2005 Idaho Code - 41-703 — GENERAL QUALIFICATIONS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 7
                                 INVESTMENTS
    41-703.  GENERAL QUALIFICATIONS. (1) No security or investment (other than
real and personal property acquired under section 41-728, Idaho Code, real
property owned) shall be eligible for acquisition unless it is interest
bearing or interest accruing or by its character entitled to receive dividends
or income when declared or paid, including discounted and zero interest
certificates of accrual on public and corporate obligations, is not then in
default in any respect, and the insurer is entitled to receive for its
exclusive account and benefit the interest or income accruing thereon.
    (2)  No security or investment shall be eligible for purchase at a price
above its market value.
    (3)  No provision of this chapter shall prohibit the acquisition by an
insurer of other or additional securities or property if received as a
dividend or as a lawful distribution of assets, or under a lawful and bona
fide agreement of bulk reinsurance, merger, or consolidation. Any investment
so acquired which is not otherwise eligible under this chapter shall be
disposed of pursuant to section 41-730, Idaho Code, if personal property or
securities, or pursuant to section 41-729, Idaho Code, if real property.