Title 41, INSURANCE

41-4905. Creation, authorization and management of the Idaho petroleum clean water trust fund. (1) The Idaho petroleum clean water trust fund is hereby created, subject to the direction and supervision of the board, and the administrator is hereby authorized to utilize this trust…

41-4906. Limits of liability for contracts of insurance issued by the administrator. (1) Contracts of insurance issued by the administrator shall contain the following per occurrence and annual aggregate limits of liability for paying the costs of corrective action and compensati…

41-4907. Owner or operator financial responsibility. (1) The owner or operator shall reimburse the trust fund for all dollars expended, excluding legal defense costs, up to but not exceeding the following amounts: (a) With respect to a heating tank – one hundred dollars ($100) pe…

41-4908. Exclusiveness of remedy. If compensation is made from the trust fund to a third party for property damage or personal injury, then that third party shall not recover again for the damage actually compensated by the trust fund pursuant to the collateral source doctrine or…

41-4909. Source of trust fund — Application fees — Application for enrollment — Transfer fees. (1) Every owner or operator of an underground storage tank may, if he desires to apply to the trust fund to insure the underground tank, make application for and pay into the trust fund…

41-4910. Distribution of application fees and transfer fees. (1) The application fees and the transfer fees collected as provided in this chapter shall be promptly remitted to the state treasurer for deposit in the Idaho petroleum clean water trust fund. The transfer fees and acc…

41-4911. Issuance of contracts of insurance by the administrator of the Idaho petroleum clean water trust fund — Deferral. (1) The administrator may issue a contract of insurance to an owner or operator of a petroleum storage tank that, based upon a consideration of the owner or …

41-4911A. Provisions of contracts of insurance — Renewal. (1) The contracts of insurance issued by the administrator shall meet the requirements of this chapter. To the extent consistent with this chapter, the contracts of insurance shall also satisfy the provisions of any requir…

41-4912. Storage tanks eligible for insurance. (1) Eligible storage tanks are those tanks that meet all of the following criteria: (a) Appropriate fees required in section 41-4909, Idaho Code, or section 41-4911A, Idaho Code, have been paid; (b) The tank, if an underground storag…

41-4912A. Storage tanks located on sites where contamination is present. (1) Notwithstanding the provisions of section 41-4912(1)(g), Idaho Code, an owner or operator of a petroleum storage tank or tanks located on a site where contamination is present may be eligible for insuran…

41-4913. State treasurer custodian of trust fund — Duties. The state treasurer shall be the custodian of the trust fund balance.

41-4914. Deposit and investment of funds — Interest. The state treasurer shall deposit or, on order of the board of trustees of the trust fund, invest any portion of the Idaho petroleum clean water trust fund not needed for immediate or currently anticipated use, in the manner pr…

41-4915. Perpetual appropriation. All moneys which may come into the Idaho petroleum clean water trust fund are hereby perpetually appropriated to the trust fund for the purposes of this chapter.

41-4916. Enrolled subscribers’ liability on judgment. (1) No action shall lie against any owner or operator of a tank insured by the Idaho petroleum clean water trust fund upon any obligation claimed against this trust fund until a final judgment has been obtained against this tr…

41-4917. Actions for collection in case of default — Penalty — Cancellation of insurance contract. (1) If an insured owner or operator of a storage tank shall default in any reimbursement required to be made by the insured to the trust fund under section 41-4907, Idaho Code, the …

41-4918. Cancellation of insurance. Any insured owner or operator of a storage tank may cancel his insurance by returning his insurance contract to the administrator for cancellation. There shall be no refund of any application fees paid to the trust fund as all such fees shall b…

41-4919. Reinsurance. (1) The administrator of the trust fund may reinsure any risk, or any part thereof, and may enter into agreements of reinsurance in the same way and to the same extent as other insurance carriers, the cost of which shall be paid out of the trust fund balance…

41-4920. Payments from the trust fund by state treasurer. The administrator of the trust fund shall submit each month to the state board of examiners an estimate of the amount necessary to meet the current disbursements for liability insurance losses to be paid in behalf of insur…

41-4921. Reserve funds. The Idaho petroleum clean water trust fund shall establish and maintain the following reserves or financial resources, which shall constitute liabilities in any determination of the financial condition of the trust fund: (1) An amount sufficient for the pa…

41-4922. Plan of operation. The administrator shall establish a plan of operation to be approved by the director of the department of insurance for the state of Idaho.

41-4923. Registration of the trust fund. The trust fund established pursuant to the provisions of this chapter shall be registered with the director as set out in this chapter.

