Idaho State Statutes - Idaho Attorney Directory

(1) Materiality. No
acquisitions or dispositions of assets need be reported pursuant to section
41-345, Idaho Code, if the acquisitions or dispositions are not material. For
purposes of sections 41-345 through 41-347, Idaho Code, a material acquisition
(or the aggregate of any series of related acquisitions during any thirty (30)
day period) or disposition (or the aggregate of any series of related
dispositions during any thirty (30) day period) is one that is nonrecurring
and not in the ordinary course of business and involves more than five percent
(5%) of the reporting insurer's total admitted assets as reported in its most
recent statutory statement filed with the insurance department of the
insurer's state of domicile.
(2) Scope.
(a) Asset acquisitions subject to sections 41-345 through 41-347, Idaho
Code, include every purchase, lease, exchange, merger, consolidation,
succession or other acquisition other than the construction or development
of real property by or for the reporting insurer or the acquisition of
materials for such purpose.
(b) Asset dispositions subject to sections 41-345 through 41-347, Idaho
Code, include every sale, lease, exchange, merger, consolidation,
mortgage, hypothecation, assignment (whether for the benefit of creditors
or otherwise), abandonment, destruction or other disposition.
(3) Information to be reported.
(a) The following information is required to be disclosed in any report
of a material acquisition or disposition of assets:
(i) Date of the transaction;
(ii) Manner of acquisition or disposition;
(iii) Description of the assets involved;
(iv) Nature and amount of the consideration given or received;
(v) Purpose of, or reason for, the transaction;
(vi) Manner by which the amount of consideration was determined;
(vii) Gain or loss recognized or realized as a result of the
transaction; and
(viii) Name(s) of the person(s) from whom the assets were acquired or
to whom they were disposed.
(b) Insurers are required to report material acquisitions and
dispositions on a nonconsolidated basis unless the insurer is part of a
consolidated group of insurers which utilizes a pooling arrangement or one
hundred percent (100%) reinsurance agreement that affects the solvency and
integrity of the insurer's reserves and such insurer ceded substantially
all of its direct and assumed business to the pool. An insurer is deemed
to have ceded substantially all of its direct and assumed business to a
pool if the insurer has less than one million dollars ($1,000,000) total
direct plus assumed written premiums during a calendar year that are not
subject to a pooling arrangement and the net income of the business not
subject to the pooling arrangement represents less than five percent (5%)
of the insurer's capital and surplus.

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