2005 Idaho Code - 41-3330 — SETOFFS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 33
                            INSURERS SUPERVISION,
                        REHABILITATION AND LIQUIDATION
    41-3330.  SETOFFS. (1) Mutual debts or mutual credits between the insurer
and another person in connection with any action or proceeding under this act
shall be set off and the balance only shall be allowed or paid, except as
provided in subsection (2) of this section and section 41-3333, Idaho Code.
    (2)  No setoff shall be allowed in favor of any person where:
    (a)  The obligation of the insurer to the person would not at the date of
    the filing of a petition for liquidation entitle the person to share as a
    claimant in the assets of the insurer;
    (b)  The obligation of the insurer to the person was purchased by or
    transferred to the person with a view to its being used as a setoff; or
    (c)  The obligation of the person is to pay an assessment levied against
    the members or subscribers of the insurer, or is to pay a balance upon a
    subscription to the capital stock of the insurer, or is in any other way
    in the nature of a capital contribution.