reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 41 - INSURANCE › Chapter 3 - AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Section 41-338 - EXCEPTIONS TO RESIDENT AGENT, COUNTERSIGNATURE LAW.

41-338. EXCEPTIONS TO RESIDENT AGENT, COUNTERSIGNATURE LAW. (1) Nothing in section 41-337, Idaho Code, shall be construed as preventing the free and unlimited right to negotiate wholly outside of this state contracts of insurance by licensed nonresident agents or brokers, provided the policies, endorsements or evidence of insurance covering properties or insurable interests in this state are countersigned by a resident agent of this state, in which event the countersigning agent shall receive a commission of not less than five per cent (5%) of the premium paid or one-third (1/3) of the commission paid to the licensed nonresident agent or broker, whichever is less; provided, however, the payment to the countersigning agent shall not exceed the sum of two hundred fifty dollars ($250) per policy, and when the countersigning commission to be paid is less than five dollars ($5.00), the countersigning agent may waive any commission due him.
(2) Section 41-337, Idaho Code, shall not apply to the following contracts:
(a) Life insurance and annuities;
(b) Disability insurance;
(c) Title insurance; countersignature of title insurance policies is as provided in section 41-2702, Idaho Code;
(d) Policies covering property in transit while in the possession or custody of any common carrier, or the rolling stock or other property of any common carrier used and employed by it as a common carrier of freight or passengers, or both;
(e) Reinsurance or retrocessions made by or for authorized insurers;
(f) Contracts issued by domestic reciprocal insurers writing workmen’s compensation for employers commonly known as self-insurers; nor, with respect to countersignature, to policies issued by a reciprocal insurer not using agents compensated by commissions in the general solicitation of business;
(g) Bid bonds issued by a surety insurer in connection with any public or private contract; or
(h) Ocean marine insurance.
(3) Notwithstanding section 41-337, Idaho Code, and the provisions of subsection (1) of this section, if the law of another state does not require the countersignature of a licensed agent who resides in that state for policies and contracts of insurance or indemnity made, written or placed in that state by a licensed agent who resides in the state of Idaho, the countersignature of a licensed agent who resides in the state of Idaho is not required for policies and contracts of insurance or indemnity made, written or placed in the state of Idaho by a licensed agent who resides in that other state.
History:
[41-338, added 1961, ch. 330, sec. 101, p. 645; am. 1975, ch. 261, sec. 1, p. 708; am. 1977, ch. 142, sec. 3, p. 305; am. 1988, ch. 242, sec. 1, p. 473.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 3 - AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Section 41-341 - OPERATIONAL STANDARDS BETWEEN INSURER, ITS PARENT CORPORATION, SUBSIDIARY OR AFFILIATED PERSON.

41-341. OPERATIONAL STANDARDS BETWEEN INSURER, ITS PARENT CORPORATION, SUBSIDIARY OR AFFILIATED PERSON. (1) No insurer shall engage directly or indirectly in any transaction or agreement with its parent corporation, or with any subsidiary or affiliated person which shall result or tend to result in:
(a) Substitution through any method of any asset of the insurer with an asset or assets of inferior quality or lower fair market value; or
(b) Deception as to the true operating results of the insurer; or
(c) Deception as to the true financial condition of the insurer; or
(d) Allocation to the insurer of a proportion of the expense of combined facilities or operations which is unfair and unfavorable to the insurer; or
(e) Unfair, unnecessary or excessive charges against the insurer for services, or facilities, or supplies, or reinsurance; or
(f) Unfair and inadequate charges by the insurer for reinsurance, services, facilities, or supplies furnished by the insurer to others; or
(g) Payment by the insurer for services, facilities, supplies, or reinsurance not reasonably needed by the insurer.
(2) In all transactions between the insurer and its parent corporation, or involving the insurer and any subsidiary or affiliated person, full recognition shall be given to the paramount duty and obligation of the insurer to protect the interests of policyholders, both existing and future.
(3) For the purposes of this section a "subsidiary" is a person of which either the insurer and/or the parent corporation holds practical control, and an "affiliated person" is a person controlled by any combination of the insurer, the parent corporation, a subsidiary, or the principal stockholders or officers or directors of any of the foregoing.
History:
[I.C., sec. 41-341, as added by 1969, ch. 214, sec. 9, p. 625.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 3 - AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Section 41-343 - ARTICLES OF REDOMESTICATION.

