Section 41-4301 – SHORT TITLE.
41-4301. SHORT TITLE. This chapter shall be known and may be cited as the "Idaho Life and Health Insurance Guaranty Association Act." History: [41-4301, added 2011, ch. 196, sec. 2, p. 559.]
Section 41-4302 – PURPOSE.
41-4302. PURPOSE. (1) The purpose of this chapter is to protect, subject to certain limitations, the persons specified in section 41-4303(1), Idaho Code, against failure in the performance of contractual obligations under life and health insurance policies and annuity contracts specified in section 41-4303(2), Idaho Code, because of the impairment or insolvency of the member […]
Section 41-4303 – COVERAGE AND LIMITATIONS.
41-4303. COVERAGE AND LIMITATIONS. (1) This chapter shall provide coverage for the policies and contracts specified in subsection (2) of this section: (a) To persons, except for nonresident certificate holders under group policies or contracts who, regardless of where they reside, are the beneficiaries, assignees or payees of the persons covered under paragraph (b) of […]
Section 41-4304 – CONSTRUCTION.
41-4304. CONSTRUCTION. The provisions of this chapter shall be construed to effect the purpose under section 41-4302, Idaho Code. History: [41-4304, added 2011, ch. 196, sec. 2, p. 563.]
Section 41-4305 – DEFINITIONS.
41-4305. DEFINITIONS. As used in this chapter: (1) "Account" means any of the three (3) accounts maintained pursuant to section 41-4306, Idaho Code. (2) "Association" means the Idaho life and health insurance guaranty association. (3) "Authorized assessment" or "authorized," when used in the context of assessments, means a resolution by the board of directors has […]
Section 41-4306 – CREATION OF THE ASSOCIATION.
41-4306. CREATION OF THE ASSOCIATION. (1) This chapter continues the existence of the nonprofit legal entity known as the Idaho life and health insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions […]
Section 41-4307 – BOARD OF DIRECTORS.
41-4307. BOARD OF DIRECTORS. (1) The board of directors of the association shall consist of not fewer than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation. The members of the board of directors shall be selected by member insurers subject to the approval of the […]
Section 41-4308 – POWERS AND DUTIES OF THE ASSOCIATION.
41-4308. POWERS AND DUTIES OF THE ASSOCIATION. (1) If a member insurer is an impaired insurer, the association may, in its discretion, and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer and that are approved by the director: (a) Guarantee, assume or reinsure, or […]
Section 41-4309 – ASSESSMENTS.
41-4309. ASSESSMENTS. (1) For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such time and for such amounts as the board of directors finds necessary. Assessments shall be due not less than […]
Section 41-4310 – PLAN OF OPERATION.
41-4310. PLAN OF OPERATION. (1) The association shall submit to the director a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto shall become effective upon the director’s written approval or unless it has not […]
Section 41-4311 – DUTIES AND POWERS OF THE DIRECTOR.
41-4311. DUTIES AND POWERS OF THE DIRECTOR. In addition to the duties and powers enumerated elsewhere in this chapter: (1) The director shall: (a) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer; and (b) When an […]
Section 41-4312 – PREVENTION OF INSOLVENCIES.
41-4312. PREVENTION OF INSOLVENCIES. (1) To aid in the detection and prevention of insurer insolvencies or impairments, it shall be the duty of the director to: (a) Notify the insurance directors or commissioners of all the other states, territories of the United States and the District of Columbia within thirty (30) days following the action […]
Section 41-4313 – CREDITS FOR ASSESSMENTS PAID.
41-4313. CREDITS FOR ASSESSMENTS PAID. (1) A member insurer may offset against its premium tax liability to this state an assessment described in section 41-4309(8), Idaho Code, to the extent of twenty percent (20%) of the amount of the assessment for each of five (5) calendar years beginning with the premium tax due under section […]
Section 41-4314 – MISCELLANEOUS PROVISIONS.
41-4314. MISCELLANEOUS PROVISIONS. (1) This chapter shall not be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. (2) Records shall be kept of all meetings of the board of directors to discuss the activities of the association in carrying […]
Section 41-4315 – EXAMINATION OF THE ASSOCIATION –- ANNUAL REPORT.
41-4315. EXAMINATION OF THE ASSOCIATION –- ANNUAL REPORT. The association shall be subject to examination and regulation by the director. The board of directors shall submit to the director each year, not later than May 1 of each year, a financial report in a form approved by the director and a report of its activities […]
Section 41-4316 – TAX EXEMPTIONS.
41-4316. TAX EXEMPTIONS. 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 property. History: [41-4316, added 2011, ch. 196, sec. 2, p. 577.]
Section 41-4317 – IMMUNITY.
41-4317. IMMUNITY. There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors or the director or the director’s representatives, for any action or omission […]
Section 41-4318 – STAY OF PROCEEDING –- REOPENING DEFAULT JUDGMENTS.
41-4318. STAY OF PROCEEDING –- REOPENING DEFAULT JUDGMENTS. All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters […]
Section 41-4319 – PROHIBITED ADVERTISEMENT OF INSURANCE GUARANTY ASSOCIATION ACT IN COMMERCIAL SALES.
41-4319. PROHIBITED ADVERTISEMENT OF INSURANCE GUARANTY ASSOCIATION ACT IN COMMERCIAL SALES. No person, including an insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in any newspaper, magazine or other publication, […]
Section 41-4320 – APPLICATION.
41-4320. APPLICATION. This chapter shall apply to coverage the guaranty association provides in connection with any member insurer that was first placed under an order of liquidation on or after January 1, 2011. History: [41-4320, added 2011, ch. 196, sec. 2, p. 578.]