41-3301 CONSTRUCTION AND PURPOSE. - Idaho Statutes

TITLE 41

INSURANCE

CHAPTER 33

INSURERS SUPERVISION, REHABILITATION AND LIQUIDATION

41-3301. Construction and purpose. (1) This act shall be cited as the "Idaho Insurers Supervision, Rehabilitation, and Liquidation Act."

(2) This act shall not be interpreted to limit the powers granted the director by other provisions of the law.

(3) This act shall be liberally construed to effect the purpose stated in subsection (4) of this section.

(4) The purpose of this act is the protection of the interests of insureds, claimants, creditors, and the public generally, with minimum interference with the normal prerogatives of the owners and managers of insurers through:

(a) Early detection of any potentially dangerous condition in an insurer, and prompt application of appropriate corrective measures;

(b) Improved methods for rehabilitating insurers, involving the cooperation and management expertise of the insurance industry;

(c) Enhanced efficiency and economy of liquidation, through clarification of the law, to minimize legal uncertainty and litigation;

(d) Equitable apportionment of any unavoidable loss;

(e) Lessening the problems of interstate rehabilitation and liquidation by facilitating cooperation between states in the liquidation process, and by extending the scope of personal jurisdiction over debtors of the insurer outside this state; and

(f) Regulation of the insurance business by the impact of the law relating to delinquency procedures and substantive rules on the entire insurance business.