41-343. ARTICLES OF REDOMESTICATION. (1) Upon receiving approval under section 41-342, Idaho Code, articles of redomestication shall be executed in duplicate by an insurance corporation by its president or a vice president and by its secretary or an assistant secretary and verified by one (1) of the officers of the corporation and shall set forth:
(a) The date of approval of the director of the Idaho department of insurance of the redomestication; and
(b) The state in which the insurer was originally incorporated, the date the insurer was incorporated in that state, and the date the insurer was authorized to do business as an insurer in the state in which it was originally incorporated.
(2) The insurer shall attach to the articles of redomestication:
(a) Articles of incorporation including such amendments as may be required to comply with the requirements of part 10, chapter 29, title 30, Idaho Code;
(b) A copy of the certificate of redomestication issued by the director of the Idaho department of insurance.
(3) Duplicate originals of the articles of redomestication shall be delivered to the secretary of state. If the secretary of state finds that such articles conform to law, he shall, when all fees have been paid as prescribed in chapter 21, title 30, Idaho Code:
(a) Endorse on each of such duplicate originals the word "Filed," and the month, day and year of the filing, together with the date from which the insurer has existed and operated as an insurer which shall be the date the insurer was originally incorporated in the state in which the insurer was originally incorporated;
(b) File one (1) of such duplicate originals in his office; and
(c) Issue a certificate of redomestication setting forth the date on which the articles of redomestication were filed and the date from which the insurer has existed and operated as an insurer which shall be the date the insurer was originally incorporated in the state in which the insurer was originally incorporated.
(4) The certificate of redomestication, together with the duplicate original of the articles of redomestication affixed thereto by the secretary of state, shall be returned to the insurer or to its representative.
History:
[41-343, added 1987, ch. 302, sec. 2, p. 642; am. 2017, ch. 58, sec. 23, p. 117.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 3 - AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Section 41-344 - EFFECTIVE DATE OF REDOMESTICATION.

41-344. EFFECTIVE DATE OF REDOMESTICATION. A redomestication under section 41-342, Idaho Code, shall become effective upon the issuance of a certificate of redomestication by the secretary of state, or such later date as may be set forth in the notice from the director; provided, however, that an insurer which has redomesticated in the state of Idaho pursuant to section 41-342, Idaho Code, shall be considered to be the same corporation as that corporation which existed under the laws of the state in which it was formerly domiciled and shall be considered as having been an operating insurer from the date that the corporation was authorized to do business as an insurer in its original state of incorporation.
History:
[41-344, added 1987, ch. 302, sec. 3, p. 642.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 3 - AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Section 41-345 - REPORT.

41-345. REPORT. (1) Every insurer domiciled in this state shall file a report with the director disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless such acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements have been submitted to the director for review, approval or information purposes pursuant to other provisions of the insurance code, laws, rules or other requirements.
(2) The report required in subsection (1) of this section is due within fifteen (15) days after the end of the calendar month in which any of the foregoing transactions occur.
(3) One (1) complete copy of the report, including any exhibits or other attachments filed as part thereof, shall be filed with the Idaho department of insurance.
(4) All reports obtained by or disclosed to the director pursuant to sections 41-345 through 41-347, Idaho Code, shall be given confidential treatment and shall not be subject to subpoena and shall not be made public by the director, the national association of insurance commissioners, or any other person, except to insurance departments of other states, without the prior written consent of the insurer to which it pertains unless the director, after giving the insurer who would be affected thereby, notice and an opportunity to be heard, determines that the interest of policyholders, shareholders or the public will be served by the publication thereof, in which event the director may publish all or any part thereof in such manner as he may deem appropriate.
History:
[41-345, added 1995, ch. 68, sec. 1, p. 174; am. 1999, ch. 65, sec. 5, p. 171; am. 2004, ch. 310, sec. 1, p. 871.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 3 - AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Section 41-346 - ACQUISITIONS AND DISPOSITIONS OF ASSETS.

41-346. ACQUISITIONS AND DISPOSITIONS OF ASSETS. (1) Materiality. No acquisitions or dispositions of assets need be reported pursuant to section 41-345, Idaho Code, if the acquisitions or dispositions are not material. For purposes of sections 41-345 through 41-347, Idaho Code, a material acquisition (or the aggregate of any series of related acquisitions during any thirty (30) day period) or disposition (or the aggregate of any series of related dispositions during any thirty (30) day period) is one that is nonrecurring and not in the ordinary course of business and involves more than five percent (5%) of the reporting insurer’s total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer’s state of domicile.
(2) Scope.
(a) Asset acquisitions subject to sections 41-345 through 41-347, Idaho Code, include every purchase, lease, exchange, merger, consolidation, succession or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.
(b) Asset dispositions subject to sections 41-345 through 41-347, Idaho Code, include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment (whether for the benefit of creditors or otherwise), abandonment, destruction or other disposition.
(3) Information to be reported.
(a) The following information is required to be disclosed in any report of a material acquisition or disposition of assets:
(i) Date of the transaction;
(ii) Manner of acquisition or disposition;
(iii) Description of the assets involved;
(iv) Nature and amount of the consideration given or received;
(v) Purpose of, or reason for, the transaction;
(vi) Manner by which the amount of consideration was determined;
(vii) Gain or loss recognized or realized as a result of the transaction; and
(viii) Name(s) of the person(s) from whom the assets were acquired or to whom they were disposed.
(b) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer’s reserves and such insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars ($1,000,000) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer’s capital and surplus.
History:
[41-346, added 1995, ch. 68, sec. 2, p. 174.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 3 - AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Section 41-348 - PROHIBITED ACTS — SERVICE PROVIDERS.

