, and of
(2) The amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid.
History:
[41-1931, added 1961, ch. 330, sec. 462, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1932 - PARTICIPATING AND NONPARTICIPATING POLICIES — RIGHT TO ISSUE.

41-1932. PARTICIPATING AND NONPARTICIPATING POLICIES — RIGHT TO ISSUE. A life insurer may issue policies on either the participating basis or the nonparticipating basis, or on both bases, if the right or absence of right of participation is reasonably related to the premium charged and the insurer is otherwise not in violation of sections 41-1313 (unfair discrimination–life insurance, annuities, and disability insurance) or 41-1314 (rebates, illegal inducements).
History:
[41-1932, added 1961, ch. 330, sec. 463, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1933 - PARTICIPATING AND NONPARTICIPATING POLICIES — ACCOUNTING.

41-1933. PARTICIPATING AND NONPARTICIPATING POLICIES — ACCOUNTING. (1) A life insurer issuing both participating and nonparticipating policies shall maintain a system of accounting which segregates the participating from the nonparticipating business and clearly shows the profits and losses upon each such category of business. The insurer’s annual statement as filed with the director under section 41-335 shall provide such information with respect to such categories as is called for in connection therewith.
(2) For the purposes of such accounting the insurer shall make a reasonable allocation as between the respective such categories of the expenses of such general operations or functions as are jointly shared. Any allocation of expense as between the respective categories shall be made upon a reasonable basis, to the end that each category shall bear a just portion of joint expense involved in the administration of the business of such category.
(3) No policy hereafter shall provide for, and no life insurer or representative shall hereafter knowingly offer or promise payment, credit, or distribution of participating "dividends", "earnings", "profits" or "savings", by whatever name called, to participating policies out of such profits, earnings or savings on nonparticipating policies. This provision shall not be deemed to restrict the generality of section 41-1314 (rebates, illegal inducements).
History:
[41-1933, added 1961, ch. 330, sec. 464, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1935 - LIFE INSURANCE AND ANNUITIES — TWENTY DAY FREE EXAMINATION.

41-1935. LIFE INSURANCE AND ANNUITIES — TWENTY DAY FREE EXAMINATION. (1) Every life insurance policy to which the provisions of section 41-1927, Idaho Code, apply and every annuity contract shall contain a provision therein or in a separate rider attached thereto when delivered, stating in substance that the person to whom the life insurance policy or annuity contract is issued shall be permitted to return the life insurance policy or annuity within twenty (20) days of its delivery to such person, and to have a refund of the premium paid if after examination of the policy the purchaser is not satisfied with it for any reason. The provision shall be set forth in the policy or contract under appropriate caption, and if not so printed on the face page of the policy or contract adequate notice of the provision shall be printed or stamped conspicuously on the face page.
(2) The policy or contract may be so returned to the insurer at its home or branch office or to the agent through whom it was applied for, and thereupon shall be void as from the beginning and as if the policy or contract had not been issued.
History:
[41-1935, added 1992, ch. 162, sec. 1, p. 518.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1937 - VARIABLE CONTRACTS — STATEMENT OF ESSENTIAL FEATURES.

41-1937. VARIABLE CONTRACTS — STATEMENT OF ESSENTIAL FEATURES. (1) Any variable contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.
(2) Variable annuity contracts delivered or issued for delivery in this state may include as an incidental benefit provision for payment on death during the deferred period of an amount not in excess of the greater of the sum of the premiums or stipulated payments paid under the contract or the value of the contract at time of death. Any such provision shall not be deemed to be life insurance and shall not be subject to the provisions of this code governing life insurance contracts. A provision for any other benefit on death during the deferred period shall be subject to such life insurance provisions.
History:
[I.C., sec. 41-1937, as added by 1969, ch. 214, sec. 52, p. 625; am. 1971, ch. 272, sec. 3, p. 1078.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1938 - VARIABLE CONTRACTS — AUTHORITY OF INSURER TO ISSUE.

