72-302. REGULATION OF DEPOSIT WITH STATE TREASURER. The securities so deposited with the state treasurer shall be an exclusive trust for the benefit of the employees of the employers whose compensation liability is so secured, to remain with the treasurer in trust to answer any default of any employer, self-insured employer or surety upon any such obligation established by final judgment upon which execution may lawfully be issued against the employer or surety; the surety, however, at all times shall have the right to collect the interest, dividends and profits upon the securities, and from time to time to withdraw the securities or a portion thereof, substituting therefor others of equally good character and value, to the satisfaction of the commission, and the securities shall not be sold under any process against the surety until after thirty (30) days’ notice to the surety, supplying the date, place and manner of sale, and the process under which and the purpose for which the sale is to be made, accompanied by a copy of the process. The surety shall not be permitted to withdraw from the state treasurer the deposits of money or bonds or permit the surety bonds to lapse for a period of one (1) year after discontinuing business within this state, or while any suit is pending or while any judgment against the surety in this state, or award against an employer whose compensation liability is secured by the surety, shall remain unpaid. Securities which are used to satisfy the requirements of this chapter may be held in the federal reserve book-entry system, as defined in section 41-2870(4), Idaho Code, and interests in such securities may be transferred by bookkeeping entry in the federal reserve book-entry system without physical delivery of certificates representing such securities.
History:
[72-302, added I.C., sec. 72-302, as added by 1971, ch. 124, sec. 3, p. 422; am. 1986, ch. 247, sec. 2, p. 667.]
Structure Idaho Code
Title 72 - WORKER'S COMPENSATION AND RELATED LAWS -- INDUSTRIAL COMMISSION
Chapter 3 - SECURITY FOR COMPENSATION
Section 72-301 - SECURITY FOR PAYMENT OF COMPENSATION.
Section 72-301A - ALTERNATIVE MEANS OF SECURING SELF-INSURANCE.
Section 72-302 - REGULATION OF DEPOSIT WITH STATE TREASURER.
Section 72-303 - QUALIFICATION SUBJECT TO REGULATION.
Section 72-304 - PROMPT COMPENSATION PAYMENTS REQUIRED — RULES AND REGULATIONS.
Section 72-305 - CLAIMS SERVICES AND MEDICAL SUPERVISION.
Section 72-306 - RECITALS IN INSURANCE CONTRACTS.
Section 72-306A - DEDUCTIBLE CONTRACT.
Section 72-307 - KNOWLEDGE OF EMPLOYER TO AFFECT SURETY.
Section 72-308 - INSOLVENCY OF EMPLOYER NOT TO RELEASE SURETY.
Section 72-309 - INSURANCE CONTRACT DEEMED REFORMED.
Section 72-310 - MISREPRESENTATION NOT TO AFFECT EMPLOYEE’S RIGHTS.
Section 72-311 - NOTICE OF SECURITY — CANCELLATION OF SURETY CONTRACT.
Section 72-312 - POSTING OF NOTICE REGARDING INSURANCE — PENALTY.
Section 72-313 - PAYMENT PENDING DETERMINATION OF POLICY COVERAGE.
Section 72-314 - PAYMENT OF LIABILITY OF PUBLIC EMPLOYER.
Section 72-315 - ERRONEOUS PAYMENT IN GOOD FAITH.
Section 72-316 - VOLUNTARY PAYMENTS OF INCOME BENEFITS.
Section 72-317 - PERIODICAL PAYMENTS.
Section 72-318 - INVALID AGREEMENTS — PENALTY.
Section 72-319 - PENALTY FOR FAILURE TO SECURE COMPENSATION.
Section 72-320 - COMPENSATION PREFERRED AS WAGES.
Section 72-321 - STATUTORY AGENT OF EMPLOYER WHO HAS NO BUSINESS LOCALE.
Section 72-322 - ASSIGNED RISK.
Section 72-323 - CREATION OF INDUSTRIAL SPECIAL INDEMNITY FUND.
Section 72-324 - MANAGEMENT OF INDUSTRIAL SPECIAL INDEMNITY FUND.
Section 72-325 - STATE TREASURER CUSTODIAN OF FUND — DUTIES.
Section 72-326 - DEPOSIT AND INVESTMENT OF FUND — INTEREST.
Section 72-327 - ASSESSMENT — METHOD OF CALCULATION AND PRORATION — TIME FOR PAYMENT.
Section 72-328 - COLLECTION OF DELINQUENT ASSESSMENTS — DUTY OF ATTORNEY GENERAL — PENALTIES.
Section 72-329 - DISBURSEMENTS.
Section 72-330 - LEGAL REPRESENTATION OF FUND.
Section 72-331 - PAYMENT OF ADMINISTRATIVE EXPENSES.
Section 72-332 - PAYMENT FOR SECOND INJURIES FROM INDUSTRIAL SPECIAL INDEMNITY ACCOUNT.