41-348. PROHIBITED ACTS — SERVICE PROVIDERS. (1) It is unlawful for a person:
(a) Knowing that the payment is for the referral of a claimant to a service provider, either to accept payment from a service provider or, being a service provider, to pay another; or
(b) To provide or claim or represent to have provided services to a claimant, knowing the claimant was referred in violation of paragraph (a) of this subsection.
(2) It is unlawful for a service provider to engage in a regular practice of waiving, rebating, giving, paying, or offering to waive, rebate, give or pay all or part of a claimant’s deductible or claim for casualty, disability insurance, worker’s compensation insurance, health insurance or property insurance.
(3) As used in this section:
(a) "Health care services" means a service provided to a claimant for treatment of physical or mental illness or injury arising in whole or substantial part from trauma.
(b) "Service provider" means a person who directly or indirectly provides, advertises, or otherwise claims to provide services.
(c) "Services" means health care services, motor vehicle body or other motor vehicle repair and preparing, processing, presenting or negotiating an insurance claim against an insurance company.
(4) Any person or service provider violating the provisions of this section shall be subject to the monetary civil penalties provided in section 41-327, Idaho Code, as if the person or service provider were an insurer.
History:
[41-348, added 1996, ch. 402, sec. 1, p. 1335.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 4 - FEES AND TAXES › Section 41-401 - FEES — LICENSES — MISCELLANEOUS CHARGES.

41-401. FEES — LICENSES — MISCELLANEOUS CHARGES. (1) The director shall collect, and persons so served shall pay to the director fees, licenses, and miscellaneous charges as provided for from time to time by rule promulgated by the director. The director may adjust fees, licenses and miscellaneous charges as necessary to allow the department to meet the appropriation as provided for by law.
(2) Any rule setting fees, licenses and miscellaneous charges shall adhere to the Idaho administrative procedure act except that the effective date of such rule shall be July 1 of the calendar year of enactment or change. If the appropriation is not known or set by April 1, the director shall be authorized to use emergency rulemaking procedures to maintain an effective date of July 1.
(3) Insurance Administrative Account:
(a) There is hereby created an account in the dedicated fund in the state treasury, to be designated the "Insurance Administrative Account" to provide for the expenses of the department of insurance as provided for by law.
(b) The insurance administrative account shall be effective December 31, 1984, and be in existence for a period of at least six (6) months prior to the dedicated account appropriation becoming effective and shall consist of the following:
1. All moneys appropriated by the legislature.
2. All fees, licenses and miscellaneous charges collected pursuant to this section.
(c) All moneys placed in the account shall be examined, audited and allowed in the manner now or hereafter provided by law.
(d) Pending use for purposes of the provisions of the laws of this state, moneys in the insurance administrative account shall be invested by the state treasurer in the same manner as provided under section 67-1210, Idaho Code, with respect to other surplus or idle moneys in the state treasury.
(e) At the beginning of each fiscal year, those moneys in the insurance administrative account which exceed the current year’s appropriation plus any residual encumbrances made against prior years’ appropriations by twenty-five percent (25%) or more shall be transferred to the general account. The balance in this account shall not be considered excessive until such a transfer is required pursuant to the provisions of this subsection.
History:
[41-401, added 1984, ch. 23, sec. 2, p. 39; am. 1993, ch. 124, sec. 1, p. 315; am. 1998, ch. 225, sec. 1, p. 774.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 4 - FEES AND TAXES › Section 41-402A - REFUNDS.

41-402A. REFUNDS. Where there has been an overpayment of any taxes, fines or penalties due under this chapter, the director is authorized to refund all such taxes, fines or penalties erroneously or illegally collected or paid. No such refund shall be paid after one (1) year from the due date of the statement required in section 41-402(4), Idaho Code, unless before the expiration of such period a written claim is filed therefore by the insurer on such forms and in such manner as is prescribed by the director.
History:
[41-402A, added 1987, ch. 340, sec. 2, p. 722.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 4 - FEES AND TAXES › Section 41-404 - PENALTY FOR FAILURE TO PAY TAX.

