US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 29
                             RECIPROCAL INSURERS
    41-2912.  ATTORNEY'S BOND. (1) Concurrently with the filing of the
declaration provided for in section 41-2908, the attorney of a domestic
reciprocal insurer shall file with the director a bond in favor of the state
of Idaho for the benefit of all persons damaged as a result of breach by the
attorney of the conditions of his bond as set forth in subsection (2) hereof.
The bond shall be executed by the attorney and by an authorized corporate
surety, and shall be subject to the director's approval.
    (2)  The bond shall be in the penal sum of twenty-five thousand dollars
($25,000), aggregate in form, conditioned that the attorney will faithfully
account for all monies and other property of the insurer coming into his
hands, and that he will not withdraw or appropriate to his own use from the
funds of the insurer, any moneys or property to which he is not entitled under
the power of attorney.
    (3)  The bond shall provide that it is not subject to cancellation unless
thirty (30) days' advance notice in writing of cancellation is given both the
attorney and the director.