Section 41-3601 – SHORT TITLE.
41-3601. SHORT TITLE. This act shall be known and may be cited as the "Idaho insurance guaranty association act." History: [41-3601, added 1970, ch. 152, sec. 1, p. 462.]
Section 41-3603 – APPLICATION OF ACT.
41-3603. APPLICATION OF ACT. This act shall apply to all kinds of direct insurance, but shall not be applicable to the following: (1) Life, annuity, health or disability insurance; (2) Residual value, mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks; (3) Fidelity or surety bonds, or any other bonding […]
Section 41-3605 – DEFINITIONS.
41-3605. DEFINITIONS. As used in this act: (1) "Account" means the account created by section 41-3606, Idaho Code. (2) "Affiliate" means a person who directly, or indirectly, through one (1) or more intermediaries controls, is controlled by, or is under common control with an insolvent insurer on December 31 of the year next preceding the […]
Section 41-3606 – INSURANCE GUARANTY ASSOCIATION — INSURERS REQUIRED TO BE MEMBERS — PURPOSES.
41-3606. INSURANCE GUARANTY ASSOCIATION — INSURERS REQUIRED TO BE MEMBERS — PURPOSES. There is created a nonprofit unincorporated legal entity to be known as the Idaho insurance guaranty association. All insurers defined as member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. […]
Section 41-3607 – BOARD OF DIRECTORS — NUMBER — ELECTION OR APPOINTMENT — REIMBURSEMENT FOR EXPENSES.
41-3607. BOARD OF DIRECTORS — NUMBER — ELECTION OR APPOINTMENT — REIMBURSEMENT FOR EXPENSES. (1) The board of directors of the association shall consist of not less than five (5) nor more than nine (9) persons serving terms as established in the plan of operation. The members of the board shall be selected by member […]
Section 41-3608 – OBLIGATIONS AND POWERS OF ASSOCIATION.
41-3608. OBLIGATIONS AND POWERS OF ASSOCIATION. (1) The association shall: (a) Be obligated to pay covered claims existing prior to the order of liquidation arising within thirty (30) days after the order of liquidation, or before the policy expiration date if less than thirty (30) days after the order of liquidation, or before the insured […]
Section 41-3609 – PLAN OF OPERATION — APPROVAL — ADOPTION OF INTERIM RULES BY DIRECTOR — CONTENTS OF PLAN — DELEGATION OF POWERS AND DUTIES — REIMBURSEMENT OF DELEGATE CORPORATION OR ORGANIZATION.
41-3609. PLAN OF OPERATION — APPROVAL — ADOPTION OF INTERIM RULES BY DIRECTOR — CONTENTS OF PLAN — DELEGATION OF POWERS AND DUTIES — REIMBURSEMENT OF DELEGATE CORPORATION OR ORGANIZATION. (1) (a) The association shall submit to the director a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, […]
Section 41-3610 – DUTIES AND POWERS OF DIRECTOR — JUDICIAL REVIEW.
41-3610. DUTIES AND POWERS OF DIRECTOR — JUDICIAL REVIEW. (1) The director shall: (a) Notify the association of the existence of an insolvent insurer not later than three (3) days after he receives notice of the determination of the insolvency. The association shall be entitled to a copy of any complaint seeking an order of […]
Section 41-3611 – SUBROGATION OF ASSOCIATION TO RIGHTS OF CLAIMANTS — RECEIVER, LIQUIDATOR, OR SUCCESSOR BOUND BY ASSOCIATION CLAIM SETTLEMENTS — PERIODIC FILING OF STATEMENTS OF PAID CLAIMS WITH RECEIVER OR LIQUIDATOR.
41-3611. SUBROGATION OF ASSOCIATION TO RIGHTS OF CLAIMANTS — RECEIVER, LIQUIDATOR, OR SUCCESSOR BOUND BY ASSOCIATION CLAIM SETTLEMENTS — PERIODIC FILING OF STATEMENTS OF PAID CLAIMS WITH RECEIVER OR LIQUIDATOR. (1) Any person recovering under this act shall be deemed to have assigned his rights under the policy to the association to the extent of […]
Section 41-3612 – EXHAUSTION OF OTHER COVERAGE.