41-404. PENALTY FOR FAILURE TO PAY TAX. Any insurer failing to render the statement and pay the tax required under section 41-402, Idaho Code, on or before the date due, including any extension of time granted by the director pursuant to section 41-335 (1), Idaho Code, shall be liable to a fine of twenty-five dollars ($25.00) for each additional day of delinquency; and the taxes may be collected by distraint and recovered by an action to be instituted by the attorney general in the name of the state in any court of competent jurisdiction. The director shall suspend or revoke the certificate of authority of the delinquent insurer until the statement is filed and the taxes and fine, if any, are fully paid.
History:
[41-404, added 1961, ch. 330, sec. 107, p. 645; am. 1969, ch. 214, sec. 13, p. 625; am. 1988, ch. 366, sec. 7, p. 1081.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 4 - FEES AND TAXES › Section 41-405 - PREMIUM TAX IN LIEU OF OTHER TAXES — LOCAL TAXES PROHIBITED.

41-405. PREMIUM TAX IN LIEU OF OTHER TAXES — LOCAL TAXES PROHIBITED. (1) Payment to the director by an insurer of the tax upon its premiums as in this chapter required, shall be in lieu of all other taxes upon premiums, taxes upon income, franchise or other taxes measured by income, and upon the personal property of the insurer and the shares of stock or assets thereof; provided, that all real property, if any, of the insurer shall be listed, assessed and taxed the same as real property of like character of individuals.
(2) The state of Idaho hereby preempts the field of imposing excise, privilege, franchise, income, license, permit, registration, and similar taxes, licenses and fees upon insurers and their agents and other representatives as such; and no county, city, municipality, district, or other political subdivision or agency in this state shall levy upon insurers, or upon their agents and representatives as such, any such tax, license or fee; nor shall any such county, city, municipality, district, political subdivision or agency require of any such insurer, agent or representative, duly authorized or licensed as such under this code, any additional authorization, license, or permit of any kind for conducting therein transactions otherwise lawful under the authority or license granted under this code.
History:
[41-405, added 1961, ch. 330, sec. 108, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-501 - DEFINITIONS NOT MUTUALLY EXCLUSIVE.

41-501. DEFINITIONS NOT MUTUALLY EXCLUSIVE. It is intended that certain insurance coverages may come within the definitions of two (2) or more kinds of insurance as defined in this chapter, and the inclusion of such coverage within one (1) definition shall not exclude it as to any other kind of insurance within the definition of which such coverage is likewise reasonably includable.
History:
[41-501, added 1961, ch. 330, sec. 110, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-502 - “LIFE INSURANCE” DEFINED.

41-502. "LIFE INSURANCE" DEFINED. "Life insurance" is insurance on human lives. The transaction of life insurance includes also the granting of endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits in event of the insured’s disability, and optional modes of settlement of proceeds of life insurance. Life insurance does not include workmen’s compensation coverages.
History:
[41-502, added 1961, ch. 330, sec. 111, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-503 - “DISABILITY INSURANCE” DEFINED.

41-503. "DISABILITY INSURANCE" DEFINED. (1) "Disability insurance" includes:
(a) Insurance of human beings against bodily injury, disablement, or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto. Disability insurance does not include worker’s compensation coverages; and
(b) A managed care plan for which a certificate of authority is required pursuant to chapter 39, title 41, Idaho Code.
History:
[41-503, added 1961, ch. 330, sec. 112, p. 645; am. 1997, ch. 204, sec. 36, p. 606.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-504 - “PROPERTY INSURANCE” DEFINED.

41-504. "PROPERTY INSURANCE" DEFINED. "Property insurance" is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and all hazard or cause, and against loss consequential upon such loss or damage, other than noncontractual legal liability for any such loss or damage. Property insurance does not include title insurance, as defined in section 41-508[, Idaho Code].
History:
[41-504, added 1961, ch. 330, sec. 113, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-505 - “MARINE AND TRANSPORTATION INSURANCE” DEFINED.