41-1938. VARIABLE CONTRACTS — AUTHORITY OF INSURER TO ISSUE. No insurer shall deliver or issue for delivery in this state contracts authorized under section 41-1936, Idaho Code, unless it is authorized or organized to do a life insurance or annuity business in this state, and the director is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the director shall consider among other things:
(1) The history and financial condition of the insurer;
(2) The character, responsibility and fitness of the officers and directors of the insurer; and
(3) The law and regulation under which the insurer is authorized in the state of domicile to issue variable contracts.
History:
[41-1938, added 1969, ch. 214, sec. 53, p. 625; am. 1999, ch. 95, sec. 1, p. 297.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1939 - VARIABLE CONTRACTS — REGULATION THEREOF.

41-1939. VARIABLE CONTRACTS — REGULATION THEREOF. (1) Notwithstanding any other provision of law, the director shall have sole and exclusive authority to regulate the issuance and sale of variable contracts and to provide for licensing of persons selling such contracts, and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this section.
(2) The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.
(3) The director, by regulation, may require that any individual variable contract, delivered or issued for delivery in this state, shall contain provisions as to policy loans, payment of premiums, payment of claims, indebtedness and nonforfeiture benefits appropriate to a variable contract.
History:
[I.C., sec. 41-1939, as added by 1969, ch. 214, sec. 54, p. 625.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1940D - ANNUITY CONSUMER PROTECTION — COMPLIANCE MITIGATION.

41-1940D. ANNUITY CONSUMER PROTECTION — COMPLIANCE MITIGATION. An insurer is responsible for compliance with the annuity consumer protections act. If a violation occurs, either because of the action or inaction of the insurer or its producer, the director may order:
(1) An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this regulation by the insurer, by an entity contracted to perform the insurer’s supervisory duties, or by the producer;
(2) A general agency, an independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer’s violation of this regulation; and
(3) Appropriate penalties and sanctions.
History:
[41-1940D, added 2021, ch. 41, sec. 6, p. 120.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1940E - ANNUITY CONSUMER PROTECTION — RECORDKEEPING.

41-1940E. ANNUITY CONSUMER PROTECTION — RECORDKEEPING. (1) Insurers, general agents, independent agencies, and producers shall maintain or be able to make available to the director records of the information collected from the consumer, disclosures made to the consumer including summaries of oral disclosures, and other information used in making the recommendations that were the basis for insurance transactions for five (5) years after the natural life of the contract. An insurer is permitted but shall not be required to maintain documentation on behalf of a producer.
(2) Records required to be maintained by the annuity consumer protections act may be maintained in paper, photographic, micro-process, magnetic, mechanical, or electronic media or by any process that accurately reproduces the actual document.
History:
[41-1940E, added 2021, ch. 41, sec. 7, p. 120.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1942 - ADVERTISEMENT OF INTEREST-INDEXED ANNUITIES.

41-1942. ADVERTISEMENT OF INTEREST-INDEXED ANNUITIES. No issuer of interest-indexed annuity contracts shall advertise interest-indexed annuity contracts, regardless of the advertising medium, without prior approval of such advertisement from the director. For purposes of this section, "interest-indexed annuity" means a type of annuity whose credited interest is linked to an external reference at any time during the term of the contract and shall include contracts, application forms where written application is required and is to be made a part of the contract, printed riders, endorsements, and renewal certificates.
History:
[41-1942, added 2020, ch. 290, sec. 2, p. 839; am. 2021, ch. 41, sec. 9, p. 123.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1943 - STANDARDS FOR POLICY PROVISIONS FOR ANNUITIES.

41-1943. STANDARDS FOR POLICY PROVISIONS FOR ANNUITIES. No annuity shall be delivered or issued for delivery in this state that contains:
(1) Surrender charges that persist past ten (10) years from the time of deposit; or
(2) Surrender charges that exceed ten percent (10%) in the first year and decrease one percent (1%) per year in subsequent years.
History:
[41-1943, added 2020, ch. 290, sec. 3, p. 840.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1950 - SHORT TITLE AND SCOPE.

