Title 41, INSURANCE

41-309. Government-owned insurers not to be authorized. No insurer the voting control or ownership of which is held in whole or substantial part by any government or governmental agency, or which is operated for or by any such government or agency, other than the Idaho state insu…

41-310. Payment of back taxes. (1) In addition to other applicable requirements therefor, no insurer formerly an authorized insurer in this state and again seeking admission to this state as an authorized insurer shall be so authorized unless the insurer, as part of its applicati…

41-311. Name of insurer. (1) No insurer shall be formed, authorized or otherwise allowed to transact insurance in this state which has or uses a name or principal identifying name factor which is the same as or deceptively similar to that of another insurer earlier authorized or …

41-312. Combinations of insuring powers — One insurer. An insurer which otherwise qualifies therefor may be authorized to transact any one (1) kind or combination of kinds of insurance as defined in chapter 5 of this code, except: (1) A life insurer may grant annuities and may be…

41-313. Capital funds required — Foreign insurers and new domestic insurers. (1) To qualify for and maintain authority to transact any one (1) kind of insurance (as defined in chapter 5) or combination of kinds of insurance as shown below, a foreign insurer, or a domestic insurer…

41-313A. Domestic reciprocal insurers with fewer than seven subscribers. Domestic reciprocal insurers with fewer than seven (7) subscribers which insure only worker’s compensation risks and which only issue fully assessable policies are required, in lieu of the paid-up capital st…

41-315. Permissible insuring combinations without additional capital funds. (1) A life insurer may also grant annuities without additional capital or additional surplus. (2) A disability insurer may also issue insurance against congenital defects, as defined in section 41-506(1) …

41-316. Deposit — Foreign or alien insurers. (1) This section shall apply as to all foreign and alien insurers. (2) The director shall not authorize any foreign or alien insurer to transact insurance in this state unless it makes and thereafter maintains in trust in this state th…

41-316A. Deposit — General requirement — Domestic insurers. This section shall apply to all domestic insurers. (1) The director shall not authorize the formation of a new domestic insurer or the redomestication to this state of an insurer unless it makes and thereafter maintains …

41-318. Cooperation with the department of health and welfare. (1) A health insurer that provides disability insurance as defined in section 41-503, Idaho Code, including self-insured plans, group health plans as defined in section 607(1) of the employee retirement income securit…

41-319. Application for certificate of authority. To apply for an original certificate of authority an insurer shall file with the director its application therefor, accompanied by the applicable fees set forth by rule pursuant to section 41-401, Idaho Code, showing its name, loc…

41-320. Consideration of application. An application for a certificate of authority shall be examined by the director, and if he finds the application to be complete and that the documents included therewith are otherwise in proper order, he shall forward the applicant insurer’s …

41-322. Issuance or refusal of certificate of authority. (1) If upon completion of its application the director finds, from the application, the attorney general’s opinion referred to in section 41-320, and such other investigation and information as he may make or acquire, that …

41-322A. Certificates of authority for deposit guarantee corporations. Upon the application of a deposit guarantee corporation, the director may issue a certificate of authority to a corporation authorized to issue share and deposit insurance contracts upon such terms and conditi…

41-323. What certificate evidences — Ownership of certificate. (1) An insurer’s subsisting certificate of authority is evidence of its authority to transact in this state the kind or kinds of insurance specified therein, either as direct insurer or as reinsurer or as both. (2) Al…

41-324. Continuance, expiration, or reinstatement of certificate of authority. (1) A certificate of authority shall continue in force as long as the insurer is entitled thereto under this code and until suspended or revoked by the director, or terminated at the request of the ins…

41-325. Amendment of certificate of authority. The director may at any time amend an insurer’s certificate of authority to accord with changes in the insurer’s charter or insuring powers.

41-326. Suspension or revocation of certificate of authority — Mandatory grounds. (1) The director shall refuse to continue, or shall suspend or revoke, an insurer’s certificate of authority: (a) If such action is required by any provision of this code; or (b) If a foreign insure…

41-327. Administrative penalty — Suspension or revocation of certificate of authority — Discretionary and special grounds. (1) The director may, in his discretion, impose an administrative penalty not to exceed five thousand dollars ($5,000) for deposit in the general fund of the…

41-328. Order and notice of suspension, revocation or refusal — Effect upon agents’ authority. (1) All suspensions or revocations of, or refusals to continue, an insurer’s certificate of authority shall be by the director’s order given to the insurer as provided by section 41-212…

41-329. Duration of suspension — Insurer’s obligations during suspension period — Reinstatement. (1) Suspension of an insurer’s certificate of authority shall be for such period as the director specifies in the order of suspension, but not to exceed one (1) year. During the suspe…

41-330. Impaired insurers — Notice to agents — Penalty. (1) Upon suspension, revocation or refusal to continue the certificate of authority of an insurer on account of deficiency of assets (if a foreign insurer) or failure to cure an impairment of the capital stock (if a stock in…

41-331. Impaired insurers — Liability of officers. The president and each director of a stock insurer who, after knowing that the insurer’s capital is impaired, permits or assents in the writing of new business by the insurer in this state during the existence of such impairment,…