41-505. "MARINE AND TRANSPORTATION INSURANCE" DEFINED. "Marine and transportation insurance" includes:
(1) Insurance against any kind of loss or damage to:
(a) Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, precious stones, securities, choses in action, evidences of debt, valuable papers, bottomry and respondentia interests and all other kinds of property and interests therein, in respect to, appertaining to or in connection with any and all risks or perils of navigation, transit, or transportation, including war risks, on or under any seas or other waters, on land or in the air, or while being assembled, packed, crated, baled, compressed or similarly prepared for shipment or while awaiting the same or during any delays, storage, transshipment, or reshipment incident thereto, including marine builder’s risks and all personal property floater risks, and
(b) Person or to property in connection with or appertaining to a marine, inland marine, transit or transportation insurance, including liability for loss of or damage to either, arising out of or in connection with the construction, repair, operation, maintenance or use of the subject matter of such insurance (but not including life insurance or surety bonds nor insurance against loss by reason of bodily injury to the person arising out of the ownership, maintenance or use of automobiles), and
(c) Precious stones, jewels, jewelry, gold, silver and other precious metals, whether used in business or trade or otherwise and whether the same be in course of transportation or otherwise, and
(d) Bridges, tunnels and other instrumentalities of transportation and communication (excluding buildings, their furniture and furnishings, fixed contents and supplies held in storage) unless fire, tornado, sprinkler leakage, hail, explosion, earthquake, riot and/or civil commotion are the only hazards to be covered; piers, wharves, docks and slips, excluding the risks of fire, tornado, sprinkler leakage, hail, explosion, earthquake, riot and/or civil commotion; other aids to navigation and transportation, including dry docks and marine railways, against all risks.
(2) "Marine protection and indemnity insurance," meaning insurance against, or against legal liability of the insured for, loss, damage or expense arising out of, or incident to, the ownership, operation, chartering, maintenance, use, repair or construction of any vessel, craft or instrumentality in use in ocean or inland waterways, including liability of the insured for personal injury, illness or death or for loss of or damage to the property of another person.
History:
[41-505, added 1961, ch. 330, sec. 114, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-507 - “SURETY INSURANCE” DEFINED.

41-507. "SURETY INSURANCE" DEFINED. "Surety insurance" includes:
(1) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust.
(2) Insurance or guaranty of the obligations of employers under workmen’s compensation laws.
(3) Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings, and contracts of suretyship.
(4) Insurance indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss, resulting from any cause, of bills of exchange, notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semiprecious stones, including any loss while the same are being transported in armored motor vehicles, or by messenger, but not including any other risks of transportation or navigation; also insurance against loss or damage to such an insured’s premises or to his furniture, furnishings, fixtures, equipment, safes, and vaults therein, caused by burglary, robbery, theft, vandalism or malicious mischief, or any attempt thereat.
History:
[41-507, added 1961, ch. 330, sec. 116, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-508 - “TITLE INSURANCE” DEFINED.

41-508. "TITLE INSURANCE" DEFINED. (1) "Title insurance" is the certification or guarantee of title or ownership, or insurance of owners of property or others having an interest therein or liens or encumbrances thereon, against loss by encumbrance, or defective titles, or invalidity, or adverse claim to title. This definition shall not be deemed to apply as to the business of preparing and issuing abstracts of, but not certifying, guaranteeing, or insuring, title to or ownership of property or certifying to the validity of documents relative to such title.
(2) A title insurer may also insure:
(a) The identity, due execution, and validity of any note or bond secured by mortgage or deed of trust; and
(b) The identity, due execution, validity and recording of any such mortgage or deed of trust.
History:
[41-508, added 1961, ch. 330, sec. 117, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-509 - LIMIT OF RISK.

41-509. LIMIT OF RISK. (1) No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding ten percent (10%) of its surplus to policyholders.
(2) A "subject of insurance" for the purposes of this section, as to insurance against fire and hazards other than windstorm, earthquake and other catastrophic hazards, includes all properties insured by the same insurer which are customarily considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of any other hazard insured against.
(3) Reinsurance ceded as authorized by section 41-511, Idaho Code shall be deducted in determining risk retained. As to surety risks, deduction shall also be made of the amount assumed by any established incorporated cosurety and the value of any security deposited, pledged, or held subject to the surety’s consent and for the surety’s protection.
(4) As to alien insurers, this section shall relate only to risks and surplus to policyholders of the insurer’s United States branch.
(5) "Surplus to policyholders" for the purposes of this section, in addition to the insurer’s capital and surplus, shall be deemed to include any voluntary reserves which are not required pursuant to law, and shall be determined from the last sworn statement of the insurer on file with the director, or by the last report of examination of the insurer, whichever is the more recent at time of assumption of risk.
(6) This section shall not apply to life or disability insurance, annuities, title insurance, insurance of wet marine and transportation risks, worker’s compensation insurance, employers’ liability coverages, nor to any policy or type of coverage as to which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy.
History:
[41-509, added 1961, ch. 330, sec. 118, p. 645; am. 2007, ch. 280, sec. 1, p. 811.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-510 - “REINSURANCE” DEFINED.