41-1950. SHORT TITLE AND SCOPE. (1) Sections 41-1950 through 41-1965, Idaho Code, may be cited as the "Life Settlements Act."
(2) Nothing contained herein is intended to abrogate or conflict with the Idaho uniform securities act contained in chapter 14, title 30, Idaho Code, or supersede the duty of persons to comply with that or any other applicable law. Given the combined interest and regulation of life settlements by the department and the department of finance, the director and the director of the department of finance should cooperate in the exercise of discretionary acts and enforcement of the applicable laws within their respective authority and responsibility.
(3) Unless clearly inapplicable, other provisions and chapters of title 41, Idaho Code, apply to licensees and persons subject to sections 41-1950 through 41-1965, Idaho Code, including, but not limited to, chapters 1 through 5, 10, 13, 18 and 19, title 41, Idaho Code. Specifically, section 41-220, Idaho Code, applies to licensees under sections 41-1950 through 41-1965, Idaho Code.
History:
[41-1950, added 2009, ch. 69, sec. 1, p. 192.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1952 - LICENSE REQUIREMENT.

41-1952. LICENSE REQUIREMENT. (1) A person shall not act as a life settlement provider or life settlement broker where the owner of the life insurance policy is a resident of this state without first obtaining a license from the director as a life insurance producer under chapter 10, title 41, Idaho Code, and complying with the additional requirements set forth in sections 41-1950 through 41-1965, Idaho Code.
(2) Not later than ten (10) days from the first day of operating as a life settlement broker or provider, and thereafter upon renewal of the life insurance producer license, the life insurance producer shall notify the director that he or she is acting as a life settlement broker or provider on a form prescribed by the director, and shall pay any applicable fee to be determined by the director specified by rule pursuant to section 41-401, Idaho Code. Notification shall include an acknowledgment by the life insurance producer that he or she will operate as a life settlement broker in accordance with sections 41-1950 through 41-1965, Idaho Code.
(3) The insurer that issued the policy being settled shall not be responsible for any act or omission of a life settlement broker or life settlement provider arising out of or in connection with the life settlement transaction, unless the insurer receives compensation for the placement of a life settlement contract from the life settlement provider or life settlement broker in connection with the life settlement contract.
History:
[41-1952, added 2009, ch. 69, sec. 1, p. 196.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1953 - FILING OF LIFE SETTLEMENT CONTRACTS AND DISCLOSURE STATEMENTS.

41-1953. FILING OF LIFE SETTLEMENT CONTRACTS AND DISCLOSURE STATEMENTS. A person shall not use a life settlement contract form or provide to an owner a disclosure statement form in this state unless first filed with the director accompanied by a certification that the form is in compliance with sections 41-1950 through 41-1965, Idaho Code. The director may disapprove a life settlement contract form or disclosure statement form if, in the director’s opinion, the contract or provisions contained therein fail to meet the requirements of sections 41-1950 through 41-1965, Idaho Code, or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the owner. At the director’s discretion, the director may require the submission of advertising material.
History:
[41-1953, added 2009, ch. 69, sec. 1, p. 197.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1954 - REPORTING REQUIREMENTS AND PRIVACY.

41-1954. REPORTING REQUIREMENTS AND PRIVACY. (1) Each life settlement provider shall file with the director, on or before March 1 of each year, an annual statement containing such information on a form prescribed by the director or as prescribed by rule. Such information shall be limited to only those transactions where the owner is a resident of this state.
(2) Except as otherwise allowed or required by law, a life settlement provider, life settlement broker, insurance company, insurance producer, information bureau, rating agency or company, or any other person with actual knowledge of an insured’s identity, shall not disclose that identity as an insured, or the insured’s financial or medical information to any other person unless the disclosure is:
(a) Necessary to effect a life settlement between the owner and a life settlement provider and the owner and insured have provided prior written consent to the disclosure;
(b) Provided in response to an investigation or examination by the director or any other governmental officer or agency;
(c) A term of or condition to the transfer of a policy by one (1) life settlement provider to another life settlement provider;
(d) Necessary to permit a financing entity, related provider trust or special purpose entity to finance the purchase of policies by a life settlement provider and the owner and insured have provided prior written consent to the disclosure;
(e) Necessary to allow the life settlement provider or life settlement broker or their authorized representatives to make contacts for the purpose of determining health status;
(f) Required to purchase stop loss coverage or financial guaranty insurance; or
(g) Permitted by any other provision of applicable law.
History:
[41-1954, added 2009, ch. 69, sec. 1, p. 197.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1955 - EXAMINATION AND RECORDS.

