Section 41-1701 – SHORT TITLE.

41-1701. SHORT TITLE. This chapter may be cited as the "Business Transacted with Broker Controlled Insurer Act." History: [41-1701, added 1993, ch. 194, sec. 12, p. 502.]

Section 41-1702 – DEFINITIONS.

41-1702. DEFINITIONS. As used in this chapter: (1) "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners (NAIC). (2) "Broker" means an insurance broker or brokers or any […]

Section 41-1703 – APPLICABILITY.

41-1703. APPLICABILITY. This chapter shall apply to licensed insurers as defined in section 41-1702, Idaho Code, either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of chapter 38, title 41, Idaho Code, to the extent they are not superseded […]

Section 41-1704 – MINIMUM STANDARDS.

41-1704. MINIMUM STANDARDS. (1) The provisions of this section: (a) Shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling broker is equal to or greater than five percent (5%) of the admitted assets of the controlled insurer, as reported in […]

Section 41-1705 – DISCLOSURE.

41-1705. DISCLOSURE. The broker, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the broker and the controlled insurer; except that, if the business is placed through a subbroker who is not a controlling broker, the controlling broker shall retain in his records a […]

Section 41-1706 – PENALTIES.

41-1706. PENALTIES. (1) If the director believes that the controlling broker or any other person has not materially complied with the provisions of this chapter, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the director may order the controlling broker to cease placing business with the controlled insurer; and, […]