Idaho § 41-2823 FORMATION OF MUTUALS — TRUST DEPOSIT OF PREMIUMS — ISSUANCE OF POLICIES

Idaho Statutes

§ 41-2823 — FORMATION OF MUTUALS — TRUST DEPOSIT OF PREMIUMS — ISSUANCE OF POLICIES

Idaho § 41-2823

Title 41INSURANCE

Ch. 28ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS

This text of Idaho § 41-2823 (FORMATION OF MUTUALS — TRUST DEPOSIT OF PREMIUMS — ISSUANCE OF POLICIES) is published on Counsel Stack Legal Research, covering Idaho primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Idaho Code § 41-2823 (2026).

Text

(1)All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement approved by the director and consistent with this section and with section 41-2822 (3)(c). The corporation shall file an executed copy of such trust agreement with the director.

(2)Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which such applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall thereafter in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by such policies shall be effec

Free access — add to your briefcase to read the full text and ask questions with AI

(1) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement approved by the director and consistent with this section and with section 41-2822 (3)(c). The corporation shall file an executed copy of such trust agreement with the director.
(2) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which such applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall thereafter in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by such policies shall be effective as of the date of the certificate of authority or thereafter as provided by the respective policies.