2005 Idaho Code - 41-911 — BONDING OF ADMINISTRATORS -- PURPOSE

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 9
                           INSURANCE ADMINISTRATORS
    41-911.  BONDING OF ADMINISTRATORS -- PURPOSE. Every administrator shall
be bonded by a surety bond. The amount of the surety bond shall not be less
than ten percent (10%) of the amount of total funds handled, except that in no
case shall such bond be less than twenty thousand dollars ($20,000). For
purposes of fixing the amount of such bond, the amount of funds handled shall
be determined by the total funds handled for the benefit of Idaho residents by
the administrator during the preceding year, or if no funds were handled
during the preceding year, the amount of funds reasonably estimated to be
handled for the benefit of Idaho residents during the current calendar year by
the administrator. Such bond shall be in favor of the director to be held in
trust for the benefit and protection of insureds and the insurer or insurers
against loss by reason of acts of fraud or dishonesty and may include
individual bonds or schedule or blanket forms of bonds. Only one (1) such bond
shall be required of the administrator for all insureds which utilize the
services of the administrator, unless provided otherwise in the written
agreement between the insurer and the administrator.