Idaho Code 41-4804 – Risk Retention Groups Chartered in This State
Current as of: 2023 | Check for updates
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(1) A risk retention group seeking to be chartered in this state must be chartered and licensed as a liability insurance company authorized by the insurance laws of this state and, except as provided elsewhere in this chapter, must comply with:
(a) All of the laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this state;
(b) Section 41-4805, Idaho Code, to the extent such requirements are not a limitation on laws, rules, regulations or requirements of this state.
(2) Before it may offer insurance in any state, each risk retention group shall also submit for approval to the director of this state a plan of operation or feasibility study and revisions of such plan or study if the group intends to offer any additional lines of liability insurance. Immediately upon receipt of an application for charter, this state shall provide:
(a) Summary information concerning the filing to the national association of insurance commissioners, including the name of the risk retention group, the identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group;
(b) The amount and nature of initial capitalization;
(c) The coverages to be afforded; and
(d) The states in which the group intends to operate.
Providing notification to the national association of insurance commissioners is in addition to and shall not be sufficient to satisfy the requirements of section 41-4805, Idaho Code, or any other sections of this chapter.
Terms Used In Idaho Code 41-4804
- Director: means the director of the department of insurance of this state or the director, commissioner, or superintendent of the department of insurance of any other state. See Idaho Code 41-4803
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, or any other arrangement for shifting and distributing risk which is determined to be insurance under this code. See Idaho Code 41-4803
- Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of any business whether profit or nonprofit, trade, product, services including professional services, premises, or operations, or arising out of any activity of any state or local government, or any agency or political subdivision thereof, but does not include personal risk liability or with the exception of an employer’s legal liability with respect to its employees under the federal employers’ liability act (45 U. See Idaho Code 41-4803
- Plan of operation or feasibility study: means an analysis which presents the expected activities and results of a risk retention group, including, at a minimum:
Idaho Code 41-4803Risk retention group: means any corporation or other limited liability association:
Idaho Code 41-4803State: means any state of the United States or the District of Columbia. See Idaho Code 41-4803