41-3612. EXHAUSTION OF OTHER COVERAGE. (1) Any person having a claim against an insurer, whether or not the insurer is a member insurer, under any provision in an insurance policy other than a policy of an insolvent insurer which is also a covered claim, shall be required to exhaust first his right under such policy. […]
Section 41-3613 – PREVENTION OF INSOLVENCIES.
41-3613. PREVENTION OF INSOLVENCIES. To aid in the detection and prevention of insurer insolvencies: (1) The board of directors, upon majority vote, may make recommendations to the director for the detection and prevention of insurer insolvencies. Such recommendations shall not be considered public documents. (2) The board of directors may, upon majority vote, make recommendations […]
Section 41-3614 – REGULATION BY DIRECTOR — ANNUAL REPORTS TO DIRECTOR.
41-3614. REGULATION BY DIRECTOR — ANNUAL REPORTS TO DIRECTOR. The association shall be subject to examination and regulation by the director. The board of directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the director. History: [41-3614, added 1970, ch. […]
Section 41-3615 – EXEMPTION FROM TAXES — EXCEPTION.
41-3615. EXEMPTION FROM TAXES — EXCEPTION. The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions except taxes levied on real or personal property. History: [41-3615, added 1970, ch. 152, sec. 15, p. 462.]
Section 41-3616 – CREDITS FOR ASSESSMENTS PAID.
41-3616. CREDITS FOR ASSESSMENTS PAID. (1) A member insurer may offset against its premium tax liability to this state under section 41-402, Idaho Code, an assessment described in subsection (1)(d) of section 41-3608, Idaho Code. An offset is allowable to the extent of twenty percent (20%) of the amount of such assessment for each of […]
Section 41-3617 – NO LIABILITY FOR ACTIONS TAKEN PURSUANT TO ACT.
41-3617. NO LIABILITY FOR ACTIONS TAKEN PURSUANT TO ACT. There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, or any person serving as a representative of any board director, or […]
Section 41-3618 – STAY OF COURT PROCEEDINGS FOR INSOLVENCY — SETTING ASIDE JUDGMENT AGAINST INSOLVENT INSURER.
41-3618. STAY OF COURT PROCEEDINGS FOR INSOLVENCY — SETTING ASIDE JUDGMENT AGAINST INSOLVENT INSURER. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall, subject to written waiver by the association in specific cases involving covered claims, be stayed until the […]
Section 41-3619 – PROTECTION OF ACT NOT USED TO SELL INSURANCE.
41-3619. PROTECTION OF ACT NOT USED TO SELL INSURANCE. It is an unfair trade practice for any insurer or agent to in any manner make use of the protection given policyholders by this chapter as a reason for buying insurance from him. History: [41-3619, added 1970, ch. 152, sec. 19, p. 462.]
Section 41-3620 – TERMINATION OF OPERATION OF ASSOCIATION AS TO INSURANCE COVERED BY OTHER PLAN — DISSOLUTION OF ASSOCIATION AND DISTRIBUTION OF ASSETS — EXPIRATION OF ACT.
41-3620. TERMINATION OF OPERATION OF ASSOCIATION AS TO INSURANCE COVERED BY OTHER PLAN — DISSOLUTION OF ASSOCIATION AND DISTRIBUTION OF ASSETS — EXPIRATION OF ACT. (1) The director shall by order terminate the operation of the Idaho insurance guaranty association as to any kind of insurance covered by this act with respect to which he […]
Section 41-3621 – COOPERATION OF LIQUIDATOR, RECEIVER, OR STATUTORY SUCCESSOR OF AN INSOLVENT INSURER.
41-3621. COOPERATION OF LIQUIDATOR, RECEIVER, OR STATUTORY SUCCESSOR OF AN INSOLVENT INSURER. The liquidator, receiver, or statutory successor of an insolvent insurer covered by this act shall permit access by the board of directors or its authorized representative to such of the insolvent insurer’s records which are necessary for the board in carrying out its […]