41-510. "REINSURANCE" DEFINED. "Reinsurance" is a contract under which an originating insurer (called the "ceding" insurer) procures insurance for itself in another insurer (called the "assuming" insurer or the "reinsurer") with respect to part or all of an insurance risk of the originating insurer.
History:
[41-510, added 1961, ch. 330, sec. 119, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-511 - AUTHORIZED REINSURANCE.

41-511. AUTHORIZED REINSURANCE. (1) An insurer may accept reinsurance only of such risks, and retain risk thereon within such limits, as it is otherwise authorized to insure.
(2) Except as provided in sections 41-512, 41-2856 (mergers and consolidations of stock insurers) and 41-2858, Idaho Code (bulk reinsurance, mutual insurers), an insurer may reinsure all or any part of any particular Idaho risk with an insurer authorized to transact such insurance in this state, or in any other solvent insurer approved or accepted by the director for the purpose of such reinsurance. The director shall not so approve or accept any such reinsurance by a ceding domestic insurer in an unauthorized insurer which he finds for good cause would be contrary to the interests of the policy holders or stockholders of such domestic insurer. The director shall not so approve any foreign reinsurer that possesses surplus as to policy holders in an amount less than that required under section 41-313, Idaho Code, of a foreign stock insurer authorized to transact in this state the same kind or kinds of insurance as that ceded.
(3) Upon request of the director, a ceding insurer shall promptly inform the director in writing of the cancellation or any other material change of any of its reinsurance treaties or arrangements.
(4) This section does not apply to marine and transportation insurance.
History:
[41-511, added 1961, ch. 330, sec. 120, p. 645; 1974, ch. 210, sec. 1, p. 1547; am. 1991, ch. 276, sec. 2, p. 716.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-512 - REINSURANCE BY IMPAIRED OR WITHDRAWING INSURERS — PENALTY FOR VIOLATION.

41-512. REINSURANCE BY IMPAIRED OR WITHDRAWING INSURERS — PENALTY FOR VIOLATION. (1) No authorized insurer whose capital stock (if a stock insurer) or required minimum surplus (if a mutual or reciprocal insurer) is impaired, or which is insolvent, or which is withdrawing from business in this state, shall reinsure its insurance in force on Idaho risks with any insurer not authorized to transact such insurance in this state, until the plan of such reinsurance has been submitted to the director and has been approved by him in writing.
(2) The director shall approve such plan of reinsurance unless he finds that one or more of the following grounds for disapproval exist:
(a) The proposed reinsurer is in unsound financial condition; or
(b) The proposed reinsurance would not provide the Idaho policy holders involved, with reasonably adequate service; or
(c) The proposed reinsurer could not qualify for a certificate of authority to transact such insurance in this state; or
(d) The proposed reinsurance would be contrary to the interests of such Idaho policy holders.
(3) No domestic insurer shall accept reinsurance of all or substantially all of the risks of another insurer unless the plan for such reinsurance has been submitted to and approved by the director, as provided in sections 41-2856[, Idaho Code,] (mergers and consolidations of stock insurers) and 41-2858[, Idaho Code,] (bulk reinsurance, mutual insurers).
(4) Upon effectuation of any such reinsurance the reinsurer shall become liable to the insured under the policy for any loss occurring under the policy so reinsured, and shall, within a reasonable time after such effectuation, replace such policies with its own policies, or by endorsement on the original policies acknowledge liability thereunder. In the case of cancelation of such a policy after effectuation of the reinsurance, the reinsurer shall be liable to the insured thereunder for the return premium due.
(5) Any person who acts for, or purports to act for, any insurer or reinsurer in violating any of the provisions of this section shall be guilty of a felony and, upon conviction, shall be punished by a fine of not exceeding ten thousand dollars ($10,000) or by imprisonment in the penitentiary for not exceeding ten (10) years, or by both such fine and imprisonment.
History:
[41-512, added 1961, ch. 330, sec. 121, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-513 - “SHARE AND DEPOSIT INSURANCE” DEFINED.

41-513. "SHARE AND DEPOSIT INSURANCE" DEFINED. Share and deposit insurance is that form of contract which guarantees the redemption of shares and deposits in a bank or a savings and loan association to its account holders and/or which guarantees to members of credit unions the redemption of shares, share accounts and deposits in a credit union.
History:
[41-513, added 1983, ch. 177, sec. 3, p. 485.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-514 - PURPOSE.