41-1955. EXAMINATION AND RECORDS. (1) A person required to be licensed by sections 41-1950 through 41-1965, Idaho Code, is subject to examination as authorized in chapter 2, title 41, Idaho Code, and shall for five (5) years retain copies of all:
(a) Proposed, offered and executed contracts, purchase agreements, underwriting documents, policy forms, executed disclosure statements and applications from the date of the proposal, offer or execution of the contract or purchase agreement, whichever is later;
(b) All checks, drafts or other evidence and documentation related to the payment, transfer, deposit or release of funds from the date of the transaction; and
(c) All other records and documents related to the requirements of sections 41-1950 through 41-1965, Idaho Code.
(2) The provisions of this section does not relieve a person of the obligation to produce these documents to the director after the retention period has expired if the person has retained the documents.
(3) Records required to be retained by this section must be legible and complete and in accordance with section 28-50-107, Idaho Code, and may be retained in paper, photograph, microprocess, magnetic, mechanical, or electronic media, or by any process that accurately reproduces or forms a durable medium for the reproduction of a record.
History:
[41-1955, added 2009, ch. 69, sec. 1, p. 197.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1957 - DISCLOSURE TO OWNER BY PROVIDER UPON SETTLEMENT CONTRACT.

41-1957. DISCLOSURE TO OWNER BY PROVIDER UPON SETTLEMENT CONTRACT. A life settlement provider shall provide the owner with at least the following disclosures prior to the time the owner signs the life settlement contract. The disclosures shall be conspicuously displayed in the life settlement contract or in a separate document signed by the owner and shall provide the following information:
(1) The affiliation, if any, between the life settlement provider and the issuer of the insurance policy to be settled;
(2) The name, business address and telephone number of the life settlement provider;
(3) If an insurance policy to be settled has been issued as a joint policy or involves family riders or any coverage of a life other than the insured under the policy to be settled, the possible loss of coverage on the other lives under the policy and shall be advised to consult with his or her insurance producer or the insurer issuing the policy for advice on the proposed life settlement;
(4) The dollar amount of the current death benefit payable under the policy or certificate. If known, the life settlement provider shall also disclose the availability of any additional guaranteed insurance benefits, the dollar amount of any accidental death and dismemberment benefits under the policy or certificate and the extent to which the owner’s interest in those benefits will be transferred as a result of the life settlement contract; and
(5) The name, business address and telephone number of the independent third party escrow agent, and the fact that the owner may inspect or receive copies of the relevant escrow or trust agreements or documents.
History:
[41-1957, added 2009, ch. 69, sec. 1, p. 199.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1958 - DISCLOSURE TO OWNER BY BROKER UPON SETTLEMENT CONTRACT.

41-1958. DISCLOSURE TO OWNER BY BROKER UPON SETTLEMENT CONTRACT. A life settlement broker shall provide the owner with at least the following disclosures prior to the time the owner signs the life settlement contract. The disclosures shall be conspicuously displayed in the life settlement contract or in a separate document signed by the owner and provide the following information:
(1) The name, business address and telephone number of the life settlement broker;
(2) A full, complete and accurate description of all offers, counteroffers, acceptances and rejections relating to the proposed life settlement contract;
(3) A written disclosure of any affiliations or contractual arrangements between the life settlement broker and any person making an offer in connection with the proposed life settlement contracts;
(4) The amount and method of calculating the broker’s compensation, which term "compensation" includes anything of value to be paid or given to a life settlement broker for the placement of a policy; and
(5) Where any portion of the life settlement broker’s compensation is taken from a proposed life settlement offer, the total amount of the life settlement offer and the percentage of the life settlement offer comprised by the life settlement broker’s compensation.
History:
[41-1958, added 2009, ch. 69, sec. 1, p. 199.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1959 - NOTICE OF CHANGE BY PROVIDER.

41-1959. NOTICE OF CHANGE BY PROVIDER. If the life settlement provider transfers ownership or changes the beneficiary of the insurance policy, the provider shall communicate in writing the change in ownership or beneficiary to the insured within twenty (20) days after the change.
History:
[41-1959, added 2009, ch. 69, sec. 1, p. 200.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1963 - ADVERTISING FOR LIFE SETTLEMENTS.

