US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 8
                          ADMINISTRATION OF DEPOSITS
    41-813.  PROOFS FOR RELEASE OF DEPOSIT TO INSURER -- DIRECTOR'S
RESPONSIBILITY. (1) Before authorizing or permitting the release of any
deposit or excess portion thereof to the insurer, as provided in section
41-812, Idaho Code, the director shall require the insurer, the applicable
insurance regulatory official in the insurer's domestic state, or other
appropriate entity to file with him a written statement in such form and with
such verification as he deems advisable setting forth the facts upon which it
bases its entitlement to such release.
    (2)  If release of the deposit is claimed by the insurer upon the ground
that all its liabilities, as to which the deposit was held, have been assumed
by another insurer authorized to transact insurance in this state, the insurer
shall file with the director a copy of the contract or agreement of such
reinsurance duly attested under the oath of an officer of each of the insurers
parties thereto.
    (3)  If release of the deposit is claimed by a domestic insurer upon the
ground that all its liabilities, as to which the deposit was held, have been
terminated other than by reinsurance, the director shall make an examination
of the affairs of the insurer for determination of the actuality of such
termination.
    (4)  Upon being satisfied by such statement and reinsurance contract, or
examination of the insurer if required under subsection (3) above, and by such
other examination if any, of the affairs of the insurer as he deems advisable
to make, that the insurer is entitled to the release of its deposit or excess
portion thereof as provided in section 41-812, Idaho Code, the director shall
release the deposit or excess portion thereof to the insurer or its authorized
representative.
    (5)  If the director wilfully fails faithfully to keep, deposit, account
for or surrender any such assets or securities deposited through him, in the
manner as authorized or required under this chapter, he shall be liable
therefor upon his official bond, and suit may be brought upon the bond by any
person injured by such failure. The director shall not, however, have any
liability as to any assets or securities of an insurer released by him in good
faith pursuant to the authority vested in him under this chapter.