Idaho State Statutes - Idaho Attorney Directory

MANAGEMENT CONTRACT WITH THE ADMINISTRATOR -- MANDATORY
PROVISIONS. (1) The management contract entered into between the administrator
and the board as required in this chapter, shall not become effective unless
the contract is filed with and approved by the director. The contract shall be
deemed approved unless disapproved by the director within twenty (20) days
after date of filing, subject to such reasonable extension of time as the
director may require by notice given within the twenty (20) day period. Any
disapproval shall be delivered to the administrator in writing, stating the
grounds therefor.
(2) Any such contract, or contract holder, shall provide that the
administrator shall, within ninety (90) days after expiration of each calendar
year, furnish the director a written statement of amounts received under or on
account of the contract and amounts expended thereunder during such calendar
year, including the emoluments received therefrom by the principal management
personnel of the administrator involved with the affairs of the trust fund,
and with such classification of items and further detail as the director may
reasonably require.
(3) The director shall disapprove any such contract if he finds that it:
(a) Subjects the trust fund to unreasonable or excessive charges; or
(b) Does not contain fair and adequate standards of performance; or
(c) Contains other inequitable provisions which impair the proper
interests of the owners or operators insured by the trust fund.
(4) The director may, after a hearing held thereon, withdraw his approval
of any such contract theretofore approved by him, if he finds that the basis
of his original approval no longer exists, or that the contract has, in actual
operation, shown itself to be subject to disapproval on any of the grounds
referred to in subsection (3) of this section.

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