41-1963. ADVERTISING FOR LIFE SETTLEMENTS. No person required to be licensed pursuant to sections 41-1950 through 41-1965, Idaho Code, shall engage in any false or misleading advertising, solicitation, or practice. In no case shall a life settlement broker or provider directly or indirectly market, advertise, solicit or otherwise promote the purchase of a new policy with the primary emphasis on settling the policy or use the words "free," "no cost" or words of similar import in the marketing, advertising, soliciting, or otherwise promoting of the purchase of a policy.
History:
[41-1963, added 2009, ch. 69, sec. 1, p. 204.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1964 - PENALTY — UNFAIR TRADE PRACTICES.

41-1964. PENALTY — UNFAIR TRADE PRACTICES. A violation of the provisions of sections 41-1950 through 41-1965, Idaho Code, shall be considered an unfair trade practice under chapter 13, title 41, Idaho Code, subject to the penalties contained in that chapter.
History:
[41-1964, added 2009, ch. 69, sec. 1, p. 204.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS › Section 41-1965 - AUTHORITY TO PROMULGATE RULES.

41-1965. AUTHORITY TO PROMULGATE RULES. The director shall have the authority to promulgate rules implementing the provisions of sections 41-1950 through 41-1964, Idaho Code.
History:
[41-1965, added 2009, ch. 69, sec. 1, p. 204.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2001 - SCOPE OF CHAPTER — SHORT TITLE.

41-2001. SCOPE OF CHAPTER — SHORT TITLE. (1) This chapter applies only to group life insurance.
(2) This chapter may be known and cited as the "group life insurance law".
History:
[41-2001, added 1961, ch. 330, sec. 466, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2002 - GROUP CONTRACTS MUST MEET GROUP REQUIREMENTS.

41-2002. GROUP CONTRACTS MUST MEET GROUP REQUIREMENTS. (1) Unless as otherwise provided in subsection (3) of this section, no life insurance policy shall be delivered or issued for delivery in this state insuring the lives of more than one (1) individual unless to one (1) of the groups as provided for in sections 41-2003 through 41-2007 of this chapter, and unless in compliance with the other applicable provisions of this chapter.
(2) Subsection (1) above, shall not apply to life insurance policies:
(a) Insuring only individuals related by blood, marriage or legal adoption; or
(b) Insuring only individuals having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or
(c) Insuring only individuals otherwise having an insurable interest in each other’s lives.
(3) Group life insurance offered to a resident of this state under a group life insurance policy issued to a group other than one described in subsection (1) of this section shall be subject to the following requirements:
(a) No such group life insurance policy shall be delivered in this state unless the director finds that:
(i) The issuance of such group life insurance policy is not contrary to the best interest of the public;
(ii) The issuance of such group life insurance policy would result in economies of acquisition or administration; and
(iii) The benefits of such group life insurance policy are reasonable in relation to the premiums charged.
(b) No such group life insurance coverage may be offered in this state by an insurer under a policy issued in another state unless this state or another state, having requirements substantially similar to those contained in subsection (3)(a)(i), (ii) and (iii), has made a determination that such requirements have been met.
(c) The premium for the policy shall be paid either from the policyholder’s funds or from funds contributed by the covered persons, or from both.
(d) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
History:
[41-2002, added 1961, ch. 330, sec. 467, p. 645; am. 2009, ch. 151, sec. 1, p. 440.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2003 - EMPLOYEE GROUPS.

