41-2804. INCORPORATION. (1) This section applies to stock and mutual insurers hereafter incorporated in this state.
(2) Incorporators. Seven (7) or more individuals who are citizens of this state may incorporate a stock insurer; ten (10) or more of such individuals may incorporate a mutual insurer.
(3) Articles of incorporation. The incorporators shall prepare and execute in triplicate articles of incorporation in accordance with the applicable provisions of chapters 21 and 29, title 30, Idaho Code, known as the "General Business Corporation" laws of this state, but subject to the following requirements:
(a) In addition to matters required or permitted under such general business corporation laws not inconsistent with this provision or this code, the articles of incorporation shall set forth:
(i) The name of the corporation, which shall comply with section 41-311, Idaho Code.
(ii) The kinds of insurance, as defined in this code, that the corporation is formed to transact.
(iii) If a stock corporation, its authorized capital stock, the number of shares of stock into which divided and the par value of each such share, which par value shall be at least one dollar ($1.00). Shares without par value shall not be authorized.
(iv) If a stock corporation, the extent, if any, to which shares of its stock are subject to assessment.
(v) If a mutual corporation, the maximum contingent liability of its members, for payment of losses and expenses incurred, other than as to nonassessable policies issued as permitted under section 41-2849, Idaho Code; such liability shall be as stated in the articles of incorporation, but shall not be less than one (1) nor more than six (6) annual premiums for the member’s policy.
(vi) The name and residence address of each incorporator, and whether each such incorporator is a citizen of this state.
(b) Articles of incorporation shall be filed as provided in section 41-2805, Idaho Code.
History:
[41-2804, added 1961, ch. 330, sec. 572, p. 645; am. 1980, ch. 197, sec. 29, p. 453; am. 1990, ch. 383, sec. 1, p. 1061; am. 2003, ch. 163, sec. 3, p. 461; am. 2017, ch. 58, sec. 25, p. 118; am. 2021, ch. 321, sec. 27, p. 969.]
Structure Idaho Code
Chapter 28 - ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS
Section 41-2801 - SCOPE OF CHAPTER.
Section 41-2802 - “STOCK” INSURER — “MUTUAL” INSURER — DEFINITIONS.
Section 41-2803 - APPLICABILITY OF GENERAL CORPORATION STATUTES.
Section 41-2804 - INCORPORATION.
Section 41-2805 - FILING OF ARTICLES.
Section 41-2809 - INVESTIGATION OF PROPOSED ORGANIZATION.
Section 41-2818 - QUALIFICATION FOR INITIAL CERTIFICATE OF AUTHORITY — STOCK INSURERS.
Section 41-2820 - INITIAL QUALIFICATIONS — DOMESTIC MUTUALS.
Section 41-2822 - APPLICATIONS FOR INSURANCE IN FORMATION OF MUTUAL INSURER.
Section 41-2823 - FORMATION OF MUTUALS — TRUST DEPOSIT OF PREMIUMS — ISSUANCE OF POLICIES.
Section 41-2824 - FORMATION OF MUTUALS — FAILURE TO QUALIFY.
Section 41-2825 - ADDITIONAL KINDS OF INSURANCE — MUTUALS.
Section 41-2826 - AMENDMENT OF ARTICLES OF INCORPORATION — STOCK INSURERS.
Section 41-2827 - AMENDMENT OF ARTICLES OF INCORPORATION — MUTUAL INSURER.
Section 41-2828 - INSURANCE BUSINESS EXCLUSIVE.
Section 41-2829 - MEMBERSHIP IN MUTUALS.
Section 41-2830 - BY-LAWS OF MUTUAL.
Section 41-2831 - RIGHTS OF MUTUAL MEMBERS IN GENERAL.
Section 41-2832 - MEETINGS OF MEMBERS OF MUTUAL INSURER.
Section 41-2833 - SPECIAL MEETINGS OF MEMBERS OF MUTUAL INSURER.
Section 41-2834 - VOTING RIGHTS OF MUTUAL MEMBERS.
Section 41-2836 - NOTICE OF CHANGE OF DIRECTORS OR OFFICERS.
Section 41-2837 - PROHIBITED PECUNIARY INTEREST OF OFFICIALS.
Section 41-2838 - MANAGEMENT AND EXCLUSIVE AGENCY CONTRACTS.
Section 41-2839 - HOME OFFICE — RECORDS — ASSETS — PENALTY FOR UNLAWFUL REMOVAL.
Section 41-2840 - VOUCHERS FOR EXPENDITURES.
Section 41-2841 - BORROWED SURPLUS.
Section 41-2842 - PARTICIPATING POLICIES.
Section 41-2843 - DIVIDENDS TO STOCKHOLDERS.
Section 41-2844 - DIVIDENDS TO POLICY HOLDERS.
Section 41-2845 - ILLEGAL DIVIDENDS — PENALTY.
Section 41-2846 - CONTINGENT LIABILITY OF MUTUAL MEMBERS.
Section 41-2847 - LEVY OF CONTINGENT LIABILITY.
Section 41-2848 - ENFORCEMENT OF CONTINGENT LIABILITY.
Section 41-2849 - NONASSESSABLE POLICIES — MUTUAL INSURERS.
Section 41-2850 - NONASSESSABLE POLICIES — REVOCATION OF AUTHORITY.
Section 41-2851 - SOLICITATIONS IN OTHER STATES.
Section 41-2852 - IMPAIRMENT OF CAPITAL OR ASSETS.
Section 41-2853 - ASSESSMENT OF STOCKHOLDERS OR MEMBERS.
Section 41-2854 - MUTUALIZATION OF STOCK INSURERS.
Section 41-2854A - MUTUALIZATION OF SERVICE CORPORATIONS.
Section 41-2855 - CONVERSION OF MUTUAL INSURER TO STOCK INSURER.
Section 41-2856 - MERGERS AND CONSOLIDATIONS OF STOCK INSURERS.
Section 41-2857 - MERGERS AND CONSOLIDATIONS OF MUTUAL INSURERS.
Section 41-2858 - BULK REINSURANCE — MUTUAL INSURERS.
Section 41-2859 - MUTUAL MEMBER’S SHARE OF ASSETS ON LIQUIDATION.
Section 41-2860 - EQUITY SECURITIES OF DOMESTIC STOCK INSURANCE COMPANIES — STATEMENTS OF OWNERSHIP.
Section 41-2861 - RECOVERY OF PROFITS RESULTING FROM UNFAIR USE OF INFORMATION.
Section 41-2862 - RESTRICTIONS ON SALE OF EQUITY SECURITIES.
Section 41-2863 - PURCHASES AND SALES WHICH ARE EXEMPT.
Section 41-2864 - FOREIGN OR DOMESTIC ARBITRAGE TRANSACTIONS EXEMPT.
Section 41-2865 - “EQUITY SECURITY” DEFINED.
Section 41-2866 - CONDITIONS EXEMPTING EQUITY SECURITIES.
Section 41-2867 - RULES AND REGULATIONS.
Section 41-2868 - PROXY REGULATIONS.
Section 41-2870 - DEFINITIONS.
Section 41-2871 - USE OF BOOK-ENTRY SYSTEMS.
Section 41-2872 - HEALTH CARE PROVIDER CONTRACTS — GRIEVANCE PROCEDURE.
Section 41-2873 - BEST PRICE — MOST FAVORED NATIONS CLAUSE PROHIBITED.