US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 8
                          ADMINISTRATION OF DEPOSITS
    41-810.  LEVY UPON DEPOSIT. (1) No judgment creditor or other claimant of
an insurer shall have the right to levy upon any of the assets or securities
of the insurer held on deposit in this state pursuant to section 41-316 or
41-316A, Idaho Code.
    (2)  As to deposits made in this state pursuant to the retaliatory
provision, section 41-340, Idaho Code, levy thereupon shall be permitted only
if expressly so provided in the director's order under which the deposit is
required.
    (3)  As to the special deposit of a title insurer, if upon expiration of
thirty (30) days after the judgment became final the insurer has failed to
satisfy in full any final judgment rendered against it by a court of this
state and arising out of any contract of insurance or guaranty issued by it,
the judgment may be enforced against the insurer's deposit. For the purposes
of this provision a judgment shall be deemed to have become final upon
expiration of the period permitted by law for an appeal, or, if an appeal is
taken, upon dismissal of the appeal or affirmance of the judgment.
    (4)  To obtain the enforcement referred to in subsection (3) of this
section, the judgment creditor shall petition the court in the same cause in
which the judgment was obtained, setting forth the facts referred to in
subsection (3) of this section, and the court shall direct issuance of a
special execution directed to the sheriff of Ada county of this state
requiring the sheriff to sell the assets and securities of the insurer on
deposit or so much thereof as may be necessary to satisfy the judgment. The
court's order authorizing the special execution shall direct that a copy of
the judgment, petition, and writ of execution shall be served upon the
director within five (5) days thereafter. Upon receipt of such service the
director shall forthwith notify the insurer of the levy and require the
insurer within such period as may be specified in the notice, which period
shall be not less than ten (10) nor more than thirty (30) days after the date
of the notice, to have its president or other duly authorized representative
to attend with the insurer's key and the director to the opening of the box in
which the insurer's deposit is kept. Upon the box being so opened the director
shall extract therefrom and deliver to the sheriff for sale on execution
deposited assets or securities of the insurer in amount, up to the full amount
so on deposit, not less than as required for the satisfaction of the judgment.
All proceedings for the enforcement of the writ of execution against the
deposit shall conform as nearly as may be to the practice in ordinary cases
except as in this subsection specially provided.
    (5)  If the insurer, after notice by the director as required under
subsection (4) of this section, willfully fails to attend to the opening of
the box in which its deposit is kept, or willfully fails to permit the
director to extract therefrom assets or securities as in subsection (4) of
this section provided, the director shall after hearing held thereon forthwith
revoke the insurer's certificate of authority and institute proceedings for
the rehabilitation or liquidation of the insurer under chapter 33 of this
code. In any such proceedings the judgment with respect to which execution was
issued and leading to the insurer's failure as herein referred to, shall have
a first and prior right and claim as to the assets and securities of the
insurer constituting its deposit as levied against, as of the date of service
upon the director of the copy of the judgment, petition, and writ of execution
as provided for in subsection (4) of this section.