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Idaho Statutes Title 41. Insurance § 41-2822. Applications for insurance in formation of mutual insurer

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) Upon receipt of the director's approval of the bond or deposit as provided in section 41-2821, Idaho Code, the proposed domestic mutual insurer may commence solicitation of such requisite applications for insurance policies as it may accept, and may receive deposits of premiums thereon.

(2) All such applications shall be in writing signed by the applicant, covering subjects of insurance resident, located or to be performed in this state.

(3) All such applications shall provide that:

(a) Issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority;

(b) No insurance is in effect unless and until the certificate of authority has been issued; and

(c) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified reasonable date, which date shall be not later than one (1) year after the date of the certificate of incorporation.

(4) All qualifying premiums collected shall be in cash.

(5) Solicitation for such qualifying applications for insurance shall be by licensed agents of the corporation, and the director shall, upon the corporation's application therefor, issue temporary agent's licenses expiring on the date specified pursuant to subdivision (c) above to individuals qualified as for a resident agent's license except as to the taking or passing of an examination. The director may suspend or revoke any such license for any of the causes and pursuant to the same procedures as are applicable to suspension or revocation of licenses of agents in general under chapter 10, title 41, Idaho Code.

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Cite this article: FindLaw.com - Idaho Statutes Title 41. Insurance § 41-2822. Applications for insurance in formation of mutual insurer - last updated January 01, 2024 | https://codes.findlaw.com/id/title-41-insurance/id-st-sect-41-2822/

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