Idaho Code 41-1705 – Disclosure
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 41-1705
- Broker: means an insurance broker or brokers or any other person, firm, association or corporation, when, for any compensation, commission or other thing of value, such person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association or corporation. See Idaho Code 41-1702
- controlled: has the meaning ascribed in section 41-3802(2), Idaho Code. See Idaho Code 41-1702
- Controlling broker: means a broker who, directly or indirectly, controls an insurer. See Idaho Code 41-1702
- insurer: means any person, firm, association or corporation duly licensed to transact a property/casualty insurance business in this state. See Idaho Code 41-1702
The broker, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the broker and the controlled insurer; except that, if the business is placed through a subbroker who is not a controlling broker, the controlling broker shall retain in his records a signed commitment from the subbroker that the subbroker is aware of the relationship between the insurer and the broker and that the subbroker has or will notify the insured.