US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 17
                           BUSINESS TRANSACTED WITH
                          BROKER CONTROLLED INSURER
    41-1702.  DEFINITIONS. As used in this chapter:
    (1)  "Accredited state" means a state in which the insurance department or
regulatory agency has qualified as meeting the minimum financial regulatory
standards promulgated and established from time to time by the national
association of insurance commissioners (NAIC).
    (2)  "Broker" means an insurance broker or brokers or any other person,
firm, association or corporation, when, for any compensation, commission or
other thing of value, such person, firm, association or corporation acts or
aids in any manner in soliciting, negotiating or procuring the making of any
insurance contract on behalf of an insured other than the person, firm,
association or corporation.
    (3)  "Control" or "controlled" has the meaning ascribed in section
41-3801(2), Idaho Code.
    (4)  "Controlled insurer" means a licensed insurer which is controlled,
directly or indirectly, by a broker.
    (5)  "Controlling broker" means a broker who, directly or indirectly,
controls an insurer.
    (6)  "Licensed insurer" or "insurer" means any person, firm, association
or corporation duly licensed to transact a property/casualty insurance
business in this state. The following inter alia, are not licensed insurers
for the purposes of this chapter:
    (a)  All risk retention groups as defined in the superfund amendments
    reauthorization act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986) and
    the risk retention act 15 U.S.C. section 3901 et seq. (1982 & supp. 1986)
    and chapter 48, title 41, Idaho Code;
    (b)  All residual market pools and joint underwriting authorities or
    associations; and
    (c)  All captive insurers (for purposes of this chapter, captive insurers
    are insurance companies owned by another organization whose exclusive
    purpose is to insure risks of the parent organization and affiliated
    companies or, in the case of groups and associations, insurance
    organizations owned by the insureds whose exclusive purpose is to insure
    risks to member organizations and/or group members and their affiliates).