TITLE 41

INSURANCE

CHAPTER 12

UNAUTHORIZED INSURERS AND SURPLUS LINES

41-1212.  Exemptions from Surplus Line Law. (1) The provisions of this surplus line law controlling the placing of insurance with unauthorized insurers shall not apply to reinsurance or, except as to subsection (2) below, to the following insurances when so placed by licensed agents or surplus line brokers of this state:

(a)  Ocean marine and foreign trade insurances.

(b)  Insurance on subjects located, resident, or to be performed wholly outside of this state, or on vehicles or aircraft owned and principally garaged outside this state.

(c)  Insurance on operations of railroads engaged in transportation in interstate commerce and their property used in such operations.

(d)  Insurance of aircraft owned or operated by manufacturers of aircraft, or of aircraft operated in commercial scheduled interstate flight, or cargo of such aircraft, or against liability, other than worker’s compensation and employer’s liability, arising out of the ownership, maintenance or use of such aircraft.

(2)  Brokers so placing any such insurance with an unauthorized insurer shall keep a full and true record of each such coverage in detail as required of surplus line insurance under this law. The record shall be preserved for not less than five (5) years from the effective date of the insurance and shall be kept available in this state and open to the examination of the director. The broker shall furnish to the director at his request and on forms as designated and furnished by him a report of all such coverages so placed in a designated calendar year.

(3)  The following sections apply only when the insured’s home state is Idaho:

(a)  Section 41-1214, Idaho Code (conditions for export);

(b)  Section 41-1215, Idaho Code (broker’s affidavit);

(c)  Section 41-1216, Idaho Code (open lines for export);

(d)  Section 41-1217, Idaho Code (eligible surplus lines insurers);

(e)  Section 41-1218, Idaho Code (eligible surplus line insurers — penalty for violation);

(f)  Section 41-1219, Idaho Code (evidence of the insurance — changes — penalty);

(g)  Section 41-1220, Idaho Code (endorsement of contract);

(h)  Section 41-1227, Idaho Code (records of broker);

(i)  Section 41-1228, Idaho Code (annual report of broker);

(j)  Section 41-1229, Idaho Code (tax on surplus lines);

(k)  Section 41-1233, Idaho Code (report and tax of independently procured coverages);

(l)  Section 41-1234, Idaho Code (records of insureds).

History:

[41-1212, added 1961, ch. 330, sec. 256, p. 645; am. 1972, ch. 369, sec. 8, p. 1072; am. 2011, ch. 183, sec. 1, p. 517.]