(1) This act shall be cited as the "Idaho Insurers Supervision, Rehabilitation, and Liquidation Act."
(2)  This act shall not be interpreted to limit the powers granted the director by other provisions of the law.

Terms Used In Idaho Code 41-3301

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(3)  This act shall be liberally construed to effect the purpose stated in subsection (4) of this section.
(4)  The purpose of this act is the protection of the interests of insureds, claimants, creditors, and the public generally, with minimum interference with the normal prerogatives of the owners and managers of insurers through:
(a)  Early detection of any potentially dangerous condition in an insurer, and prompt application of appropriate corrective measures;
(b)  Improved methods for rehabilitating insurers, involving the cooperation and management expertise of the insurance industry;
(c)  Enhanced efficiency and economy of liquidation, through clarification of the law, to minimize legal uncertainty and litigation;
(d)  Equitable apportionment of any unavoidable loss;
(e)  Lessening the problems of interstate rehabilitation and liquidation by facilitating cooperation between states in the liquidation process, and by extending the scope of personal jurisdiction over debtors of the insurer outside this state; and
(f)  Regulation of the insurance business by the impact of the law relating to delinquency procedures and substantive rules on the entire insurance business.