41-332. Foreign insurers exempt from corporation laws governing admission of foreign corporations. A foreign insurer authorized to transact insurance in this state and fully complying with this code shall be exempt from complying with the provisions of sections 30-21-501 through …

41-333. Director as process agent for foreign insurers and domestic reciprocal insurers. (1) Before the director shall issue to it a certificate of authority to transact insurance in this state each foreign and alien insurer and each domestic reciprocal insurer shall appoint the …

41-334. Serving process — Time to plead. (1) Duplicate copies of legal process against an insurer for whom the director is attorney, shall be served upon him either by a person competent to serve a summons or by registered or certified mail. At the time of service the plaintiff s…

41-335. Annual statement. (1) Each authorized insurer shall annually on or before March 1, or within any extension of time therefor, not to exceed thirty (30) days, which the director for good cause may have granted, file with the director a full and true statement of its financi…

41-336. Review of annual statement — Additional information. (1) As soon as reasonably possible after the insurer has filed its annual statement with him, the director shall review the same and require correction of such errors or omissions in the statement as appear from such re…

41-337. Resident agent, countersignature law. (1) Except as provided in section 41-338, Idaho Code, no authorized insurer shall make, write, place or cause to be made, written or placed, any policy or contract of insurance or indemnity of any kind or character, or a general or fl…

41-338. Exceptions to resident agent, countersignature law. (1) Nothing in section 41-337, Idaho Code, shall be construed as preventing the free and unlimited right to negotiate wholly outside of this state contracts of insurance by licensed nonresident agents or brokers, provide…

41-340. Retaliatory provision. (1) The purpose of this section is to aid in the protection of insurers formed under the laws of Idaho and transacting insurance in other states or countries against discriminatory or onerous requirements under the laws of such states or countries o…

41-341. Operational standards between insurer, its parent corporation, subsidiary or affiliated person. (1) No insurer shall engage directly or indirectly in any transaction or agreement with its parent corporation, or with any subsidiary or affiliated person which shall result o…

41-342. Redomestication as a domestic insurer — Conversion to foreign insurer. (1) Any insurer which is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing insurance may become a domestic insurer by complying with al…

41-343. Articles of redomestication. (1) Upon receiving approval under section 41-342, Idaho Code, articles of redomestication shall be executed in duplicate by an insurance corporation by its president or a vice president and by its secretary or an assistant secretary and verifi…

41-344. Effective date of redomestication. A redomestication under section 41-342, Idaho Code, shall become effective upon the issuance of a certificate of redomestication by the secretary of state, or such later date as may be set forth in the notice from the director; provided,…

41-345. Report. (1) Every insurer domiciled in this state shall file a report with the director disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless such acquisitions and disposition…

41-346. Acquisitions and dispositions of assets. (1) Materiality. No acquisitions or dispositions of assets need be reported pursuant to section 41-345, Idaho Code, if the acquisitions or dispositions are not material. For purposes of sections 41-345 through 41-347, Idaho Code, a…

41-347. Nonrenewals, cancellations or revisions of ceded reinsurance agreements. (1) Materiality and scope. No nonrenewals, cancellations or revisions of ceded reinsurance agreements need be reported pursuant to section 41-345, Idaho Code, if the nonrenewals, cancellations or rev…

41-348. Prohibited acts — Service providers. (1) It is unlawful for a person: (a) Knowing that the payment is for the referral of a claimant to a service provider, either to accept payment from a service provider or, being a service provider, to pay another; or (b) To provide or …

41-349. pharmacy benefit managers. (1) As used in this section: (a) "Brand name or generic effective rate" means the contractual rate set forth by a pharmacy benefit manager for the reimbursement of covered brand name or generic drugs, calculated using the total payments in the a…

TITLE 41 INSURANCE CHAPTER 3 AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS 41-350 END ORGAN HARVESTING ACT. (1) This section shall apply only to a health benefit plan that provides benefits for medical or surgical expenses incurred as a result of a health condition, accident…

41-351. 340b drug pricing program reporting. (1) As used in this section, "340B covered entity" means an entity authorized to participate in the federal 340B drug pricing program under section 340B(a)(4) of the federal public health service act. (2) Before April 1 of each year, a…

41-401. Fees — Licenses — Miscellaneous charges. (1) The director shall collect, and persons so served shall pay to the director fees, licenses, and miscellaneous charges as provided for from time to time by rule promulgated by the director. The director may adjust fees, licenses…

41-402. Premium tax. (1) Each authorized insurer, and each formerly authorized insurer with respect to insurance transacted while an authorized insurer, shall file with the director, on or before the dates in each year set forth in subsections (3) and (4) of this section, a state…

41-402A. Refunds. Where there has been an overpayment of any taxes, fines or penalties due under this chapter, the director is authorized to refund all such taxes, fines or penalties erroneously or illegally collected or paid. No such refund shall be paid after one (1) year from …

41-404. Penalty for failure to pay tax. Any insurer failing to render the statement and pay the tax required under section 41-402, Idaho Code, on or before the date due, including any extension of time granted by the director pursuant to section 41-335 (1), Idaho Code, shall be l…