Idaho Code
Chapter 7 - INVESTMENTS
Section 41-703 - GENERAL QUALIFICATIONS.

41-703. GENERAL QUALIFICATIONS. (1) No security or investment (other than real and personal property acquired under section 41-728, Idaho Code, real property owned) shall be eligible for acquisition unless it is interest bearing or interest accruing or by its character entitled to receive dividends or income when declared or paid, including discounted and zero interest certificates of accrual on public and corporate obligations, is not then in default in any respect, and the insurer is entitled to receive for its exclusive account and benefit the interest or income accruing thereon.
(2) No security or investment shall be eligible for purchase at a price above its market value.
(3) No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investment so acquired which is not otherwise eligible under this chapter shall be disposed of pursuant to section 41-730, Idaho Code, if personal property or securities, or pursuant to section 41-729, Idaho Code, if real property.

History:
[41-703, added 1961, ch. 330, sec. 140, p. 645; am. 1969, ch. 214, sec. 16, p. 625; am. 1985, ch. 231, sec. 1, p. 551.]

Structure Idaho Code

Idaho Code

Title 41 - INSURANCE

Chapter 7 - INVESTMENTS

Section 41-701 - INVESTMENTS.

Section 41-702 - ELIGIBLE INVESTMENTS.

Section 41-703 - GENERAL QUALIFICATIONS.

Section 41-704 - AUTHORIZATION OF INVESTMENTS.

Section 41-705 - RECORD OF INVESTMENTS.

Section 41-706 - DIVERSIFICATION OF INVESTMENTS.

Section 41-707 - PUBLIC OBLIGATIONS.

Section 41-708 - OBLIGATIONS AND STOCK OF CERTAIN FEDERAL AGENCIES.

Section 41-709 - IRRIGATION DISTRICT BONDS.

Section 41-710 - INTERNATIONAL BANK.

Section 41-711 - CORPORATE OBLIGATIONS.

Section 41-712 - CERTAIN TERMS DEFINED.

Section 41-713 - PREFERRED STOCKS — DIVERSIFICATION.

Section 41-714 - COMMON STOCKS.

Section 41-715 - INSURANCE STOCKS.

Section 41-716 - INVESTMENT TRUST SECURITIES.

Section 41-717 - EQUIPMENT TRUST OBLIGATIONS.

Section 41-718 - POLICY LOANS.

Section 41-719 - COLLATERAL LOANS.

Section 41-720 - SAVINGS AND SHARE ACCOUNTS.

Section 41-721 - MORTGAGE LOANS AND CONTRACTS.

Section 41-722 - MORTGAGE LOAN LIMITED BY PROPERTY VALUE.

Section 41-723 - APPRAISAL — LIMIT OF AMOUNT LOANED.

Section 41-724 - “IMPROVED REAL PROPERTY” DEFINED.

Section 41-725 - “ENCUMBRANCE” DEFINED.

Section 41-726 - SPECIAL INVESTMENTS BY TITLE INSURER.

Section 41-727 - FOREIGN SECURITIES.

Section 41-728 - REAL ESTATE.

Section 41-729 - TIME LIMIT FOR DISPOSAL OF REAL ESTATE.

Section 41-730 - DISPOSAL OF INELIGIBLE PROPERTY AND SECURITIES.

Section 41-731 - PROHIBITED INVESTMENTS AND INVESTMENT UNDERWRITING.

Section 41-732 - DOMESTIC RECIPROCAL INSURER.

Section 41-733 - SUBSIDIARY INVESTMENTS.

Section 41-734 - SEPARATE ACCOUNT FUNDS.

Section 41-735 - MISCELLANEOUS INVESTMENTS.

Section 41-736 - PERMITTED INVESTMENTS.