§ 41-247 Power of Inquiry The director shall have power to direct an inquiry in writing to any person subject to his jurisdiction with respect to any insurance transaction or matter relative to a subject of insurance resident, located, or to be performed in this state. The person to whom such an inquiry is addressed shall upon receipt thereof promptly furnish to the director all requested information which is in his possession or subject to his control.
§ 41-1024 Premium Accounting Any producer who, not being lawfully entitled thereto, diverts or appropriates to his own use such trust or fiduciary funds or any portion thereof... shall upon conviction be guilty of a felony.
§ 41-1325 Borrowing Money from Clients An insurance producer who borrows money, securities or anything of value from a client or customer… shall complete a written loan agreement… All parties to the loan must sign the loan agreement… and must receive a copy of the loan agreement…
§ 41-1323 Prohibited Premiums or Charges No person shall wilfully collect any sum as premium or charge for insurance, which insurance is not then provided or is not in due course to be provided… by an insurance policy issued by an insurer as authorized….
§ 41-1324 Report Exact Consideration to Insurer Every agent, broker or other insurance representative shall report to the insurer the exact consideration charged for any insurance policy or contract. If any policy, contract or certificate of insurance is issued by the agent, broker or representative, such exact consideration shall also be shown therein….
§ 41-1305 Twisting No person shall make or issue…any written or oral statement misrepresenting or making incomplete comparisons…to induce the policy-holder to lapse, forfeit, surrender, leave, retain, exchange, or convert…any insurance policy….
§ 41-1314 Rebates – Illegal Inducements (1) No person shall knowingly make... other than as plainly expressed in the contract issued…pay or allow…as inducement … any rebate of premiums payable on the contract.. or of any commission… or any special favor or advantage….
§ 41-1314 Rebates – Illegal Inducements (continued) (3) Nothing in this section shall be construed as prohibiting… producers who are marketing life insurance, property insurance or casualty insurance, from providing a policyholder or prospective policyholder… any prizes, goods, wares, merchandise, articles or property of an aggregate value of $50.00 or less.
§ 41-1303 Misrepresentation or False Advertising of Policies (1) No person shall make, issue, circulate … any estimate, circular, or statement misrepresenting the terms of any policy issued… or the benefits or advantages promised… or make any misleading representation as to the financial condition of any insurer…
§ 41-1303 Misrepresentation or False Advertising of Policies (continued) (4) For reasonable cause the director may… require any insurer or agent using or proposing to use in this state a prospectus, offering sheet, or other sales literature or printed sales aids in the solicitation of life or disability insurance to file the same with him for review.
§ 41-1304 False Information and Advertising with Respect to Insurance Business No person shall make, publish, disseminate, circulate, or placed before the public… in a newspaper, magazine or other publication, or over any radio or television station …any statement with respect to the business of insurance …which is untrue, deceptive or misleading.
7. ACCEPT BUSINESS FROM AN UNLICENSED INDIVIDUAL
§ 41-1016 Administrative Penalty – Suspension, Revocation, Refusal of License (l)Knowingly accepting insurance business from an individual who is not licensed.
§ 41-1013(7) Continuation – Expiration of Licenses – Continuing Education Statement (7)Failure of the licensee to comply with any applicable additional education requirements prescribed by the director by rule by the expiration date of the license shall be grounds for the director to refuse to continue any such license….
§ 41-1940 Suitability of Annuity Sales to Senior Consumers In recommending to a senior consumer the purchase of an annuity or the exchange of an annuity, the insurance producer… shall have reasonable grounds for believing that the recommendation is suitable for the senior consumer…
No person shall in this state directly or indirectly act as an agent for, or otherwise represent…any insurer not then authorized to transact such insurance in this state…. § 41-1201 Representing or Aiding Unauthorized Insurers Prohibited
For Further Information www.doi.idaho.gov Laws/Rules/Bulletins Idaho Insurance Codewww.doi.idaho.gov Call the Department of Insurance: –Boise: 334-4250 (800-721-3272) –Coeur d’Alene: 208-666-6850 –Pocatello: 208-236-6411