41-2003. EMPLOYEE GROUPS. The lives of a group of individuals may be insured under a policy issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to the following requirements:
(1) The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any class or classes thereof determined by conditions pertaining to their employment. The policy may provide that the term "employees" shall include the employees of one (1) or more subsidiary corporations, and the employees, individual proprietors, and partners of one (1) or more affiliated corporations, proprietors or partnerships if the business of the employer and of such affiliated corporations, proprietors or partnerships is under common control through stock ownership, contract or otherwise. The policy may provide that the term "employees" shall include the individual proprietor or partners if the employer is an individual proprietor or a partnership. The policy may provide that the term "employees" shall include retired employees. No director of a corporate employer shall be eligible for insurance under the policy unless such person is otherwise eligible as a bona fide employee of the corporation, by performing services other than the usual duties of a director. No individual proprietor or partner shall be eligible for insurance under the policy unless he is actively engaged in and devotes a substantial part of his time to the conduct of the business of the proprietor or partnership. A policy issued to insure the employees of a public body may provide that the term "employees" shall include elected or appointed officials.
(2) The premium for the policy shall be paid from the employer’s funds or funds contributed by him, from funds contributed by the insured employees, or from both. A policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer, or who have rejected the coverage in writing.
History:
[41-2003, added 1961, ch. 330, sec. 468, p. 645; am. 1971, ch. 122, sec. 9, p. 408; am. 2004, ch. 256, sec. 1, p. 728.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2004 - LABOR UNION GROUPS.

41-2004. LABOR UNION GROUPS. The lives of a group of individuals may be insured under a policy issued to a labor union, which shall be deemed the policyholder, to insure members of such union for the benefit of persons other than the union or any of its officials, representatives or agents, subject to the following requirements:
(1) The members eligible for insurance under the policy shall be all of the members of the union, or all of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the union, or both.
(2) The premium for the policy shall be paid by the policyholder, from the union’s funds, from funds contributed by the insured members specifically for their insurance, or from both. A policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer, or who have rejected the coverage in writing.
History:
[41-2004, added 1961, ch. 330, sec. 469, p. 645; am. 2004, ch. 256, sec. 2, p. 729.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2005 - DEBTOR GROUPS.

41-2005. DEBTOR GROUPS. The lives of a group of individuals may be insured under a policy issued to a creditor, or to a trustee or trustees or agent designated by two (2) or more creditors, who shall be deemed the policyholder, to insure debtors of the creditor, subject to the following requirements:
(1) The debtors eligible for insurance under the policy shall be all of the debtors of the creditor, or all of any class or classes thereof determined by conditions pertaining to the indebtedness or to the purchase giving rise to the indebtedness. The policy may provide that the term "debtors" shall include the debtors of one (1) or more subsidiary corporations, and the debtors of one (1) or more affiliated corporations, proprietors or partnerships if the business of the policyholder and of such affiliated corporations, proprietors or partnerships is under common control through stock ownership, contract, or otherwise.
(2) The premium for the policy shall be paid by the policyholder, either from the creditor’s funds, or from charges collected from the insured debtors, or from both. A policy on which part or all of the premium is to be derived from the collection from the insured debtors of identifiable charges not required of uninsured debtors shall not include, in the class or classes of debtors eligible for insurance, debtors under obligations outstanding at its date of issue without evidence of individual insurability unless at least seventy-five percent (75%) of the then eligible debtors elect to pay the required charges. A policy on which no part of the premium is to be derived from the collection of such identifiable charges must insure all eligible debtors, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.
(3) The policy may be issued only if the group of eligible debtors is then receiving new entrants at the rate of at least one hundred (100) persons yearly, or may reasonably be expected to receive at least one hundred (100) new entrants during the first policy year, and only if the policy reserves to the insurer the right to require evidence of individual insurability if less than seventy-five percent (75%) of the new entrants become insured. The policy may exclude from the classes eligible for insurance classes of debtors determined by age.
(4) The amount of insurance on the life of a debtor shall at no time exceed the amount owed by him to the creditor, or one hundred fifty thousand dollars ($150,000), whichever is less.
(5) The insurance shall be payable to the policyholder. Such payment shall reduce or extinguish the unpaid indebtedness of the debtor to the extent of such payment.
History:
[41-2005, added 1961, ch. 330, sec. 470, p. 645; am. 1967, ch. 395, sec. 1, p. 1166; am. 1974, ch. 152, sec. 2, p. 1375; am. 1983, ch. 119, sec. 4, p. 312; am. 2005, ch. 67, sec. 1, p. 232.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2007 - TRUSTEE GROUPS.

