2012 Idaho Statutes
Title 41 - INSURANCE
Chapter 38 - ACQUISITIONS OF CONTROL AND INSURANCE HOLDING COMPANY SYSTEMS
Section 41-3805 - APPROVAL, DISAPPROVAL OF PROPOSED ACQUISITION.

(2) The public hearing referred to in subsection (1) of this section shall be held within thirty (30) days after the statement required by section 41-3802, Idaho Code, is filed, and at least twenty (20) days' notice thereof shall be given by the director to the person filing the statement. Not less than seven (7) days' notice of such public hearing shall be given by the person filing the statement to the insurer and to such other persons as may be designated by the director. The director shall make a determination within thirty (30) days after the conclusion of such hearing. At such hearing, the person filing the statement, the insurer, any person to whom notice of hearing was sent, and any other person whose interest may be affected thereby shall have the right to present evidence, examine and cross-examine witnesses, and offer oral and written arguments and in connection therewith shall be entitled to conduct discovery proceedings in the same manner as is presently allowed in the district courts in this state. All discovery proceedings shall be concluded not later than three (3) days prior to the commencement of the public hearing.

(3) Merger, consolidation or bulk reinsurance as to a domestic insurer shall be effectuated only pursuant to the applicable provisions of chapter 28, title 41 (organization and corporate procedures of stock and mutual insurers), Idaho Code, and chapter 30, title 41 (mutual benefit associations), Idaho Code.

(4) The director may retain any attorney, actuary, accountant, or other individual, organization, corporation, association, or business entity not otherwise a member of the director's staff as may be reasonably necessary to assist the department in the processing of any merger or acquisition of control proposed under this section. All reasonable expenses incurred in connection herewith shall be borne by the party seeking the acquisition. The director may require the acquiring party to post a bond in an amount not to exceed twenty-five thousand dollars ($25,000) as security for payment of such expenses.

(5) The provisions of this section shall not apply to any offer, request, invitation, agreement or acquisition which the director by order shall exempt therefrom as not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer, or as otherwise not comprehended within the purposes of this section.

(6) The following shall be violations of this section:

(7) The courts of Idaho are hereby vested with jurisdiction over every person not resident, domiciled, or authorized to do business in Idaho who files a statement with the director under the provisions of section 41-3802, Idaho Code, and overall actions involving such person arising out of violations of the provisions of this section, and each such person shall be deemed to have performed acts equivalent to and constituting an appointment by such person of the director to be his true and lawful attorney upon whom may be served all lawful process in any action, suit or proceeding arising out of violations of this section. Copies of all such lawful process shall be served on the director and transmitted by registered or certified mail by the director to such person at his last known address.