TITLE 41

INSURANCE

CHAPTER 12

UNAUTHORIZED INSURERS AND SURPLUS LINES

41-1224.  Suspension or revocation of broker’s license. (1) The director may suspend or revoke any surplus line broker’s license:

(a)  If the broker fails to file his annual report or to remit the tax as required by this law; or

(b)  If the broker fails to keep the records, or to allow the director to examine his records in this state as required by this law; or

(c)  If the broker knowingly places a surplus line coverage in an insurer that is in unsound financial condition in violation of section 41-1217, Idaho Code; or

(d)  For any other applicable cause for which a producer’s license may be suspended or revoked.

(2)  The procedures provided by chapter 10, title 41, Idaho Code, for suspension or revocation of licenses shall apply to suspension or revocation of a surplus line broker’s license.

(3)  Upon suspending or revoking the broker’s surplus line license the director shall also suspend or revoke all other licenses of the same individual under this code.

(4)  No broker whose license has been so suspended or revoked shall again be so licensed until any fines or delinquent taxes owing by him have been paid, nor, in case of revocation, until after expiration of one (1) year from date revocation became final.

History:

[41-1224, added 1961, ch. 330, sec. 268, p. 645; am. 1972, ch. 164, sec. 4, p. 376; am. 1997, ch. 108, sec. 3, p. 254; am. 2002, ch. 91, sec. 8, p. 230.]