Section 41-4801 – SHORT TITLE.
41-4801. SHORT TITLE. This chapter may be cited as the "Idaho Liability Risk Retention Act." History: [41-4801, added 1987, ch. 140, sec. 1, p. 274.]
Section 41-4802 – PURPOSE.
41-4802. PURPOSE. The purpose of this chapter is to regulate the formation and operation of risk retention groups in Idaho formed pursuant to the provisions of the federal liability risk retention act of 1986. History: [41-4802, added 1987, ch. 140, sec. 1, p. 275.]
Section 41-4803 – DEFINITIONS.
41-4803. DEFINITIONS. As used in this chapter: (1) "Director" means the director of the department of insurance of this state or the director, commissioner, or superintendent of the department of insurance of any other state. (2) "Completed operations liability" means liability arising out of the installation, maintenance or repair of any product at a site […]
Section 41-4804 – RISK RETENTION GROUPS CHARTERED IN THIS STATE.
41-4804. RISK RETENTION GROUPS CHARTERED IN THIS STATE. (1) A risk retention group seeking to be chartered in this state must be chartered and licensed as a liability insurance company authorized by the insurance laws of this state and, except as provided elsewhere in this chapter, must comply with: (a) All of the laws, rules, […]
Section 41-4805 – RISK RETENTION GROUPS NOT CHARTERED IN THIS STATE.
41-4805. RISK RETENTION GROUPS NOT CHARTERED IN THIS STATE. Risk retention groups chartered in states other than this state and seeking to do business as a risk retention group in this state must observe and abide by the laws of this state as follows: (1) Before transacting any insurance business or offering any insurance policies […]
Section 41-4806 – COMPULSORY ASSOCIATIONS.
41-4806. COMPULSORY ASSOCIATIONS. No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund or similar mechanism in this state, nor shall any risk retention group, or its insureds, receive any benefit from any such fund for claims arising out of the operations of such risk retention group. […]
Section 41-4807 – COUNTER SIGNATURES NOT REQUIRED.
41-4807. COUNTER SIGNATURES NOT REQUIRED. A policy of insurance issued to a risk retention group or any member of that group shall not be required to be countersigned as otherwise provided in sections 41-337 and 41-338, Idaho Code. History: [41-4807, added 1987, ch. 140, sec. 1, p. 280; am. 2005, ch. 75, sec. 3, p. […]
Section 41-4808 – PURCHASING GROUPS — EXEMPTION FROM CERTAIN LAWS RELATING TO THE GROUP PURCHASE OF INSURANCE.
41-4808. PURCHASING GROUPS — EXEMPTION FROM CERTAIN LAWS RELATING TO THE GROUP PURCHASE OF INSURANCE. Any purchasing group meeting the criteria established under the provisions of the federal liability risk retention act of 1986 shall be exempt from any law of this state relating to the creation of groups for the purchase of insurance, prohibition […]
Section 41-4809 – NOTICE AND REGISTRATION REQUIREMENTS OF PURCHASING GROUPS.
41-4809. NOTICE AND REGISTRATION REQUIREMENTS OF PURCHASING GROUPS. (1) A purchasing group which intends to do business in this state shall furnish notice to the director which shall: (a) Identify the state in which the group is domiciled; (b) Specify the lines and classifications of liability insurance which the purchasing group intends to purchase; (c) […]
Section 41-4810 – RESTRICTIONS ON INSURANCE PURCHASED BY PURCHASING GROUPS.
41-4810. RESTRICTIONS ON INSURANCE PURCHASED BY PURCHASING GROUPS. A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state, nor from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting […]
Section 41-4811 – ADMINISTRATIVE AND PROCEDURAL AUTHORITY REGARDING RISK RETENTION GROUPS AND PURCHASING GROUPS.
41-4811. ADMINISTRATIVE AND PROCEDURAL AUTHORITY REGARDING RISK RETENTION GROUPS AND PURCHASING GROUPS. The director is authorized to make use of any of the powers established under this code to enforce the laws of this state so long as those powers are not specifically preempted by the product liability risk retention act of 1981, as amended […]
Section 41-4812 – PENALTIES.
41-4812. PENALTIES. A risk retention group which violates any provision of this chapter will be subject to fines and penalties applicable to licensed insurers generally, including revocation of its license and/or the right to do business in this state. History: [41-4812, added 1987, ch. 140, sec. 1, p. 281.]
Section 41-4813 – DUTY OF AGENTS OR BROKERS TO OBTAIN LICENSE.
41-4813. DUTY OF AGENTS OR BROKERS TO OBTAIN LICENSE. Any person acting, or offering to act, as an agent or broker for a risk retention group or purchasing group, which solicits members, sells insurance coverage, purchases coverage for its members located within the state or otherwise does business in this state shall, before commencing any […]
Section 41-4814 – BINDING EFFECT OF ORDERS ISSUED IN U.S. DISTRICT COURTS.
41-4814. BINDING EFFECT OF ORDERS ISSUED IN U.S. DISTRICT COURTS. An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in all states or in any territory or possession of the United States, upon a finding that such […]
Section 41-4815 – RULES AND REGULATIONS.
41-4815. RULES AND REGULATIONS. The director may establish and from time to time amend such rules relating to risk retention groups as may be necessary or desirable to carry out the provisions of this chapter. History: [41-4815, added 1987, ch. 140, sec. 1, p. 282.]
Section 41-4816 – PURCHASING GROUP TAXATION.
41-4816. PURCHASING GROUP TAXATION. Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing group shall be: (1) Imposed at the same rate and subject to the same interest, fines and penalties as that applicable to premium taxes […]