Idaho State Statutes - Idaho Attorney Directory

To qualify for
and hold authority to transact insurance in this state an insurer must be
otherwise in compliance with this code and with its charter powers, and must
be an incorporated stock insurer, or an incorporated mutual insurer, or a
reciprocal insurer, of the same general type as may be formed as a domestic
insurer under this code; except that:
(1) No insurer shall be authorized to transact insurance in this state
which does not maintain reserves as required by chapter 6 (assets and
liabilities) of this code applicable to the kind or kinds of insurance
transacted by such insurer, wherever transacted in the United States.
(2) Before granting authority to an insurer to transact insurance in this
state, the director shall take into consideration the length of time the
insurer has been transacting insurance; the net profit or loss experienced
over the previous five (5) years; or any other factor which for good reason he
believes could make the admittance of the insurer not in the best interest of
the insurance-buying public.
(3) The director shall not grant or continue authority to transact
insurance in this state as to any insurer the management of which is found by
him, after a hearing held thereon, to be untrustworthy, or so lacking in
insurance experience as to make the proposed operation hazardous to the
insurance-buying public; or which, after a hearing held thereon, he has good
reason to believe is affiliated directly or indirectly through ownership,
control, reinsurance transactions or other insurance or business relations,
with any person or persons whose business operations are or have been marked,
to the detriment of policyholders or stockholders or investors or creditors or
of the public, by manipulation or dissipation of assets, or manipulation of
accounts, or of reinsurance, or by similar injurious actions.

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