41-1908. DIVIDENDS. (1) There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy provided the policy is in force and all premiums to that date are paid. Except as hereinafter provided, any dividend becoming payable shall at the option of the party entitled to elect such option be either:
(a) Payable in cash, or
(b) Applied to any one of such other dividend options as may be provided by the policy. If any such other dividend options are provided, the policy shall further state which option shall be automatically effective if such party shall not have elected some other option. If the policy specifies a period within which such other dividend option may be elected, such period shall be not less than thirty (30) days following the date on which such dividend is due and payable. The annually apportioned dividend shall be deemed to be payable in cash within the meaning of (a) above even though the policy provides that payment of such dividend is to be deferred for a specified period, provided such period does not exceed six (6) years from the date of apportionment and that interest will be added to such dividend at a specified rate. If a participating policy provides that the benefit under any paid-up nonforfeiture provision is to be participating, it may provide that any divisible surplus becoming payable or apportioned while the insurance is in force under such nonforfeiture provision shall be applied in the manner set forth in the policy.
(2) In participating industrial life insurance policies, in lieu of the provision required in subsection (1) above, there shall be a provision that, beginning not later than the end of the fifth policy year, the policy shall participate annually in the divisible surplus, if any, in the manner set forth in the policy.
History:
[41-1908, added 1961, ch. 330, sec. 439, p. 645.]
Structure Idaho Code
Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS
Section 41-1901 - SCOPE OF CHAPTER.
Section 41-1902 - “INDUSTRIAL LIFE INSURANCE” DEFINED.
Section 41-1903 - STANDARD PROVISIONS REQUIRED.
Section 41-1904 - GRACE PERIOD.
Section 41-1905 - INCONTESTABILITY.
Section 41-1906 - ENTIRE CONTRACT.
Section 41-1907 - MISSTATEMENT OF AGE.
Section 41-1909 - POLICY LOAN.
Section 41-1910 - TABLE OF INSTALMENTS.
Section 41-1911 - REINSTATEMENT.
Section 41-1912 - PAYMENT OF PREMIUMS.
Section 41-1913 - PAYMENT OF CLAIMS.
Section 41-1914 - BENEFICIARY — INDUSTRIAL POLICIES.
Section 41-1916 - EXCLUDED OR RESTRICTED COVERAGE.
Section 41-1917 - STANDARD PROVISIONS — ANNUITY AND PURE ENDOWMENT CONTRACTS.
Section 41-1918 - GRACE PERIOD — ANNUITIES.
Section 41-1919 - INCONTESTABILITY — ANNUITIES.
Section 41-1920 - ENTIRE CONTRACT — ANNUITIES.
Section 41-1921 - MISSTATEMENT OF AGE OR SEX — ANNUITIES.
Section 41-1922 - DIVIDENDS — ANNUITIES.
Section 41-1923 - REINSTATEMENT — ANNUITIES.
Section 41-1924 - STANDARD PROVISIONS — REVERSIONARY ANNUITIES.
Section 41-1925 - LIMITATION OF LIABILITY.
Section 41-1926 - PROHIBITED PROVISIONS — INDUSTRIAL LIFE INSURANCE.
Section 41-1927 - STANDARD NONFORFEITURE LAW — LIFE INSURANCE.
Section 41-1927A - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES.
Section 41-1928 - NONFORFEITURE BENEFITS — CERTAIN INTERIM POLICIES.
Section 41-1929 - INCONTESTABILITY AND LIMITATION OF LIABILITY AFTER REINSTATEMENT.
Section 41-1930 - POLICY SETTLEMENTS.
Section 41-1931 - INDEBTEDNESS DEDUCTED FROM PROCEEDS.
Section 41-1932 - PARTICIPATING AND NONPARTICIPATING POLICIES — RIGHT TO ISSUE.
Section 41-1933 - PARTICIPATING AND NONPARTICIPATING POLICIES — ACCOUNTING.
Section 41-1934 - PROHIBITED POLICY PLANS.
Section 41-1935 - LIFE INSURANCE AND ANNUITIES — TWENTY DAY FREE EXAMINATION.
Section 41-1936 - SEPARATE ACCOUNTS — OPERATION AND MANAGEMENT.
Section 41-1937 - VARIABLE CONTRACTS — STATEMENT OF ESSENTIAL FEATURES.
Section 41-1938 - VARIABLE CONTRACTS — AUTHORITY OF INSURER TO ISSUE.
Section 41-1939 - VARIABLE CONTRACTS — REGULATION THEREOF.
Section 41-1940 - ANNUITY CONSUMER PROTECTIONS ACT.
Section 41-1940A - ANNUITY CONSUMER PROTECTIONS — SUITABILITY DUTIES.
Section 41-1940B - ANNUITY CONSUMER PROTECTION — SUPERVISION SYSTEM.
Section 41-1940C - ANNUITY CONSUMER PROTECTION — PRODUCER TRAINING.
Section 41-1940D - ANNUITY CONSUMER PROTECTION — COMPLIANCE MITIGATION.
Section 41-1940E - ANNUITY CONSUMER PROTECTION — RECORDKEEPING.
Section 41-1941 - ANNUITY CONSUMER PROTECTIONS — DISCLOSURES.
Section 41-1942 - ADVERTISEMENT OF INTEREST-INDEXED ANNUITIES.
Section 41-1943 - STANDARDS FOR POLICY PROVISIONS FOR ANNUITIES.
Section 41-1950 - SHORT TITLE AND SCOPE.
Section 41-1951 - DEFINITIONS.
Section 41-1952 - LICENSE REQUIREMENT.
Section 41-1953 - FILING OF LIFE SETTLEMENT CONTRACTS AND DISCLOSURE STATEMENTS.
Section 41-1954 - REPORTING REQUIREMENTS AND PRIVACY.
Section 41-1955 - EXAMINATION AND RECORDS.
Section 41-1956 - DISCLOSURE TO OWNER UPON APPLICATION.
Section 41-1957 - DISCLOSURE TO OWNER BY PROVIDER UPON SETTLEMENT CONTRACT.
Section 41-1958 - DISCLOSURE TO OWNER BY BROKER UPON SETTLEMENT CONTRACT.
Section 41-1959 - NOTICE OF CHANGE BY PROVIDER.
Section 41-1960 - GENERAL RULES.
Section 41-1961 - PERMITTED LIFE SETTLEMENTS AND SUPPORTING DOCUMENTATION.
Section 41-1962 - PROHIBITED PRACTICES AND CONFLICTS OF INTEREST.
Section 41-1963 - ADVERTISING FOR LIFE SETTLEMENTS.