Idaho State Statutes - Idaho Attorney Directory

In any determination of the financial condition
of an insurer, there shall be allowed as assets only such assets as are owned
by the insurer and which consist of:
(1) Cash in the possession of the insurer, or in transit under its
control, and including the true balance of any deposit in a solvent bank or
trust company.
(2) Investments, securities, properties and loans acquired or held in
accordance with this code, and in connection therewith the following items:
(a) Interest due or accrued on any bond or evidence of indebtedness which
is not in default and which is not valued on a basis including accrued
interest.
(b) Declared and unpaid dividends on stock and shares, unless such amount
has otherwise been allowed as an asset.
(c) Interest due or accrued upon a collateral loan in an amount not to
exceed one (1) year's interest thereon.
(d) Interest due or accrued on deposits in solvent banks and trust
companies, and interest due or accrued on other assets, if such interest
is in the judgment of the director a collectible asset.
(e) Interest due or accrued on a mortgage loan, not in default of the
contractual principal payments and the contractual interest payments,
pursuant to the contractual terms of the loan, in an amount not exceeding
in any event the amount, if any, of the excess of the value of the
property less delinquent taxes thereon over the unpaid principal; but in
no event shall interest accrued for a period in excess of eighteen (18)
months be allowed as an asset.
(f) Rent due or accrued on real property if such rent is not in arrears
for more than three (3) months, and rent more than three (3) months in
arrears if the payment of such rent be adequately secured by property held
in the name of the tenant and conveyed to the insurer as collateral.
(g) The unaccrued portion of taxes paid prior to the due date on real
property.
(3) Premium notes, policy loans, and other policy assets and liens on
policies and certificates of life insurance and annuity contracts and accrued
interest thereon, in an amount not exceeding the legal reserve and other
policy liabilities carried on each individual policy.
(4) The net amount of uncollected and deferred premiums and annuity
considerations in the case of a life insurer.
(5) Premiums in the course of collection, other than for life insurance,
not more than three (3) months past due, less commissions payable thereon. The
foregoing limitation shall not apply to premiums payable directly or
indirectly by the state of Idaho, any department, board, agency, or
institution thereof, or any other political subdivision of the state of Idaho,
including municipalities or specially chartered subdivisions, or by the United
States government or by any of its instrumentalities.
(6) Installment premiums other than life insurance premiums to the extent
of the unearned premium reserve carried on the policy to which premiums apply.
(7) Notes and like written obligations not past due, taken for premiums
other than life insurance premiums, on policies permitted to be issued on such
basis, to the extent of the unearned premium reserves carried thereon.
(8) The full amount of reinsurance recoverable by a ceding insurer from a
solvent reinsurer and which reinsurance is authorized under section 41-511,
Idaho Code.
(9) Amounts receivable by an assuming insurer representing funds withheld
by a solvent ceding insurer under a reinsurance treaty.
(10) Deposits or equities recoverable from underwriting associations,
syndicates and reinsurance funds, or from any suspended banking institution,
to the extent deemed by the director available for the payment of losses and
claims and at values to be determined by him.
(11) Electronic and mechanical machines constituting a data processing and
accounting system if the cost of such system is at least twenty-five thousand
dollars ($25,000), which cost shall be amortized in full over a period not to
exceed ten (10) calendar years.
(12) All office equipment, office furniture, private passenger
automobiles, deemed necessary for conduct of insurance business, the aggregate
amount of which shall not at any one time exceed one percent (1%) of the other
assets of the insurer.
(13) All assets, whether or not consistent with the provisions of this
section, as may be allowed pursuant to the annual statement form approved by
the director for the kinds of insurance to be reported upon therein.
(14) Other assets, not inconsistent with the provisions of this section,
deemed by the director to be available for the payment of losses and claims,
at values to be determined by him.

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