41-4929. MANAGEMENT CONTRACT WITH THE ADMINISTRATOR — MANDATORY PROVISIONS. (1) The management contract entered into between the administrator and the board as required in this chapter, shall not become effective unless the contract is filed with and approved by the director. The contract shall be deemed approved unless disapproved by the director within twenty (20) days after date of filing, subject to such reasonable extension of time as the director may require by notice given within the twenty (20) day period. Any disapproval shall be delivered to the administrator in writing, stating the grounds therefor.
(2) Any such contract, or contract holder, shall provide that the administrator shall, within ninety (90) days after expiration of each calendar year, furnish the director a written statement of amounts received under or on account of the contract and amounts expended thereunder during such calendar year, including the emoluments received therefrom by the principal management personnel of the administrator involved with the affairs of the trust fund, and with such classification of items and further detail as the director may reasonably require.
(3) The director shall disapprove any such contract if he finds that it:
(a) Subjects the trust fund to unreasonable or excessive charges; or
(b) Does not contain fair and adequate standards of performance; or
(c) Contains other inequitable provisions which impair the proper interests of the owners or operators insured by the trust fund.
(4) The director may, after a hearing held thereon, withdraw his approval of any such contract theretofore approved by him, if he finds that the basis of his original approval no longer exists, or that the contract has, in actual operation, shown itself to be subject to disapproval on any of the grounds referred to in subsection (3) of this section.
History:
[(41-4929) 41-4932, added 1990, ch. 119, sec. 1, p. 283; am. 1991, ch. 59, sec. 22, p. 132; am. & redesig. 2003, ch. 96, sec. 33, p. 302.]
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.