Section 41-1941 – ANNUITY CONSUMER PROTECTIONS — DISCLOSURES.
41-1941. ANNUITY CONSUMER PROTECTIONS — DISCLOSURES. (1) The provisions of this section shall apply to all group and individual annuity contracts and certificates except: (a) Registered or nonregistered variable annuities or other registered products; (b) Immediate and deferred annuities that contain no non-guaranteed elements; and (c) Contracts excluded by section 41-1940(3), Idaho Code. (2) If […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Section 41-1934 – PROHIBITED POLICY PLANS.
41-1934. PROHIBITED POLICY PLANS. (1) No life insurer shall hereafter deliver or issue for delivery in this state: (a) As part of or in combination with any life insurance, endowment or annuity contract, any agreement or plan, additional to the rights, dividends, and benefits arising out of any such contract, which provides for the accumulation […]
Section 41-1951 – DEFINITIONS.
41-1951. DEFINITIONS. In sections 41-1950 through 41-1965, Idaho Code: (1) "Advertising" means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the internet or similar communications media, including film strips, motion pictures and videos, published, disseminated, circulated or placed directly before the public, in […]
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 […]