41-514. PURPOSE. The purpose of sections 41-514 and 41-515, Idaho Code, is to protect the interest of insureds, claimants, ceding insurers, assuming insurers and the public generally. The legislature hereby declares its intent to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, the legislature hereby provides a mandate that upon the insolvency of a non-United States insurer or reinsurer that provides security to fund its United States obligations in accordance with this chapter, the assets representing the security shall be maintained in the United States, and claims shall be filed with and valued by the state insurance director with regulatory oversight, and the assets shall be distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies. The legislature declares that the matters contained in this chapter are fundamental to the business of insurance in accordance with 15 U.S.C. 1011 and 1012.
History:
[41-514, added 2017, ch. 76, sec. 1, p. 197.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 5 - KINDS OF INSURANCE — LIMITS OF RISK — REINSURANCE › Section 41-516 - INDIVIDUAL OR GROUP ACCIDENT AND SICKNESS INSURANCE DEFINED.

41-516. INDIVIDUAL OR GROUP ACCIDENT AND SICKNESS INSURANCE DEFINED. "Individual or group accident and sickness insurance" means any policy insuring against loss resulting from sickness or from bodily injury or death by accident, or both. "Individual or group accident and sickness insurance" shall also include comprehensive major medical coverage for medical and surgical benefits and high deductible health plans sold or maintained under the applicable provisions of section 223 of the Internal Revenue Code.
History:
[41-516, added 2018, ch. 166, sec. 3, p. 341.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 6 - ASSETS AND LIABILITIES › Section 41-602 - ASSETS AS DEDUCTIONS FROM LIABILITIES.

41-602. ASSETS AS DEDUCTIONS FROM LIABILITIES. Assets may be allowed as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, and deductions from assets may be charged as liabilities, in accordance with the form of annual statement applicable to the insurer as prescribed by the director, or otherwise in his discretion.
History:
[41-602, added 1961, ch. 330, sec. 123, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 6 - ASSETS AND LIABILITIES › Section 41-603 - ASSETS NOT ALLOWED.

41-603. ASSETS NOT ALLOWED. In addition to assets impliedly excluded by the provisions of section 41-601, Idaho Code, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer:
(1) Good will, trade names and other like intangible assets, except as expressly permitted and as prescribed by the national association of insurance commissioners’ accounting practices and procedures.
(2) Advances to officers (other than policy loans) whether secured or not, and advances to employees, agents and other persons on personal security only.
(3) Stock of such insurer, owned by it, or any material equity therein or loans secured thereby, or any material proportionate interest in such stock acquired or held through the ownership by such insurer of an interest in another firm, corporation or business unit.
(4) Furniture, fixtures, furnishings, safes, vehicles (except as authorized in paragraph (12), section 41-601, Idaho Code), libraries, stationery, literature, and other equipment, machines, and supplies (other than data processing and accounting systems authorized under section 41-601(11), Idaho Code), except in the case of title insurers such materials and plants as the insurer is expressly authorized to invest in under section 41-726, Idaho Code, and except, in the case of any insurer, such personal property as the insurer is permitted to hold pursuant to chapter 7, title 41, Idaho Code, or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by it for home office, branch office and similar purposes.
(5) The amount, if any, by which the aggregate book value of investments is carried in the ledger assets of the insurer exceeds the aggregate value thereof as determined under this code.
History:
[41-603, added 1961, ch. 330, sec. 124, p. 645; am. 1971, ch. 122, sec. 2, p. 408; am. 2006, ch. 207, sec. 1, p. 636.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 6 - ASSETS AND LIABILITIES › Section 41-604 - DISALLOWANCE OF “WASH” TRANSACTIONS.

41-604. DISALLOWANCE OF "WASH" TRANSACTIONS. (1) The director shall disallow as an asset or as a credit against liabilities any reinsurance found by him after a hearing thereon to have been arranged for the purpose principally of deception as to the ceding insurer’s financial condition as of the date of any financial statement of the insurer. Without limiting the general purport of the foregoing provision, reinsurance of any substantial part of the insurer’s outstanding risks contracted for in fact within four (4) months prior to the date of any such financial statement and canceled in fact within four (4) months after the date of such statement, or reinsurance under which the reinsurer bears no substantial insurance risk or substantial risk of net loss to itself, shall prima facie be deemed to have been arranged for the purpose principally of deception within the intent of this provision.
(2) The director shall disallow as an asset any deposit, funds or other assets of the insurer found by him after a hearing thereon:
(a) Not to be in good faith the property of the insurer, and
(b) Not freely subject to withdrawal or liquidation by the insurer at any time for the payment or discharge of claims or other obligations arising under its policies, and
(c) To be resulting from arrangements made principally for the purpose of deception as to the insurer’s financial condition as of the date of any financial statement of the insurer.
(3) No such disallowance of assets or credits shall be valid unless made by the director after a hearing of which notice was given the insurer within six (6) months after the date the financial statement of the insurer as to which such deception is claimed was filed with the director.
(4) The director may suspend or revoke the certificate of authority of any insurer which has knowingly been a party to any such deception or attempt thereat.
History:
[41-604, added 1961, ch. 330, sec. 125, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 6 - ASSETS AND LIABILITIES › Section 41-605 - LIABILITIES, IN GENERAL.

