41-308. GENERAL ELIGIBILITY FOR CERTIFICATE OF AUTHORITY. To qualify for and hold authority to transact insurance in this state an insurer must be otherwise in compliance with this code and with its charter powers, and must be an incorporated stock insurer, or an incorporated mutual insurer, or a reciprocal insurer, of the same general type as may be formed as a domestic insurer under this code; except that:
(1) No insurer shall be authorized to transact insurance in this state which does not maintain reserves as required by chapter 6 (assets and liabilities) of this code applicable to the kind or kinds of insurance transacted by such insurer, wherever transacted in the United States.
(2) Before granting authority to an insurer to transact insurance in this state, the director shall take into consideration the length of time the insurer has been transacting insurance; the net profit or loss experienced over the previous five (5) years; or any other factor which for good reason he believes could make the admittance of the insurer not in the best interest of the insurance-buying public.
(3) The director shall not grant or continue authority to transact insurance in this state as to any insurer the management of which is found by him to be untrustworthy, or so lacking in insurance experience as to make the proposed operation hazardous to the insurance-buying public; or which he has good reason to believe is affiliated directly or indirectly through ownership, control, reinsurance transactions or other insurance or business relations, with any person or persons whose business operations are or have been marked, to the detriment of policyholders or stockholders or investors or creditors or of the public, by manipulation or dissipation of assets, or manipulation of accounts, or of reinsurance, or by similar injurious actions.
History:
[41-308, added 1961, ch. 330, sec. 71, p. 645; am. 1986, ch. 42, sec. 1, p. 126; am. 2006, ch. 49, sec. 2, p. 142.]
Structure Idaho Code
Chapter 3 - AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Section 41-301 - “STOCK” INSURER DEFINED.
Section 41-302 - “MUTUAL” INSURER DEFINED.
Section 41-302A - “DEPOSIT GUARANTEE” CORPORATION DEFINED.
Section 41-303 - “RECIPROCAL” INSURER DEFINED.
Section 41-304 - “CHARTER” DEFINED.
Section 41-305 - CERTIFICATE OF AUTHORITY REQUIRED.
Section 41-306 - EXCEPTIONS TO CERTIFICATE OF AUTHORITY REQUIREMENT.
Section 41-306A - INTERSTATE INSURANCE SALES.
Section 41-307 - AUTHORIZATION FOR INVESTMENT PURPOSES ONLY.
Section 41-308 - GENERAL ELIGIBILITY FOR CERTIFICATE OF AUTHORITY.
Section 41-309 - GOVERNMENT-OWNED INSURERS NOT TO BE AUTHORIZED.
Section 41-310 - PAYMENT OF BACK TAXES.
Section 41-311 - NAME OF INSURER.
Section 41-312 - COMBINATIONS OF INSURING POWERS — ONE INSURER.
Section 41-313 - CAPITAL FUNDS REQUIRED — FOREIGN INSURERS AND NEW DOMESTIC INSURERS.
Section 41-313A - DOMESTIC RECIPROCAL INSURERS WITH FEWER THAN SEVEN SUBSCRIBERS.
Section 41-315 - PERMISSIBLE INSURING COMBINATIONS WITHOUT ADDITIONAL CAPITAL FUNDS.
Section 41-316 - DEPOSIT — FOREIGN OR ALIEN INSURERS.
Section 41-316A - DEPOSIT — GENERAL REQUIREMENT — DOMESTIC INSURERS.
Section 41-318 - COOPERATION WITH THE DEPARTMENT OF HEALTH AND WELFARE.
Section 41-319 - APPLICATION FOR CERTIFICATE OF AUTHORITY.
Section 41-320 - CONSIDERATION OF APPLICATION.
Section 41-322 - ISSUANCE OR REFUSAL OF CERTIFICATE OF AUTHORITY.
Section 41-322A - CERTIFICATES OF AUTHORITY FOR DEPOSIT GUARANTEE CORPORATIONS.
Section 41-323 - WHAT CERTIFICATE EVIDENCES — OWNERSHIP OF CERTIFICATE.
Section 41-324 - CONTINUANCE, EXPIRATION, OR REINSTATEMENT OF CERTIFICATE OF AUTHORITY.
Section 41-325 - AMENDMENT OF CERTIFICATE OF AUTHORITY.
Section 41-326 - SUSPENSION OR REVOCATION OF CERTIFICATE OF AUTHORITY — MANDATORY GROUNDS.
Section 41-330 - IMPAIRED INSURERS — NOTICE TO AGENTS — PENALTY.
Section 41-331 - IMPAIRED INSURERS — LIABILITY OF OFFICERS.
Section 41-333 - DIRECTOR AS PROCESS AGENT FOR FOREIGN INSURERS AND DOMESTIC RECIPROCAL INSURERS.
Section 41-334 - SERVING PROCESS — TIME TO PLEAD.
Section 41-335 - ANNUAL STATEMENT.
Section 41-336 - REVIEW OF ANNUAL STATEMENT — ADDITIONAL INFORMATION.
Section 41-337 - RESIDENT AGENT, COUNTERSIGNATURE LAW.
Section 41-338 - EXCEPTIONS TO RESIDENT AGENT, COUNTERSIGNATURE LAW.
Section 41-340 - RETALIATORY PROVISION.
Section 41-342 - REDOMESTICATION AS A DOMESTIC INSURER — CONVERSION TO FOREIGN INSURER.
Section 41-343 - ARTICLES OF REDOMESTICATION.
Section 41-344 - EFFECTIVE DATE OF REDOMESTICATION.
Section 41-346 - ACQUISITIONS AND DISPOSITIONS OF ASSETS.
Section 41-347 - NONRENEWALS, CANCELLATIONS OR REVISIONS OF CEDED REINSURANCE AGREEMENTS.