41-2007. TRUSTEE GROUPS. The lives of a group of individuals may be insured under a policy issued to the trustees of a fund established in this state by two (2) or more employers in the same industry or to the trustees of a fund established by one (1) or more labor unions, or by one (1) or more employers and one (1) or more labor unions, which trustees shall be deemed the policyholder, to insure employees of the employers or members of the unions for the benefit of persons other than the employers or the unions, subject to the following requirements:
(1) The persons eligible for insurance shall be all of the employees of the employers or all of the members of the unions, or all of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the unions, or to both. The policy may provide that the term "employees" shall include retired employees, and the individual proprietor or partners if an employer is an individual proprietor or a partnership. No director of a corporate employer shall be eligible for insurance under the policy unless such person is otherwise eligible as a bona fide employee of the corporation by performing services other than the usual duties of a director. No individual proprietor or partner shall be eligible for insurance under the policy unless he is actively engaged in and devotes a substantial part of his time to the conduct of the business of the proprietor or partnership. The policy may provide that the term "employees" shall include the trustees, or their employees, or both, if their duties are principally connected with such trusteeship.
(2) The premium for the policy shall be paid by the trustees from funds contributed by the employer or employers of the insured persons, or by the union or unions, or from funds contributed by the insured persons, or from any combination of these. A policy on which no part of the premium is to be derived from funds contributed by the insured persons specifically for their insurance must insure all eligible persons, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer, or who have rejected the coverage in writing.
(3) The policy shall not require that, if a participating employer discontinues membership in the association, the insurance of his employees shall cease solely by reason of such discontinuance.
History:
[41-2007, added 1961, ch. 330, sec. 472, p. 645; am. 1971, ch. 122, sec. 11, p. 408; am. 1974, ch. 196, sec. 1, p. 1504; am. 2004, ch. 256, sec. 3, p. 729.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2008 - CREDIT UNION GROUPS.

41-2008. CREDIT UNION GROUPS. The lives of a group of individuals may be insured under a policy issued to a credit union, which shall be deemed the policyholder, to insure eligible members of the credit union for the benefit of persons other than the credit union or its officials, subject to the following requirements:
(1) The members eligible for insurance under the policy shall be all of the members of the credit union, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer, or all of any class or classes thereof determined by conditions pertaining to their age or membership in the credit union or both.
(2) The premium for the policy shall be paid by the policyholder, either wholly from the credit union’s funds, or partly from such funds and partly from funds contributed by the insured members, specifically for their insurance. No policy shall be issued for which the entire premium is to be derived from funds contributed by the insured members specifically for their insurance.
(3) The policy must cover at least twenty-five (25) members at the date of issue.
(4) The amount of insurance under the policy shall not exceed the amount of the total shares and deposits of the member in or with the credit union.
History:
[I.C., sec. 41-2008, as added by 1969, ch. 214, sec. 56, p. 625.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2009 - DEPENDENTS’ COVERAGE.

41-2009. DEPENDENTS’ COVERAGE. Any group life policy issued under section 41-2003 (employee groups), or 41-2004 (labor union groups), or 41-2006 (public employee groups), or 41-2007 (trustee groups) may be extended to insure the employees or members against loss due to the death of their spouses and minor children, or any class or classes thereof, subject to the following requirements:
(1) The premium for the insurance shall be paid by the policyholder, either from the employer’s or union’s funds or funds contributed by the employer or union, or from funds contributed by the insured employees or members, or from both. If no part of the premium is to be derived from funds contributed by the employees or members, all eligible employees or members, excluding any as to whose family members evidence of insurability is not satisfactory to the insurer, must be insured with respect to their spouses and children.
(2) Upon termination of the insurance with respect to the members of the family of any employee or member by reason of the employee’s or member’s termination of employment, termination of membership in the class or classes eligible for coverage under the policy, or death, the spouse shall be entitled to have issued by the insurer, without evidence of insurability, an individual policy of life insurance, without disability or other supplementary benefits, providing application for the individual policy shall be made, and the first premium paid to the insurer, within thirty-one (31) days after such termination, subject to the requirements of subsections (1), (2) and (3) of section 41-2018, Idaho Code. If any group policy terminates or is amended so as to terminate the insurance of any class of employees or members and the employee or member is entitled to have issued an individual policy, under section 41-2019, Idaho Code, the spouse shall also be entitled to have issued by the insurer an individual policy, subject to the conditions and limitations provided above. If the spouse dies within the period during which he would have been entitled to have an individual policy issued in accordance with this provision, the amount of life insurance which he would have been entitled to have issued under such individual policy shall be payable as a claim under the group policy, whether or not application for the individual policy or the payment of the first premium therefor has been made.
(3) Notwithstanding section 41-2017, Idaho Code, only one (1) certificate need be issued for delivery to an insured person if a statement concerning any dependent’s coverage is included in such certificate.
History:
[41-2009, added 1961, ch. 330, sec. 474, p. 645; am. 1969, ch. 214, sec. 57, p. 625; am. 1976, ch. 114, sec. 1, p. 449; am. 2004, ch. 256, sec. 4, p. 730.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2010 - PROVISIONS REQUIRED IN GROUP CONTRACTS.

