Title 41 — INSURANCE

41-3101. Scope of chapter — Provisions exclusive. (1) This chapter applies only to domestic county mutual fire insurers as heretofore organized or doing business under the provisions of title 41, chapter 23, Idaho Code (prior to 1961 revision), or as hereafter organized under thi…

41-3102. Organization of county mutual fire insurers. (1) Twenty-five (25) or more citizens of Idaho, each of whom shall be owner of substantial insurable property in a county of this state within which the insurer proposes to do business, may hereafter incorporate a county mutua…

41-3102A. Conversion into domestic mutual. (1) A county mutual insurer upon affirmative vote of not less than two-thirds (2/3) of its members who vote on such conversion, pursuant to due notice, and the approval of the director of the terms therefor, may be converted to a domesti…

41-3103. Filing of articles — Commencement of business. (1) The articles of incorporation of a proposed new county mutual fire insurer, after due execution and acknowledgment as provided in section 41-3102, shall be filed as required by those provisions of section 41-2805 (filing…

41-3104. Insuring powers. Within the limits of restrictions set forth in its articles of incorporation and otherwise under this chapter, such an insurer may: (1) Issue property insurance, as defined in section 41-504, Idaho Code, as to farm property and personal property reasonab…

41-3104A. Property used to fight fires — Charges. Any county mutual fire insurer may acquire and dispose of real and personal property necessary to prevent, abate or extinguish fires. Non-discriminatory, reasonable charges based on insurable value, as approved by the director, ma…

41-3105. Insurer’s territory. An insurer shall insure only such property as it is otherwise authorized to insure under this chapter, and which is located within one (1) or more of the counties of this state within which the insurer may transact insurance as provided by its articl…

41-3106. Limit of risk. (1) The maximum amount of insurance which an insurer shall retain as to any one (1) subject of insurance, after deduction of applicable reinsurance, shall not exceed ten per cent (10%) of the insurer’s admitted assets or twenty-five thousand dollars ($25,0…

41-3107. Reinsurance. A county mutual fire insurer may cede reinsurance to another county mutual fire insurer or to any insurer authorized in this state to transact the kind of insurance involved or approved by the director. A county mutual fire insurer shall accept reinsurance o…

41-3108. Certificate of authority required. (1) No county mutual fire insurer shall transact insurance except as authorized by a subsisting certificate of authority issued to it by the director. (2) To apply for a certificate of authority the insurer shall file with the director …

41-3109. Directors. (1) The affairs of the insurer shall be under the direction of a board of directors comprised of not less than nine (9) nor more than twenty-five (25) members of the insurer. (2) After expiration of the term of initial directors, if any, as provided for in the…

41-3110. Members. (1) Every policyholder of the insurer is thereby a member of the insurer, with all of the rights and liabilities of membership. (2) All policies issued by the insurer shall state specifically that the liability of each member is not limited. All persons becoming…

41-3111. Advance payments by members. The insurer shall not charge the member, and no member of the insurer shall pay to the insurer, in connection with the inception of insurance in the insurer or any renewal or continuation of such insurance, any charge or amount in excess of s…

41-3112. Assessments. (1) A county mutual fire insurer may from time to time assess and collect from its members, and from the owners or trustees of churches or public halls insured by it, such sums of money as may be necessary to pay losses incurred under policies issued by the …

41-3112A. Advance premiums — Return premiums. (1) Advance premiums. A county mutual insurer having a surplus over all liabilities of not less than $50,000, including a liability for unearned premiums, and for so long as such surplus is continuously maintained, such insurer may bi…

41-3113. Expenses. (1) The operating expenses of the insurer shall be reasonable in amount in relation to the volume of business transacted and insurance losses incurred. (2) The insurer’s by-laws shall contain reasonable limitations of all such expenses, and such provisions and …

41-3114. Investments. (1) The insurer may invest and have invested such funds as it may have on hand pursuant to this chapter but not necessary to expend for current expenses and losses, in investments as authorized by the following sections of the Idaho Code only: (a) Section 41…

41-3115. Site for head office. (1) The board of directors of an insurer may purchase, hold and convey in the name of and for the insurer, real estate for a site for its principal or head office when authorized so to do by the affirmative vote of a majority of the members present …

41-3116. Records — Annual statement. (1) The insurer shall keep at its head office records and accounts of its transactions, claims, and affairs in such form and with such completeness as may be reasonably necessary for the identification and examination thereof. (2) Annually on …

41-3117. Amendment of articles of incorporation. (1) The articles of incorporation of such an insurer may be amended in any lawful respect by approval by its board of directors by affirmative vote of at least two-thirds (2/3) of all its directors and by adoption thereafter by aff…

41-3118. Fees. (1) Every county mutual fire insurer shall pay to the director all fees in advance as provided for by regulation. (2) The director shall transmit and report all fees so collected by him as provided in section 41-406, Idaho Code.

41-3119. Other provisions applicable. The following chapters and provisions of this code shall also apply to county mutual fire insurers to the extent so applicable and not inconsistent with the express provisions of this chapter and the reasonable implications of such express pr…