US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 18
                            THE INSURANCE CONTRACT
    41-1836.  EXEMPTION OF PROCEEDS -- ANNUITY CONTRACTS -- ASSIGNABILITY OF
RIGHTS. (1) The benefits, rights, privileges and options which under any
annuity contract heretofore or hereafter issued are due or prospectively due
the annuitant, shall not be subject to execution nor shall the annuitant be
compelled to exercise any such rights, powers, or options, nor shall creditors
be allowed to interfere with or terminate the contract, except:
    (a)  As to amounts paid for or as premium on any such annuity with intent
    to defraud creditors, with interest thereon, and of which the creditor has
    given the insurer written notice at its home office prior to the making of
    the payments to the annuitant out of which the creditor seeks to recover.
    Any such notice shall specify the amount claimed or such facts as will
    enable the insurer to ascertain such amount, and shall set forth such
    facts as will enable the insurer to ascertain the annuity contract, the
    annuitant and the payments sought to be avoided on the ground of fraud.
    (b)  The total exemption of benefits presently due and payable to any
    annuitant periodically or at stated times under all annuity contracts
    under which he is an annuitant, shall not at any time exceed one thousand
    two hundred fifty dollars ($1,250) per month for the length of time
    represented by such installments, and that such periodic payments in
    excess of one thousand two hundred fifty dollars ($1,250) per month shall
    be subject to garnishee execution to the same extent as are wages and
    salaries.
    (c)  If the total benefits presently due and payable to any annuitant
    under all annuity contracts under which he is an annuitant, shall at any
    time exceed payment at the rate of one thousand two hundred fifty dollars
    ($1,250) per month, then the court may order such annuitant to pay to a
    judgment creditor or apply on the judgment, in installments, such portion
    of such excess benefits as to the court may appear just and proper, after
    due regard for the reasonable requirements of the judgment debtor and his
    family, if dependent upon him, as well as any payments required to be made
    by the annuitant to other creditors under prior court orders.
    (2)  If the contract so provides, the benefits, rights, privileges or
options accruing under such contract to a beneficiary or assignee shall not be
transferable nor subject to commutation, and if the benefits are payable
periodically or at stated times, the same exemptions and exceptions contained
herein for the annuitant, shall apply with respect to such beneficiary or
assignee.
    (3)  An annuity contract within the meaning of this section shall be any
obligation to pay certain sums at stated times, during life or lives, or for a
specified term or terms, issued for a valuable consideration, regardless of
whether or not such sums are payable to one (1) or more persons, jointly or
otherwise, but does not include payments under life insurance contracts at
stated times during life or lives, or for a specified term or terms.
    (4)  This section shall not be affected by the terms of section 15-6-107,
Idaho Code.