Idaho § 41-4934 PROHIBITED PECUNIARY INTERESTS IN PLAN MANAGEMENT

Idaho Statutes

§ 41-4934 — PROHIBITED PECUNIARY INTERESTS IN PLAN MANAGEMENT

Idaho § 41-4934

Title 41INSURANCE

Ch. 49PETROLEUM CLEAN WATER TRUST FUND ACT

This text of Idaho § 41-4934 (PROHIBITED PECUNIARY INTERESTS IN PLAN MANAGEMENT) 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 § 41-4934 (2026).

Text

(1)Neither the administrator nor any other person having responsibility for the management of the trust fund or the investment or other handling of the trust fund moneys or assets shall:

(a)Receive directly or indirectly or be pecuniarily interested in any fee, commission, compensation or emolument, other than salary or other similar compensation regularly fixed and allowed for services regularly rendered to the trust fund, arising out of any transaction to which the trust fund is or is to be a party;

(b)Receive compensation as a consultant to the trust fund while also acting as a trustee or administrator, or as an employee of either;

(c)Have any direct or indirect material pecuniary interest in any loan or investment of the trust fund.

(2)The director may, after reasonable notice and

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(1) Neither the administrator nor any other person having responsibility for the management of the trust fund or the investment or other handling of the trust fund moneys or assets shall:
(a) Receive directly or indirectly or be pecuniarily interested in any fee, commission, compensation or emolument, other than salary or other similar compensation regularly fixed and allowed for services regularly rendered to the trust fund, arising out of any transaction to which the trust fund is or is to be a party;
(b) Receive compensation as a consultant to the trust fund while also acting as a trustee or administrator, or as an employee of either;
(c) Have any direct or indirect material pecuniary interest in any loan or investment of the trust fund.
(2) The director may, after reasonable notice and a hearing, prohibit the administrator from employing or retaining or continuing to employ or retain any person in the administration of the trust fund upon finding that such employment or retention involves a conflict of interest not in the best interests of the trust fund or adversely affecting the interests of the owners or operators insured by the trust fund.
(3) Any conflict of interest or prohibited pecuniary interest involving the members of the board of trustees of the trust fund shall be governed solely by the conflict of interest provisions of the Idaho nonprofit corporation act as set forth in section 30-30-619, Idaho Code.

Legislative History

[(41-4934) 41-4937, added 1990, ch. 119, sec. 1, p. 285; am. 1991, ch. 59, sec. 24, p. 133; am. and redesig. 2003, ch. 96, sec. 38, p. 305; am. 2004, ch. 175, sec. 2, p. 554; am. 2017, ch. 58, sec. 27, p. 122.]