2005 Idaho Code - 41-3102 — ORGANIZATION OF COUNTY MUTUAL FIRE INSURERS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 31
                            COUNTY MUTUAL INSURERS
    41-3102.  ORGANIZATION OF COUNTY MUTUAL FIRE INSURERS. (1) Twenty-five
(25) or more citizens of Idaho, each of whom shall be owner of substantial
insurable property in a county of this state within which the insurer proposes
to do business, may hereafter incorporate a county mutual fire insurer.
    (2)  The incorporators shall prepare and execute in quadruplicate articles
of incorporation setting forth:
    (a)  The name of the corporation, which shall contain the words "county
mutual fire insurance company" preceded by a distinctive name which is not so
similar to that of any other authorized insurer as to be likely to confuse or
mislead;
    (b)  The county or counties of this state within which the insurer
proposes to do business, and the name of the town or city therein in which the
insurer's head office is to be located;
    (c)  The objects for which the corporation is formed, including the
property to be insured and the perils to be assumed by the insurer, which
shall not be in excess of the insuring power of such an insurer as set forth
in this chapter;
    (d)  That insurance shall be limited to members of the insurer, and that
each such member shall be liable to assessment for payment of the losses and
expenses of the insurer, and that such liability may be enforced by the
corporation;
    (e)  The duration of the corporation's existence, which may be for a
specified term of years or perpetual;
    (f)  The name, residence address in this state, and citizenship of each
incorporator;
    (g)  The names of the corporation's initial board of directors, not less
than nine (9) in number, who shall manage the insurer's affairs for a
specified term which shall not exceed one (1) year from date of incorporation;
and
    (h)  Such other lawful provisions as may be necessary or desirable.
    (3)  The articles of incorporation so executed shall be acknowledged by at
least three (3) of the incorporators before an officer authorized to take
acknowledgment of deeds.