US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 8
                          ADMINISTRATION OF DEPOSITS
    41-812.  DURATION AND RELEASE OF DEPOSIT. (1) Every deposit made in this
state by an insurer pursuant to this code shall be so held as long as there is
outstanding any liability of the insurer as to which the deposit was required;
or, if the deposit was required under the retaliatory provision, section
41-340, Idaho Code, the deposit shall be held for so long as the basis of such
retaliation exists.
    (2)  Except for good cause found by the director after a hearing thereon,
any such deposit shall be released and returned:
    (a)  To the insurer upon extinguishment by reinsurance or otherwise of all
    liability of the insurer for the security of which the deposit is held. If
    by reinsurance, the assuming insurer shall be one authorized to transact
    such insurance in this state.
    (b)  To the insurer, during solvency, to the extent such deposit is in
    excess of the amount required.
    (c)  To a depositing foreign or alien insurer, during its solvency, which
    has made a similar deposit in another state and has filed with the
    director the certificate or evidence thereof, under the conditions
    provided for in section 41-316(2)(b) or 41-316(2)(c), Idaho Code.
    (d)  To the resulting or surviving corporation or to such person as it may
    designate for the purpose, upon effectuation of a merger or consolidation
    of the depositing insurer, and upon the resulting or surviving corporation
    being or becoming authorized to transact insurance in this state.
    (e)  Upon order of a court of competent jurisdiction, to the receiver,
    conservator, rehabilitator, or liquidator of the insurer, or to any other
    properly designated official or officials who succeed to the management
    and control of the insurer's assets pursuant to delinquency proceedings
    brought against the insurer under chapter 33 of this code.
    (3)  Notwithstanding the provisions of subsections (1) and (2) of this
section, the director, in his discretion, may release a deposit made in this
state by an insurer pursuant to this code if the insurance regulatory body in
the insurer's state has been appointed the liquidator of the insurer by a
court in that state and either of the following applies:
    (a)  The director has no information or belief that there are any
    outstanding claims against the insurer by policyholders or creditors of
    the insurer in Idaho; or
    (b)  The director believes that any claims by Idaho policyholders or
    creditors will be adequately protected pursuant to the liquidation
    proceedings in the insurer's domestic state.