(1) An insurer shall not engage the services of any person, firm, association or corporation to act as a RB on its behalf unless such person is licensed as required in section 41-5103(1), Idaho Code.
(2)  An insurer may not employ an individual who is employed by a RB with which it transacts business, unless such RB is under common control with the insurer and subject to the provisions of chapter 38, title 41, Idaho Code.

Terms Used In Idaho Code 41-5106

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Insurer: means any person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer. See Idaho Code 41-5102
  • person: includes a corporation as well as a natural person;
Idaho Code 73-114
(3)  The insurer shall annually obtain a copy of the statement of the financial condition of each RB with which it transacts business.