US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 14
                           PROPERTY INSURANCE RATES
    41-1405.  RATE STANDARDS. (1) Rates shall not be excessive, inadequate or
unfairly discriminatory.
    (2)  No rate shall be held to be excessive unless the director finds that:
    (a)  Such rate is unreasonably high for the insurance provided, and
    (b)  A reasonable degree of competition does not exist in Idaho with
respect to the classification to which the rate is applicable.
    (3)  No rate shall be held to be inadequate unless the director finds
that:
    (a)  Such rate is unreasonably low for the insurance provided and the
continued use of such rate endangers the solvency of the insurer using the
same, or
    (b)  Such rate is unreasonably low for the insurance provided and the use
of such rate by the insurer using the same has, or if continued will have, the
effect of destroying competition or creating a monopoly.
    (4)  Neither of such findings shall be made by the director except after a
hearing on reasonable notice.
    (5)  Nothing contained in this chapter shall be construed to repeal or
modify the provisions of chapter 13, title 41 (trade practices and frauds),
Idaho Code, and any rate, rating classification, rating plan or schedule, or
variation thereof, established in violation of any of such provisions shall,
in addition to the consequences stated in such chapter or elsewhere, be deemed
a violation of this section.