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Idaho Statutes Title 41. Insurance § 41-2850. Nonassessable policies--Revocation of authority

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

(1) The director shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if

(a) At any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority, or

(b) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked.

(2) During the absence of such authority the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder, nor renew any policy which is then in force without endorsing the same to provide for such contingent liability.

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Cite this article: FindLaw.com - Idaho Statutes Title 41. Insurance § 41-2850. Nonassessable policies--Revocation of authority - last updated January 01, 2024 | https://codes.findlaw.com/id/title-41-insurance/id-st-sect-41-2850/

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