41-605. LIABILITIES, IN GENERAL. In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include:
(1) The amount of its capital stock outstanding, if any.
(2) The amount, estimated consistent with the provisions of this code, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof.
(3) With reference to life and disability insurance and annuity contracts:
(a) The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this code which are applicable thereto.
(b) Reserves for disability benefits, for both active and disabled lives.
(c) Reserves for accidental death benefits.
(d) Any additional reserves which may be required by the director consistent with applicable customary and general practice in insurance accounting.
(4) With reference to insurance other than specified in subsection (3) of this section, and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter.
(5) Taxes, expenses and other obligations due or accrued at the date of the statement.
History:
[41-605, added 1961, ch. 330, sec. 126, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 6 - ASSETS AND LIABILITIES › Section 41-606 - UNEARNED PREMIUM RESERVE.

41-606. UNEARNED PREMIUM RESERVE. (1) As to insurance against loss or damage to property (except as provided in section 41-607), and as to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force.
(2) The director may require that such reserves shall be equal to the unearned portions of the gross premiums in force after deducting applicable reinsurance in solvent insurers as computed on each respective risk from the policy’s date of issue. If the director does not so require, the portions of the gross premium in force, less applicable reinsurance in solvent insurers, to be held as an unearned premium reserve, shall be computed according to the following table:
Term for which policy was written
Reserve for unearned premium
1 year or less
1/2
2 years
1st year
3/4
2nd year
1/4
3 years
1st year
5/6
2nd year
1/2
3rd year
1/6
4 years
1st year
7/8
2nd year
5/8
3rd year
3/8
4th year
1/8
5 years
1st year
9/10
2nd year
7/10
3rd year
1/2
4th year
3/10
5th year
1/10
Over 5 years
pro rata
(3) In lieu of computation according to the foregoing table, the insurer at its option may compute all of such reserves on a monthly or more frequent pro rata basis.
(4) After adopting a method for computing such reserve, an insurer shall not change methods without approval of the insurance supervisory official of the insurer’s domicile.
(5) This section does not apply to title insurance.
History:
[41-606, added 1961, ch. 330, sec. 127, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 6 - ASSETS AND LIABILITIES › Section 41-607 - UNEARNED PREMIUM RESERVE FOR MARINE AND TRANSPORTATION INSURANCE.

41-607. UNEARNED PREMIUM RESERVE FOR MARINE AND TRANSPORTATION INSURANCE. As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the director may require the insurer to carry a reserve equal to one hundred per cent (100%) of premiums on trip risks written during the month ended as of the date of statement.
History:
[41-607, added 1961, ch. 330, sec. 128, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 6 - ASSETS AND LIABILITIES › Section 41-608 - RESERVE FOR DISABILITY INSURANCE.

41-608. RESERVE FOR DISABILITY INSURANCE. For all disability insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the reserve according to appropriate standards set forth in regulations issued by the director and, in no event, less in the aggregate than the pro rata gross unearned premiums for such policies.
History:
[41-608, added 1961, ch. 330, sec. 129, p. 645.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 6 - ASSETS AND LIABILITIES › Section 41-609 - LOSS RESERVES, LIABILITY INSURANCE AND WORKER’S COMPENSATION.

41-609. LOSS RESERVES, LIABILITY INSURANCE AND WORKER’S COMPENSATION. Where called for by the form of annual statement required of the insurer, the reserve for outstanding losses under insurance against loss or damage from accident to or injuries suffered by an employee or other person and for which the insured is liable, shall be computed in accordance with the annual statement instructions and the accounting and procedures manual adopted by the national association of insurance commissioners, as provided in section 41-335, Idaho Code.
History:
[41-609, added 1961, ch. 330, sec. 130, p. 645; am. 1993, ch. 194, sec. 4, p. 498.]
2023 Idaho Code › Title 41 - INSURANCE › Chapter 6 - ASSETS AND LIABILITIES › Section 41-610 - INCREASE OF INADEQUATE LOSS RESERVES.

41-610. INCREASE OF INADEQUATE LOSS RESERVES. If loss experience shows that an insurer’s loss reserves, however computed or estimated, are inadequate, the director shall require the insurer to maintain loss reserves in such additional amount as is needed to make them adequate. This section does not apply as to life insurance.
History:
[41-610, added 1961, ch. 330, sec. 131, p. 645.]