Idaho Statutes
pecnv.out

TITLE 41
INSURANCE
CHAPTER 40
SELF-FUNDED HEALTH CARE PLANS
41-4009.  Investment of trust fund. (1) The trustee may invest trust funds available for that purpose in the following kinds of investments only:
(a)  General obligations of the United States government, or of any state, district, commonwealth, or territory of the United States, or of any municipality, county, or other political subdivision or agency thereof.
(b)  Obligations, including the payment of principal and interest thereon of which are guaranteed by any such government or agency.
(c)  Corporate bonds and similar obligations meeting the requirements specified for investment of funds of insurers under section 41-711, Idaho Code.
(d)  Collateral loans, including payment of principal and interest of which are adequately secured by securities in which the trust fund could lawfully invest directly.
(e)  Deposits, savings accounts, and share accounts in chartered banks and savings and loan associations located in the United States. An investment in any one (1) such institution may not be in excess of the amount covered by applicable deposit, savings, and share account insurance, unless otherwise authorized by the director.
(f)  Investments as permitted by sections 41-714 and 41-716, Idaho Code, provided that the combined amount of such investments shall not exceed ten percent (10%) of the total assets of the trust fund.
(2)  In addition to investments excluded under subsection (1) of this section, the trustee is expressly prohibited from investing trust fund moneys in:
(a)  Any loan to or security of any plan sponsor including any employer or postsecondary educational institution participating in the plan, or to or of any trustee, officer, director, subsidiary or affiliate of any such plan sponsor, employer or postsecondary educational institution.
(b)  The security of any person in which the trustee, administrator, or any consultant of the plan has a direct or indirect material pecuniary interest.
(c)  Real property or loans thereon.
(d)  Any personal loan.
(3)  All such investments shall be made and held in the name of the trust fund, and the interest and yield thereon shall inure to the benefit of the trust fund.
(4)  No investment shall be made by or on behalf of the trust fund unless authorized in writing by the trustee and included in the records of the trust fund.
(5)  Any person who authorizes any investment of trust fund moneys in violation of this section shall, in addition to other penalties that may be applicable therefor, be liable for all loss suffered by the trust fund on account of the investment.
(6)  No investment made in violation of this section shall constitute an "asset" in any determination of the financial condition of the trust fund.

History:
[41-4009, added 1974, ch. 248, sec. 9, p. 1624; am. 2006, ch. 414, sec. 8, p. 1263; am. 2013, ch. 181, sec. 9, p. 426.]


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