41-2010. PROVISIONS REQUIRED IN GROUP CONTRACTS. No policy of group life insurance shall be delivered in this state unless it contains in substance the provisions set forth in sections 41-2011 through 41-2020 of this chapter or provisions which in the opinion of the director are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder; except, however, that:
(1) Sections 41-2016 to 41-2020 inclusive shall not apply to policies issued to a creditor to insure debtors of such creditor;
(2) The standard provisions required for individual life insurance policies shall not apply to group life insurance policies; and
(3) If the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which in the opinion of the director is or are equitable to the insured persons and to the policyholder, but nothing herein shall be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.
History:
[41-2010, added 1961, ch. 330, sec. 475, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2011 - GRACE PERIOD.

41-2011. GRACE PERIOD. The group life insurance policy shall contain a provision that the policyholder is entitled to a grace period of thirty-one (31) days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder shall have given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder shall be liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such grace period.
History:
[41-2011, added 1961, ch. 330, sec. 476, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2012 - INCONTESTABILITY.

41-2012. INCONTESTABILITY. The group life insurance policy shall contain a provision that the validity of the policy shall not be contested, except for nonpayment of premium, after it has been in force for two years from its date of issue; and that no statement made by any person insured under the policy relating to his insurability shall be used in contesting the validity of the insurance with respect to which such statement was made after such insurance has been in force prior to the contest for a period of two years during such person’s lifetime nor unless it is contained in a written instrument signed by him.
History:
[41-2012, added 1961, ch. 330, sec. 477, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2013 - APPLICATION — STATEMENTS DEEMED REPRESENTATIONS.

41-2013. APPLICATION — STATEMENTS DEEMED REPRESENTATIONS. The group life insurance policy shall contain a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued and become a part of the contract; that all statements made by the policyholder or by the persons insured shall be deemed representations and not warranties, and that no statement made by any person insured shall be used in any contest unless a copy of the instrument containing the statement is or has been furnished to such person or to his beneficiary.
History:
[41-2013, added 1961, ch. 330, sec. 478, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2014 - INSURABILITY.

41-2014. INSURABILITY. The group life insurance policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of his coverage.
History:
[41-2014, added 1961, ch. 330, sec. 479, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2015 - MISSTATEMENT OF AGE.

41-2015. MISSTATEMENT OF AGE. The group life insurance policy shall contain a provision specifying an equitable adjustment of premiums or of benefits or of both to be made in the event the age of a person insured has been misstated, such provision to contain a clear statement of the method of adjustment to be used.
History:
[41-2015, added 1961, ch. 330, sec. 480, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 20 - GROUP LIFE INSURANCE › Section 41-2016 - PAYMENT OF BENEFITS.

41-2016. PAYMENT OF BENEFITS. The group life insurance policy shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provisions of the policy in the event there is no designated beneficiary as to all or any part of such sum living at the death of the person insured, and subject to any right reserved by the insurer in the policy and set forth in the certificate to pay at its option a part of such sum not exceeding five hundred dollars ($500) to any person appearing to the insurer to be equitably entitled thereto by reason of having incurred funeral or other expenses incident to the last illness or death of the person insured.
History:
[41-2016, added 1961, ch. 330, sec. 481, p. 645.]