41-4924. QUALIFICATIONS FOR REGISTRATION. The director shall not register the trust fund if it is not qualified therefor. To be qualified, the trust fund:
(1) Shall require all application fees to be paid in advance and to be deposited in and disbursed from the trust fund duly created under this chapter.
(2) Shall have, or provide for, a trustworthy and responsible administrator for competent administration of the trust fund and plan.
(3) Shall provide that the administrator furnish to each insured owner or operator a contract of insurance adequately and clearly stating all rights and obligations of the insured owner or operator, together with all applicable restrictions, limitations and exclusions, and the procedure for filing a claim.
(4) Shall be actuarially sound; that is, assets, income and other financial resources of the trust fund must be adequate under reasonable estimates for payment of all claims, claims adjustment expenses, taxes, expenses and other obligations.
(5) Shall otherwise be in compliance with the provisions of this chapter.
History:
[(41-4924) 41-4923, added 1990, ch. 119, sec. 1, p. 279; am. 1991, ch. 59, sec. 16, p. 129; am. & redesig. 2003, ch. 96, sec. 26, p. 299.]
Structure Idaho Code
Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT
Section 41-4901 - SHORT TITLE.
Section 41-4902 - LEGISLATIVE FINDINGS AND INTENT.
Section 41-4903 - DEFINITIONS.
Section 41-4904 - BOARD OF TRUSTEES OF THE FUND.
Section 41-4906 - LIMITS OF LIABILITY FOR CONTRACTS OF INSURANCE ISSUED BY THE ADMINISTRATOR.
Section 41-4907 - OWNER OR OPERATOR FINANCIAL RESPONSIBILITY.
Section 41-4908 - EXCLUSIVENESS OF REMEDY.
Section 41-4910 - DISTRIBUTION OF APPLICATION FEES AND TRANSFER FEES.
Section 41-4911A - PROVISIONS OF CONTRACTS OF INSURANCE — RENEWAL.
Section 41-4912 - STORAGE TANKS ELIGIBLE FOR INSURANCE.
Section 41-4912A - STORAGE TANKS LOCATED ON SITES WHERE CONTAMINATION IS PRESENT.
Section 41-4913 - STATE TREASURER CUSTODIAN OF TRUST FUND — DUTIES.
Section 41-4914 - DEPOSIT AND INVESTMENT OF FUNDS — INTEREST.
Section 41-4915 - PERPETUAL APPROPRIATION.
Section 41-4916 - ENROLLED SUBSCRIBERS’ LIABILITY ON JUDGMENT.
Section 41-4918 - CANCELLATION OF INSURANCE.
Section 41-4919 - REINSURANCE.
Section 41-4920 - PAYMENTS FROM THE TRUST FUND BY STATE TREASURER.
Section 41-4921 - RESERVE FUNDS.
Section 41-4922 - PLAN OF OPERATION.
Section 41-4923 - REGISTRATION OF THE TRUST FUND.
Section 41-4924 - QUALIFICATIONS FOR REGISTRATION.
Section 41-4925 - APPLICATION FOR REGISTRATION — FEE.
Section 41-4925A - AMENDMENTS TO PLAN OF OPERATION.
Section 41-4926 - GRANT OR DENIAL OF REGISTRATION.
Section 41-4927 - BYLAWS OF THE FUND.
Section 41-4928 - RECORDS AND ACCOUNTS — ANNUAL STATEMENT.
Section 41-4929 - MANAGEMENT CONTRACT WITH THE ADMINISTRATOR — MANDATORY PROVISIONS.
Section 41-4930 - EXISTING INSURANCE LAWS TO APPLY TO THE TRUST FUND WITH CERTAIN EXCEPTIONS.
Section 41-4932 - EXAMINATION OF BOOKS, RECORDS AND ACCOUNTS.
Section 41-4933 - ADMINISTRATOR — FIDELITY BONDS.
Section 41-4934 - PROHIBITED PECUNIARY INTERESTS IN PLAN MANAGEMENT.
Section 41-4935 - POLITICAL CONTRIBUTIONS PROHIBITED.
Section 41-4936 - RECOVERY OF DEPLETED FUNDS.
Section 41-4937 - IMPAIRED TRUST FUND.
Section 41-4938 - LIQUIDATION OF TRUST FUND.
Section 41-4939 - VOUCHERS FOR EXPENDITURES.
Section 41-4940 - BORROWED SURPLUS AND SUBORDINATED INDEBTEDNESS.
Section 41-4942 - RULES — DIRECTOR — DEPARTMENT OF INSURANCE.
Section 41-4943 - APPLICATION OF CHAPTER.