TITLE 41

INSURANCE

CHAPTER 28

ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS

41-2870.  Definitions. As used in this act:

(1)  "Securities" means instruments as defined in section 28-8-102(1)(o), Idaho Code.

(2)  "Clearing corporation" means a corporation as defined in section 28-8-102(1)(e), Idaho Code.

(3)  "Direct participant" means a national bank, state bank or trust company that maintains an account in its name in a clearing corporation and through which an insurance company participates in a clearing corporation.

(4)  "Federal reserve book-entry system" means the computerized systems sponsored by the United States department of the treasury and certain agencies and instrumentalities of the United States for holding and transferring securities of the United States government and such agencies and instrumentalities, respectively, in federal reserve banks through banks that are members of the federal reserve system.

(5)  "Member bank" means a national bank, state bank or trust company that is a member of the federal reserve system and to which an insurance company participates in the federal reserve book-entry system.

History:

[41-2870, added 1981, ch. 174, sec. 2, p. 308; am. 2021, ch. 321, sec. 28, p. 970.]