41-4924. Qualifications for registration. The director shall not register the trust fund if it is not qualified therefor. To be qualified, the trust fund: (1) Shall require all application fees to be paid in advance and to be deposited in and disbursed from the trust fund duly cr…

41-4925A. Amendments to plan of operation. (1) Any amendment to the plan of operation prepared by the administrator for the purpose of deferring the issuance of contracts of insurance to any category of petroleum storage tank owners or operators or for issuing contracts of insura…

41-4926. Grant or denial of registration. (1) The director shall act upon an application for registration of the trust fund with all reasonable promptness. He may make such investigation of the proposal as he deems advisable. If the director finds that the application is complete…

41-4927. Bylaws of the fund. The board shall adopt bylaws subject to the approval of the director, who shall grant his approval only after his determination that the provisions in the bylaws are not inconsistent nor contrary to the applicable provisions of title 41, Idaho Code, a…

41-4928. Records and accounts — Annual statement. (1) The administrator shall cause full and accurate records and accounts to be entered and maintained covering all financial transactions and affairs of the trust fund. (2) Within sixty (60) days after the close of each calendar y…

41-4929. Management contract with the administrator — Mandatory provisions. (1) The management contract entered into between the administrator and the board as required in this chapter, shall not become effective unless the contract is filed with and approved by the director. The…

41-4930. Existing insurance laws to apply to the trust fund with certain exceptions. The trust fund shall comply with all of the applicable provisions of title 41, Idaho Code, with certain exceptions as follows: (1) The creation of the trust fund by act of the legislature shall n…

41-4931. Taxes. (1) The trust fund shall not be subject to chapter 4, title 41, Idaho Code, as it pertains to premium tax. (2) The state of Idaho hereby preempts the field of imposing excise, privilege, franchise, income, license and similar taxes, licenses and fees upon the trus…

41-4932. Examination of books, records and accounts. (1) The books, records, accounts and affairs of the trust fund shall be subject to examination by the director by competent examiners duly authorized by him in writing, at such times or intervals as the director deems advisable…

41-4933. Administrator — Fidelity bonds. The administrator shall cause all individuals handling receipts and disbursements for the trust fund to be bonded at all times under a fidelity bond issued by a surety insurer authorized to transact such insurance in this state. The bond s…

41-4934. Prohibited pecuniary interests in plan management. (1) Neither the administrator nor any other person having responsibility for the management of the trust fund or the investment or other handling of the trust fund moneys or assets shall: (a) Receive directly or indirect…

41-4935. Political contributions prohibited. The administrator shall not make or knowingly permit the making, directly or indirectly, of any political contribution by or from the trust fund.

41-4936. Recovery of depleted funds. If after notice and hearing, the director finds that the trust fund has been depleted by reason of any wrongful or negligent act or omission of the board or any other person, he shall transmit a copy of his findings to the attorney general of …

41-4937. Impaired trust fund. (1) If the assets of the trust fund are at any time insufficient to discharge its liabilities, and to maintain the required surplus, the administrator shall forthwith request authority from the director to make up the deficiency by borrowed surplus o…

41-4938. Liquidation of trust fund. (1) The annual tank application fees and transfer fees are perpetually appropriated as dedicated funds for the purposes of this chapter, and the trust fund shall remain in existence as long as the need exists for the trust fund to insure the co…

41-4939. Vouchers for expenditures. (1) The administrator of the trust fund shall not make any disbursement of twenty-five dollars ($25.00) or more, unless evidenced by a voucher or other document correctly describing the consideration for the payment and supported by a check or …

41-4940. Borrowed surplus and subordinated indebtedness. (1) The trust fund may borrow money to defray the expenses of its organization, provide it with surplus funds, or for any purpose of its business, upon a written agreement that such money is required to be repaid only out o…

41-4941. Penalties. (1) Any person who willfully violates or causes or induces a violation of any provision of this chapter or any lawful rule of the director issued thereunder, shall be subject to penalty as provided in subsection (4) of this section. (2) Any person who makes a …

41-4942. Rules — Director — Department of insurance. (1) The director may make reasonable rules necessary as an aid to the effectuation of any provision of this chapter. No such rule shall extend, modify or conflict with any provision of this chapter and the reasonable implicatio…

41-4943. Application of chapter. All of the provisions of this chapter shall apply to and confer all rights, privileges, exemptions and immunities upon the trust fund established for the purposes contemplated in this chapter, and the administrator, insured owners or operators of …

41-4944. Insurance. The coverage provided by the trust fund established pursuant to this chapter shall be deemed insurance for the purposes of any requirements of the Idaho department of environmental quality concerning the financial responsibility of owners or operators of petro…

41-4945. Personal liability. The board and the administrator shall not, nor shall any person employed by them, be personally liable in a private capacity for or on account of any act performed or contract entered into in good faith and without the intent to defraud, in connection…

41-4946. Actions against the fund, the board, its employees, and administrator subject to the Idaho tort claims act. Any action against the fund, the board, its employees, and the administrator shall be subject in full to the Idaho tort claims act under chapter 9, title 6, Idaho …