41-1921. MISSTATEMENT OF AGE OR SEX — ANNUITIES. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them, has been […]
41-1922. DIVIDENDS — ANNUITIES. If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract. History: [41-1922, added 1961, ch. 330, sec. 453, p. 645.]
41-1923. REINSTATEMENT — ANNUITIES. In an annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all […]
41-1924. STANDARD PROVISIONS — REVERSIONARY ANNUITIES. (1) Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: (a) Any such reversionary annuity contract shall contain the provisions specified in sections 41-1918 through 41-1922 except that […]
41-1925. LIMITATION OF LIABILITY. (1) No policy of life insurance shall be delivered or issued for delivery in this state if it contains any of the following provisions: (a) A provision for a period shorter than that provided by statute within which an action at law or in equity may be commenced on such a […]
41-1926. PROHIBITED PROVISIONS — INDUSTRIAL LIFE INSURANCE. No policy of industrial life insurance shall contain any of the following provisions: (1) A provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer. (2) A provision giving the insurer the […]
41-1927. STANDARD NONFORFEITURE LAW — LIFE INSURANCE. (1) (a) This section shall be known as the standard nonforfeiture law for life insurance. (b) "Operative date of the valuation manual" means January 1 of the first calendar year that the valuation manual, as defined in section 41-612, Idaho Code, is effective. (2) Nonforfeiture provisions: In the […]
41-1927A. STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES. (1) This section shall be known as the standard nonforfeiture law for individual deferred annuities. (2) This section shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole […]
41-1928. NONFORFEITURE BENEFITS — CERTAIN INTERIM POLICIES. (1) Each life insurance policy issued between the effective date of this code and the operative date of section 41-1927 (standard nonforfeiture law) shall contain: (a) An automatic nonforfeiture provision, which must be either a loan, a paid-up policy, or an extended term, to which the policyholder is […]
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 […]
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 […]
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 […]
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 […]
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 […]
41-1934. 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 […]
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 […]
41-1936. SEPARATE ACCOUNTS — OPERATION AND MANAGEMENT. (1) A domestic life insurer may, by or pursuant to resolution of its board of directors, establish one or more separate accounts, and may allocate thereto amounts to provide for life insurance or annuities (and benefits incidental thereto), payable in fixed or in variable amounts or in both. […]
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 […]
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 […]
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 […]
