US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 28
                    ORGANIZATION AND CORPORATE PROCEDURES
                         OF STOCK AND MUTUAL INSURERS
    41-2804.  INCORPORATION. (1) This section applies to stock and mutual
insurers hereafter incorporated in this state.
    (2)  Incorporators. Seven (7) or more individuals who are citizens of this
state may incorporate a stock insurer; ten (10) or more of such individuals
may incorporate a mutual insurer.
    (3)  Articles of incorporation. The incorporators shall prepare and
execute in triplicate articles of incorporation in accordance with the
applicable provisions of chapters 1 and 3, title 30, Idaho Code, known as the
"General Business Corporation" laws of this state, but subject to the
following requirements:
    (a)  In addition to matters required or permitted under such general
    business corporation laws which are not inconsistent with this provision
    or this code, the articles of incorporation shall set forth:
         (i)   The name of the corporation, which shall comply with section
         41-311, Idaho Code.
         (ii)  The kinds of insurance, as defined in this code, which the
         corporation is formed to transact.
         (iii) If a stock corporation, its authorized capital stock, the
         number of shares of stock into which divided and the par value of
         each such share, which par value shall be at least one dollar
         ($1.00). Shares without par value shall not be authorized.
         (iv)  If a stock corporation, the extent, if any, to which shares of
         its stock are subject to assessment.
         (v)   If a mutual corporation, the maximum contingent liability of
         its members, for payment of losses and expenses incurred, other than
         as to nonassessable policies issued as permitted under section
         41-2849, Idaho Code; such liability shall be as stated in the
         articles of incorporation, but shall not be less than one (1) nor
         more than six (6) annual premiums for the member's policy.
         (vi)  The name and residence address of each incorporator, and
         whether each such incorporator is a citizen of this state.
    (b)  Articles of incorporation shall be filed as provided in section
    41-2805, Idaho Code.