Title 41, INSURANCE

41-505. "MARINE AND TRANSPORTATION INSURANCE" DEFINED. "Marine and transportation insurance" includes: (1) Insurance against any kind of loss or damage to: (a) Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as well as all goods, freights, cargoes, merchan…

41-506. "CASUALTY INSURANCE" DEFINED. (1) "Casualty insurance" includes: (a) Vehicle insurance. Insurance against loss of or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein …

41-507. "SURETY INSURANCE" DEFINED. "Surety insurance" includes: (1) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust. (2) Insurance or guaranty of the obligations of employers under workmen's compensation la…

41-508. "TITLE INSURANCE" DEFINED. (1) "Title insurance" is the certification or guarantee of title or ownership, or insurance of owners of property or others having an interest therein or liens or encumbrances thereon, against loss by encumbrance, or defective titles, or invalid…

41-509. LIMIT OF RISK. (1) No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding ten percent (10%) of its surplus to policyholders. (2) A "subject of insurance" for the purposes of t…

41-510. "REINSURANCE" DEFINED. "Reinsurance" is a contract under which an originating insurer (called the "ceding" insurer) procures insurance for itself in another insurer (called the "assuming" insurer or the "reinsurer") with respect to part or all of an insurance risk of the …

41-511. AUTHORIZED REINSURANCE. (1) An insurer may accept reinsurance only of such risks, and retain risk thereon within such limits, as it is otherwise authorized to insure. (2) Except as provided in sections 41-512, 41-2856 (mergers and consolidations of stock insurers) and 41-…

41-512. REINSURANCE BY IMPAIRED OR WITHDRAWING INSURERS -- PENALTY FOR VIOLATION. (1) No authorized insurer whose capital stock (if a stock insurer) or required minimum surplus (if a mutual or reciprocal insurer) is impaired, or which is insolvent, or which is withdrawing from bu…

41-513. "SHARE AND DEPOSIT INSURANCE" DEFINED. Share and deposit insurance is that form of contract which guarantees the redemption of shares and deposits in a bank or a savings and loan association to its account holders and/or which guarantees to members of credit unions the re…

41-514. PURPOSE. The purpose of sections 41-514 and 41-515, Idaho Code, is to protect the interest of insureds, claimants, ceding insurers, assuming insurers and the public generally. The legislature hereby declares its intent to ensure adequate regulation of insurers and reinsur…

41-515. CREDIT FOR REINSURANCE. (1) Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of paragraph (a), (b), (c), (d), (e), (f), or (g) …

41-515A. CREDIT FOR REINSURANCE PROCEDURES. (1) The purpose of this section is to set forth procedural requirements that the director deems necessary to carry out section 41-515, Idaho Code. The actions and information required under this section are declared to be in the public …

41-516. INDIVIDUAL OR GROUP ACCIDENT AND SICKNESS INSURANCE DEFINED. "Individual or group accident and sickness insurance" means any policy insuring against loss resulting from sickness or from bodily injury or death by accident, or both. "Individual or group accident and sicknes…